Technology

Technology trends remodeling the motor insurance sector in India

The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT).

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The Indian insurance sector is experiencing a technological shift. Technology in the insurance sector is transforming the ecosystem not just in scale but also in fundamental aspects. The digital-first business model is the result of companies using data and technology more than ever, testing new business models and revenue streams fueled by new technology. Advanced insurance technology is now already an integral part of the industry, for both insurer and insured.

Today’s consumers have more complex needs and are more knowledgeable and aware of their choices than ever before. They want personalized offerings and tailored communications which leads to insurers digitizing their services and optimizing all interactions.

The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT), and the incumbents of the market are strategizing to enable their businesses to transform digitally. The implementation of any emerging technology is a top-down exercise for the industry, from evaluating the acceptance of new-age technology to shifts in customer behavior, the insurance company has to run the show and usher in the digital transformation.

The insurance industry in India has adapted to numerous developments, amendments and trends such as:

Artificial Intelligence (AI)

Consumers are always looking for personalized experiences, especially when purchasing something as important as insurance. AI offers insurers the ability to create these unique experiences, meeting the high-speed demands of modern consumers.

With AI, insurers can improve claims turnaround cycles and fundamentally change the underwriting process. AI also helps insurers to access data faster and cutting out the human element that leads to more accurate reporting in shorter periods of time.

Machine Learning

Machine learning

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US Home Improvement Statistics 2020 | Market Size, Future Demand, Technology, Top Leading Player, Emerging Trends and Regional Forecast to 2025

The MarketWatch News Department was not involved in the creation of this content.

Sep 23, 2020 (Heraldkeepers) —
Global Home Improvement Market is valued at USD 849.31 Billion in 2019 and expected to reach USD 1155.79 Billion by 2026 with the CAGR of 4.5% over the forecast period.

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Scope of US Home Improvement Market Report-

The home improvement referred as the process of renovating or making additions to one’s home. It is also known as remodeling or renovation. It can consist of activities which upgrade existing home interior, exterior or other improvements to the property. This is because home improvement is also a great opportunity to improve the comfort, safety and energy performance of house or apartment by adding or raise insulation. While home improvement often refers to building projects that change the structure of an existing home, it can also include improvements to lawns, gardens and outdoor structures, such as gazebos and garages. It also includes maintenance, repair, and general servicing tasks. US home improvement industry is expected to show a significant growth in the coming few years. According to the Joint Center for Housing Studies of Harvard University; Boomers are expected to account for 56% of all residential remodeling spending by 2025,

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