Digital Disruption Through Data Science: Embracing Digital Innovation In Insurance Business

Abstract

Development of new age technological solutions along with major shift in the customer expectations, increasing volume of data, higher computing power, memory capacity, cloud computing, big data technologies, global connectivity and Internet of Things, etc., have stressed the need for adopting the various innovative technological applications in the insurance business. Insurers are investing heavily in technology startups and working to develop innovative product solutions and platforms internally.  This article discusses the applications of these new age technologies like block chain technology, Big data & Internet of things, Telematics, and Artificial Intelligence including machine learning, deep learning, computer vision, RPA, and Virtual Reality, etc., in insurance business. Further it also discusses how these technologies enable insurers to develop innovative products and solutions and what challenges that insurers would encounter while implementing these applications and what regulatory changes are required in view of this digital disruption in insurance industry.