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Digital transformation of insurance solution
Digital transformation of insurance
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Digital transformation of insurance
Insurance technology, commonly known as insurtech, is a digital transformation of the insurance industry. It has revolutionized the way insurance companies operate, making their services more efficient, accessible, and customer-centric. Insurtech encompasses a broad range of technologies, including artificial intelligence, blockchain, data analytics, and the internet of things.
Insurtech has enabled insurers to streamline their operations, reduce costs, and increase customer satisfaction. For instance, insurance companies can now leverage big data analytics to analyze customer behavior, identify patterns, and make data-driven decisions. This allows them to tailor their products and services to meet the unique needs of individual customers.
One of the significant benefits of insurtech is that it has made insurance more accessible to customers. Insurtech startups have developed innovative digital platforms that allow customers to purchase policies and file claims quickly and conveniently. These platforms are designed to be user-friendly, making insurance accessible to people who previously found it challenging to navigate the insurance landscape.
Insurtech has also enabled insurers to reduce their exposure to risk. For instance, with the advent of the internet of things, insurers can now use sensors and other connected devices to monitor risks in real-time. This allows them to identify potential risks before they occur and take proactive measures to mitigate them.
Blockchain technology has also been a game-changer in the insurance industry. Blockchain allows insurers to create smart contracts that can automate the insurance process. Smart contracts are self-executing contracts that are encoded on the blockchain. They automatically trigger when certain conditions are met, eliminating the need for intermediaries, and reducing the cost of insurance transactions.
Artificial intelligence is another technology that has been leveraged in insurtech. AI-powered chatbots are now being used by insurers to provide customer support services, such as answering queries, providing policy information, and guiding customers through the claims process. AI algorithms can also be used to identify fraudulent claims, reducing the cost of claims processing for insurers.
Finally, insurtech has also led to the development of new types of insurance products. For instance, parametric insurance is a type of insurance that pays out when a pre-defined event occurs. The payout is determined by an objective parameter, such as the magnitude of an earthquake or the severity of a hurricane. Parametric insurance can be particularly useful in areas where traditional insurance is not available or is too expensive.
In conclusion, insurtech has transformed the insurance industry, making it more efficient, accessible, and customer-centric. The adoption of new technologies such as AI, blockchain, and the internet of things has enabled insurers to streamline their operations, reduce costs, and increase customer satisfaction. Insurtech has also led to the development of new types of insurance products that are better suited to meet the needs of modern customers. As insurtech continues to evolve, we can expect to see even more innovative solutions that will further transform the insurance industry.
Digital transformation of insurance
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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