What are the upcoming trends in Insurance industry?

<p>In a fast-moving world, none of the sectors can take the risk of being slow, steady and tedious. With the digitalisation in the<br>world insurance industry is drifting towards advanced technology and fast pace.&nbsp;Some of the major upcoming trends are-</p><ul><li><strong>Tailor-made Service -</strong> In the past, insurers sold the same product to the general public. With the development of insurance&nbsp;plans and a wider understanding of them, it is now necessary to tailor policies to each individual.</li><li><strong>Use of Artificial Intelligence - </strong>There was a time when buying an insurance policy was a nerve-wracking process. The tedious pace, dozens of paperwork and brokerage was not just a waste of time but also a waste of money. The adaptation of artificial intelligence will make the process convenient and cost-effective.</li><li><strong>Use of mobile apps - </strong>Many insurance providers have already launched their mobile apps, and almost 70 per cent of their&nbsp;consumers are more satisfied than before. The use of the mobile app has made transparency between the policyholder and&nbsp;insurer, declining the probability of fraud.</li><li><strong>Use of sensor -&nbsp;</strong>Soon, vehicle insurance companies will use a sensor in the car to help them extend coverage and reduce the&nbsp;premium cost. It will make policy better and cheaper.</li></ul>

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