An ROI Approach to Data Modernization in Insurance

 


In the past, insurance companies processed policies and claims manually by underwriters and claims adjusters using a paper-based system. The aforementioned procedure frequently exhibited a sluggish pace and susceptibility to inaccuracies, mostly due to its dependence on human data entry and processing.

The insurance business has experienced substantial legacy modernization due to technological advancements. Insurance businesses have adopted insurance technology, encompassing Artificial Intelligence (AI), Machine Learning (ML), and Blockchain, to enhance operational effectiveness and enhance the satisfaction of their customers. 

Therefore, it is anticipated that the worldwide insurance market will yield a total of 152.43 billion dollars by the year 2030.

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https://megamindstechnologies.com/blog/an-roi-approach-to-data-modernization-in-insurance/

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