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It is anticipated that the global insurtech industry will grow to $10.42 billion this year from $8.07 billion in 2021.
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Insurance companies are increasing their investments in digital technology as a result, implementing Artificial Intelligence (AI) and automation techniques across the board.
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With the aid of these technologies, insurers can function much more effectively and affordably.
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However, as the pace of this digital change quickens, it can be challenging to stay on top of the best technology to use.
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Let's look at some of the major technological trends that will impact the insurance sector in 2023.
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Only 8% of insurers are sufficiently preparing for the significant effects that climate change is having on the insurance sector.
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according to the World Property and Casualty Insurance Report from Capgemini and Efma.
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"Over the past 30 years, insured losses from natural disasters have climbed by 250%, with hazard types like wildfires and storms,
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The need for technological solutions that can assist businesses in utilising and incorporating climate-risk data into their models will only grow.