This interesting conversation focuses on the integration of technology in the insurance sector. The change in technology has brought many new aspects like digital distribution, artificial intelligence, chatbots, telematics, etc. Now, they are more open to self-service and want to be addressed personally instead of getting generic messages. Customers are looking for simple products which are easy to understand and can be invested in easily. The customers want easily approachable services which results in the introduction of chatbots, IVR calls AI/ML-enabled engines to process their needs. Talking about the serious problems involved in the insurance sector, the speakers mention the rise in fraud pertaining to insurance policies. These frauds lead to an unbearable and unavoidable cost to the insurance industry. Hence, people are looking for a better solution by which fraudulent customers can be permanently blacklisted. As a lot of personal and financial data is carried by the sector, data protection is another big challenge for insurance companies. Hyper-personalization is another aspect that is going to happen soon. Keep watching..
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