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Answer : 1. How is Insurtech disrupting the traditional insurance value chain? Insurtech (Insurance Technology) is transforming the insurance industry by using digital tools to improve how policies are designed, sold, and managed. It simplifies customer experiences through online platforms and mobile apps, uses AI for faster claims processing, and applies automation to reduce paperwork. Insurtech companies also use data analytics to offer customized policies and real-time risk assessments, which makes insurance more efficient and customer-focused compared to traditional models. 2. What role does big data play in personalized insurance premiums? Big data allows insurers to analyze vast amounts of information from different sources—like driving habits, wearable devices, or online behavior—to better understand each customer’s risk profile. This helps insurers set more accurate and fair premiums based on individual behavior rather than broad categories. For example, safe drivers using telematics devices can receive lower car insurance rates, while health-conscious individuals can get discounts on life or health insurance. 3. Identify a key challenge faced by traditional insurers due to the rise of Insurtech. A major challenge for traditional insurers is competition and the need for digital transformation. Insurtech companies move faster, offer better digital experiences, and use data-driven insights to attract tech-savvy customers. Many traditional insurers struggle to modernize their outdated systems and adapt to these new technologies, which can lead to losing market share and reduced customer loyalty. |