The Fusion of Artificial Intelligence and InsurTech: Revolutionizing the Insurance Landscape

The word InsurTech has been around for a decade now however, it has recently gained a much crucial position in the insurance industry, with the development of new-age Technological advancements such as Artificial Intelligence, Blockchain, Internet of Things (IoT), Big data, Augmented and Virtual reality (AR and VR) and Robotics Process Automation (RPA). Insurtech is proving to be a digital change that modernizes the Traditional insurance sector Globally.This research focuses on drawing a comparison between the state of InsurTech in Developed and developing countries using claims processing, Underwriting Automation, and the recent changes that have come into play. Data from four InsurTechsfrom the US have also been taken Namely – Haven life, Ethos life, Fabric by Gerber life, and Bestow.