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New Delhi [India], May 5 (ANI/PNN): India's general insurance sector is on the verge of a technology revolution that would fundamentally alter the way the sector operates. Since the development of technology, insurers have been able to improve client satisfaction, offer better goods and services, and streamline their business processes. Several significant technological advancements are expected to significantly alter the Indian insurance market over the next decade. To enumerate some of these trends in detail: Machine learning (ML) and artificial intelligence (AI) The insurance sector in India is expected to undergo major change as a result of AI and ML. Insurance companies are utilising AI and ML to streamline their underwriting and claims procedures as well as create new products that are more suited to the demands of their customers. Additionally, risk assessment, fraud detection, and consumer engagement are being enhanced by AI and ML. These technologies enable insurers to swi

New delhiNew delhi indiaAy 5 ani pnn india 39s general insurance sector is on the verge ofa technology revolution that would fundamentally alter way operates since development ofNsurers have been able to improve client satisfactionFfer better goods and servicesNd streamline their business processes several significant technological advancements are expected to significantly alter the indian insurance market over next decade enumerate some of these trends in detail machine learning ml and artificial intelligence ai sector india is undergo major change asa result companies utilising underwriting claims procedures as well create new products that more suited demands customers additionallyRisk assessmentFraud detectionNd consumer engagement are being enhanced by ai and ml these technologies enable insurers to swiftly accurately process massive amounts of dataHich improves decision making and the client experience quot internet of things way insurers gather analyse data is about to undergoa change thanks iot track customers 39 actionsNalyse their risk profilesNd monitor their behaviourNsurers are employing iot devices like wearables and telematics fraud detection prevention other applications for this information can be used by insurers to provide individualised goods services that more suited client requirements instanceA company may providea pay as you go auto insurance plan based on the customer 39s driving behaviour blockchain by offeringa safe and open platform for transactionsLockchain technology has the potential to revolutionise insurance sector blockchain allows insurers securely store and share dataHich can lower fraud and increase transparency additionally