Reducing the Covid-19 impact on the insurance industry by using technologies

Abstract

Covid-19 has grown to be an alarming pandemic for our earth. In the absence of the right medicinal drug and vaccine for the remedy of COVID-19, the authorities of various countries imposed a lockdown to keep away from community transmission of corona virus in humans. Experts have opined that the present-day situation will live on for now and is in all likelihood to reason greater deaths, taking a toll at the already depressing situation of the economy, public fitness, and employment; inflicting a good deal of misery to a few of the humans mentally and It has affected all sectors in the economy, in particular in the Insurance area. The Covid-19 scenario has currently highlighted a few inefficiencies of the conventional system of the insurance industry, which includes fewer interaction abilities between insurers and the client, problems in attaining capacity customers, issues to paintings from home, loss of IT support and loss of transparency. This paper investigates the impact of technology on the insurance business and describes how we lessen the effects of the corona pandemic through the usage of monetary technology like BlockChain, Telematics, Chatbots, and IoT.