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Which technologies bring the most value to the industry supply chain?

Process automation, artificial intelligence, and blockchain innovations are making insurance processes more efficient. They are also making  insurance more affordable and accessible.

Insurance technology is a growing field, and we will see certain technologies rising over the years. Insurance companies are expanding their data sources to include social media and satellite imagery. We will also see more transparency around risk on personal lines and supply chain insurance thanks to distributed ledger technology.

There are two notable advancements on the blockchain front. The first is a pilot project that simplifies complicated insurance policies. The second is the marine industry’s decision to adopt Insurwave, a blockchain platform, to support marine hull insurance.

Despite these advances, there are still some roadblocks hindering the widespread adoption of insurtech. These include the sheer volume of companies, their capabilities, and the unique value-adds that they’re toting.