Digitally Challenged Insurance Companies Missing Out on Opportunities if AI Not Embraced
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Outdated legacy insurance models are ruining the insurance industry. Data-driven insurance underwriting and distribution platforms can help insurance companies successfully embrace the digital age, according to Traffk, an insurance software developer and product platform.
Most insurance companies don’t use a lot of data to create their products. They rely on demographic information that is 40 years old, and older.
Insurance is an essential safety net but often the industry relies on outdated legacy business models and systems some based off of mortality tables that were developed in 1971 and 1984.