Latest top 5 technology trends in the Insurance Industry

Artificial intelligence (AI) – World Economic Forum foresees that the impact of AI can be radical and transformative, yet there are many variations in AI definitions. Regardless of these variations, AI is changing the traditional insurance operating models and shifting the competitive dynamics. Here are a few use cases of AI. Facial recognition in underwriting – The insurance industry was among the first to use facial recognition technology to improve the underwriting process. The app utilizes a combination of facial recognition technology to scan the selfie and use gamification techniques to detect life-threatening habits and predict the life span to calculate the premiums.