Technology In Insurance Sector: Past, Present & Future

Shilpi Bhabhra, head of the Analytics and Data Sciences at Acko General Insurance, was one of the guest speakers on the day 1 of the Deep Learning DevCon 2020 (DLDC 2020). Like the topic of her talk, 'Who Priced My Insurance', the content was equally engaging. Through her talk, she shed light on how digital insurance was quickly changing the way risk is calculated and how the insurance amount ranged from known factors such as age and experience to colour of the car and the brand of the customer's phone. The speaker's talk was broadly divided into three main parts: Insurance, as we know, is the contract between a customer and the insurance company where the former pays a premium to the latter on a regular basis. In case of a loss, this amount is reimbursed to the customer.