The third-party integration through APIs of insurance platforms can cut time-to-market by 30-35% and add 25% towards underwriting accuracy. External data brings better risk assessment and claims verification into paving the way for an industry that moves from silos to connected digital ecosystems; hence, an additional 83% becomes embedded into APIs.
Thus, the convergence of the ‘AI-Blockchain-RPA-IoT-Edge’ changes the dynamics of insurance operations and revolutionizes the insurance sector by adding efficiency, security, and innovation with customers in focus. As these advanced technologies are being adopted by insurers, they can gain a competitive advantage through improved risk handling, optimized operations, and enhanced experience with customers. Future research by Girish Poojar is predictive of the integrated hi-tech application toward the future of insurers, running empowered with intelligence, agility, and resilience in a continuously changing world.
