The insurance industry is a key element of the economy on account of the premium amount it gathers, its investment scale, and, more essentially, the vital economic & social role played by it covering business and personal risks. The insurance industry stays strong, enduring to progress across the globe and upholding overall profitability in spite of the turmoil in the global economy. A drastic transformation has been experienced by the global insurance industry owing to the “digital-first” business models that can unravel new valuation worth billions of dollars. Furthermore, with a rising spotlight on usage-based coverage and personalized premiums, insurers are gaining benefits from advanced analytics, machine learning, and the Internet of Things to build more granular individual risk profiles, thus helping the industry flourish.
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