How Digital twin technology can be leveraged in insurance industry

Digital Twin technology has been around for decades. The concept is believed to have its origin at NASA when simulations were carried out to bring back the Apollo 13 astronauts. Gartner defines digital twin as a digital representation of a real-world entity or system. Simulations of what-if scenarios can be performed on this digital/virtual copy of the asset in deriving at the next-best action. Machine Learning models can perform predictive and prescriptive analytics on this digital copy which can then be applied back to the actual asset.