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Insurtech is the shift more and more insurance companies have made towards technology to improve their efficiency and more accurately assess risks. With emerging technologies, insurance companies can now analyze larger volumes of information, including consumer’s journey and patterns. Chatbots are gaining momentum in all industries these days, including the insurance industry. The global chatbot market is expected to reach $1.25 billion by 2025. Insurance companies use data analysis as their secret sauce to more accurately price each policyholder by comparing individual consumer behavior and collating it with risk.
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