Insurance would not be feasible without data. In fact, Insurance is all about collecting, analyzing, mining the historical data of a business and supplying it to prospective insurers by selecting the best rated company that responds to the needs of the insurance buyer. Properly analyzed data helps both the insurers and the insured customers see what is needed to protect businesses, for the lowest costs possible from insurers who know exactly what they are getting into.

“Insurtech” is changing the insurance industry with innovations that take guesswork out of the formula and replace it with well-reasoned data. For the improper, insurance companies charge high premiums. The more insurance companies know about your business, the better the prices will be.

The rapid evolution of the industry is being fueled by the extensive adoption of technology and integration of data analysis techniques that make insurers feel confident about their clients’ risk exposure more precisely and enabling products to be priced more competitively.

AI and its related technologies will also change the way of extracting the information for underwriting in real estate and non-real estate industries, enables data-driven decision in determining and transferring risk limits, predictability of claims on individual portfolio and automation in everyday servicing.

Advanced technologies and data are already affecting underwriting and pricing models.