Unlocking The Potential: Enhancing Insurtech Innovation and Efficiency with a Data Analytics Approach

Abstract

Financial services, particularly the insurance service sector, are increasingly embracing technology. Internet of Things, Machine Learning, Digital platforms, Big Data, Robo Advisors, Artificial intelligence, Blockchain, and so on are all examples of Insurtech advancements. Insurers regard data analytics and predictive models as an aid in understanding the risks they are taking from their core business. The purpose of this article is to discuss the paradigm of innovation driven by data analytics in Insurtech. Exploratory research design is the methodology used to conduct the study. The primary data is collected through questionnaires from a sample size of 230 customers and the secondary data is collected from the annual reports of IRDA journals, research articles and websites. The study encompasses innovation in the insurance sector and the use of digitalization and data analytics in different areas of the insurance industry. It is inferred from the study that the variation in OCS (Overall Customer Satisfaction) in the insurance business can be largely attributed to variations in SQ (Service Quality), WE (Web Experience), CP (Claim Processing) and CO (Communication) as a result of the integration of data analytics and Insurtech technologies according to the statistically significant Regression model based on the ANOVA. This article discusses current developments in the insurance business innovation in the digital economy, the role of data analytics in enhancing the Insurtech innovation and the impact of these novelties on overall customer satisfaction of the insurance industry.

Keywords: Data Analytics, Insurtech, Internet of Things, Machine Learning, Artificial intelligence, Blockchain