The increasing need for digitization of insurance services is expected to propel the market growth. Simplification of the claims processes is anticipated to drive the growth. Insurance companies are focusing on improving communication with their clients and capabilities to implement automation processes. They are also focusing on using these solutions as they use technology innovations particularly designed to improve the efficiency of the existing insurance industry model. These solutions are helping businesses discover avenues that large insurance companies have less incentive to achieve, such as offering social insurance and ultra-customized policies. These solutions use new streams of information from the internet-enabled devices to price premiums according to observed behavior.
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