The insurance industry development challenges – Insur Tech

The challenges that the insurance industry faced have transformed the sector through the insurtech in convenient path and becoming rudimentary function in technological respond to needs of customers and businesses, the interconnectivity among insurers and policyholders and the new possibility access in terms of hedging risks. The aim of the research is to announce and herald the process how technologies are affecting and evolving the insurance industry and the facing challenges for the companies. The study presented how datasets have transformed the insurance business and markets, also the process of simplifying claims management. Also, the paper shows how the artificial intelligence has evolved the traditional insurance from the starting point until the ending contract process, the usage of artificial intelligence as interacting tool between companies and clients or policyholders. The last chapter of the research includes quantitative interpretation of data such insurtech investments, the highest insurtech deals and USA as the leading insurance market. The innovation process including new effective technologies is considered important driver for the changes in all sectors, especially in financial sector resulting with immeasurable benefits and efficiency gains, although technological changes were accepted with doubt and uncertaint