Predictive analytics is a type of artificial intelligence (AI) that uses data mining techniques to analyze past events and predict future outcomes. In the insurance industry, predictive analytics is being used to identify risk factors associated with certain types of claims and then use these insights to develop strategies to reduce losses.
Machine learning is a subset of AI that focuses on teaching computers how to learn without being explicitly programmed. In the insurance industry machine learning is being used to improve underwriting decisions and customer service.
Chatbots are computer programs designed to simulate conversations between humans and machines. Insurance chatbots are being developed to provide customers with information about their policies and answer questions about coverage.
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Augmented reality is a live direct or indirect view of a physical real-world environment whose elements are augmented (or supplemented) by computer-generated sensory input such as sound, video, graphics or GPS data. In the insurance industry AR is being used to help policyholders understand their policies and make payments.
Virtual reality is a simulated environment created using electronic devices. Insurers are developing VR applications to educate consumers about their products and services.
Cybersecurity refers to the protection of digital assets from unauthorized access, destruction, disclosure, modification, or disruption. As cyberattacks become increasingly sophisticated, insurers are investing heavily in cybersecurity technologies to protect themselves from fraud, identity theft, and data breaches.
Blockchain is a distributed ledger system that maintains a continuously growing list of records, called blocks, that cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. In the insurance industry blockchain is being used to track and verify transactions.
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