The Impact of Technological Advancements on Insurance Industry

This paper examines the influence of technological advancements on the insurance industry. Given the economic expansion, regulatory reforms, and increased public awareness, it has been found that innovations such as InsurTech have the potential to reshape industry dynamics in a transformative manner. These innovations, however, are not without challenges, as insurance companies must constantly cope with fierce competitions, interest rates, and customer expectations. The paper recommends using a mix between traditional and technological services in the short run to support the smooth transition toward full adoption of the technology soon.