Increased frequency of natural disasters Climate change is leading to more natural disasters such as hurricanes, floods and wildfires. These events not only cause huge economic losses, but also significantly increase the amount of claims paid by insurance companies. For example, the hurricane season in North America has become more...
The Impact of Blockchain Technology on the Insurance Industry
Fundamentals of Blockchain Decentralization: Data is stored on multiple nodes, eliminating the need for a central authority to manage it and reducing the risk of data tampering.Transparency: All transaction records are public and can be viewed by anyone, increasing the transparency of the system.Non-tamperability: once the data is recorded on...
Big Data and Artificial Intelligence in Insurance Actuarials
Importance of Big Data in Insurance In today's digital age, big data has become an important part of the insurance industry. Big data technology enables insurance companies to collect and analyze massive amounts of data to gain a more comprehensive understanding of customer behavior, market trends, and risk factors. This...