Impact of Insur-Tech on the Premium Performance of Insurance Business

The insurance sector is ingoing a new era of innovation because of revolutionary technologies like Blockchain, Internet of Things, Chatbots, Telematics, and Artificial Intelligence. Newness in insurance has a significant impact on both the nation’s economy and insurance performance. This research explores the effects of Insur-Tech on the efficiency of the insurance industry and provides multiple perspectives on the phenomenon. By examining the advantages that arise for the insurer and the consumer, this paper seeks to demonstrate the basics and significance of modern technologies in the insurance industry. Hypothesis is taken into account to explore the functioning of certain factors which play vital role in the insurance performance. Data have been collected from the secondary sources. IBM SPSS Statistics has been applied to analyze data from a plethora of dimensions. Regression analysis is applied to show the interplay between dependent and independent variables. Bottom line, this concept is proved worthy from the aspects of insurer or insurance firms. The findings of the study observed that technologies help to attract new clients and retention of old clients which help to increase the premium volume day by day. Moreover, insurance technologies help to distribution more data and to share more information regarding the present and potential clients and mitigate risk of insurance business.