3. How is IT beneficial in the insurance sector? Mention any three factors.
Answers
Answer:
Lower Insurance rates:
– Fitness apps or wearable devices:
Getting fit has many perks. Some of the fitness apps like Wysa and wearable devices help you maintain your weight, food habits, boost your energy and mood. And most importantly they can help you save a huge amount of your health insurance cost. Various insurance providers are tapping into wearable devices to keep updating their customers to stay in shape and healthy and offering them many discounts and benefits if customers meet a required fitness goals.
– Self Driving car:
Self Driving cars will one day lower life insurance rates. Since road deaths are a significant percentage of deaths in the entire world, any slight downward change will ultimately lead to lower deaths and hence life insurance claims.
2. Fraud Prevention:
Fraud comes in all shapes and sizes. Insurance fraud costs companies billions of dollars per year across the globe. Insurance companies should establish a technology framework, tap into advanced automation and analytics, and take steps to prevent it.
– Digital Signature Technology:
Digital signature technology is without a doubt lowering fake insurance account activation and hence a fraud. for example, the case of claims on a said date when insurance is purchased after accident can be brought down with digital signatures verifying the purchase to be after the incident.
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