- Artificial Intelligence and Automation: The next frontier of insurance will likely involve the wider use of AI for risk assessment, underwriting, and claims processing. With advancements in machine learning, algorithms could predict risks more accurately and provide instant claims payouts.
- Environmental, Social, and Governance (ESG): As environmental concerns take center stage, insurance companies are increasingly focusing on ESG factors in their operations, assessing how environmental risks, social impacts, and governance issues affect their portfolios.
- Blockchain and Smart Contracts: Blockchain technology is expected to play a larger role in creating transparent, tamper-proof insurance contracts. Smart contracts can automate claims processing, reducing fraud and improving efficiency.
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