Insurance 4.0: Smart Insurance Technologies and Challenges Ahead

The insurance value chain is being rapidly challenged by insurers as they integrate with technology. Quick customer service, convenience, and customization are three of InsurTech key selling points. The following are some of the most active and well-known InsurTech-related topics covered in this article: Mobile Applications, Smart Insurance Contracts, Blockchain/Distributed Ledger Technology, AI, IoT, Robot Advisors are all examples of digital insurance solutions. Based on a careful evaluation of the literature, this study provides cogent ideas under the umbrella of “InsurTech.” The background of InsurTech and its numerous subfields are reviewed in this paper. Using innovative digital platforms in Insurance 4.0 can result in several advantages like helping with everyday commercial and administrative responsibilities, strategic decision-making, and process improvement and controlling. Blockchain, smart contracts, robot advisors, and mobile applications can all help to smooth the transition to Insurance 4.0. This paper demonstrates that, in order to execute Insurance 4.0, insurance procedures must be significantly digitized. Traditional work cultures, mindsets, methods, and monetary costs may provide problems in this regard.