Trade-Off Could be Privacy and Data Security in Case of Insurtech

Photo by Austin Distel on Unsplash

The world is now creating vast amounts of data, within recent times exponential growth in data generation. Much of this latest data is being documented in novel ways, and technology advances mean that it can be stored and analyzed much faster than before. There have been many recent comments on Big Data and Data Science against this backdrop: the ability to process and draw useful conclusions from greater quantities of data, from variable sources, much quicker than ever.

check out: Top Artificial Intelligence Companies

With over $8 billion spent since 2012 in insurtech trends, it’s time to ask what the rise of new technologies implies to consumers. Artificial intelligence, blockchain technology, and IoT have the ability to streamline insurers and policyholders ‘ processes. We look to a future with insurance plans tailored to our requirements, faster to support and, above all, cheaper. Insurtech tends to raise privacy concerns and data security with easy access to data that’s more personalized and comprehensive than ever before.

IoT devices are bad news for privacy and security, unfortunately for consumers. The controversy of last year with the Strava fitness tracker revealing U.S. military bases locations shows that poor data management is extremely dangerous. Read More…

I am a technology blogger, who loves to read and write on the latest in technology.

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