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2021 2nd Edition (Other Editions)

New Model of the Insurance Industry

With the advancement of technology and frequent innovation, many industries have been shaped differently - how they operate, how they work. This change is particularly evident within the insurance and finance industry, going from the traditional pen and paper option to a complete switch in adopting technologies. All insurance agents now use smart devices to draft contracts, provide insurance plans, engage in investments services.

Recently, there are fears that technology will soon replace the human workforce. Luckily, this may not apply to the insurance industry as it places heavy emphasis on human touch on top of technology - which is a must for most customers.

Also, the insurance industry places a focus on both wealth and health, helping clients' savings and providing investment services. They also have an extensive medical consulting network that will be able to improve people’s lives and treat diseases at an advanced level and provide value to clients. Additionally, there are health improvement programs in place that supports the wellbeing of customers.

Some insurance companies use a smartwatch to track the well-being of clients such as their exercise, sleep, diet and stress level, identify their driving activities and detect unsafe driving. This provides insurance company more information about the well-being of their clients without relying on any medical reports or sensors in the vehicle. The cost of an insurance plan can then be better adjusted depending on the behaviour of the clients.