In the past 10 years, more complex automotive technologies have made the roads safer for drivers, directly affecting insurance premiums. By harnessing big data, which is primarily used by companies to capture client information, insurers are now able to offer more accurate actuarial practices and better forecasting of risk trends.
And there is even more happening in the world of insurance technology.
Take a look at what you can expect technology to look like in the coming years and how it could affect the insurance industry.
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