Banking | Finance | Insurance & IT in BFSI

  Key Takeaways: What is commercial property insurance? How technological advancements will bring about a revolution in the commercial property insurance sector? What are the essential industry advancements that businesses should stay informed about? The  commercial property insurance sector  has undergone significant transformation due to technological advances and innovative solutions. Since businesses face more complex risks, the insurance sector uses innovative technologies to change the assessment of risks, underwriting policies, and claims settlement. Insurers now have access to highly superior tools, such as  artificial intelligence (AI) , which can analyze complex risk patterns. Moreover, the Internet of Things (IoT) can fortify buildings and protect them from unexpected risks. In addition to emerging technologies such as blockchains, drones, and cyber risk modeling, these tools have caused an extensive transformation of the commercial property insurance sect...

The digital remittance industry is experiencing unprecedented growth, driven by technological advancements, increased global mobility, and the demand for swift, secure financial transactions. According to a recent report by Allied Market Research, the global digital remittance market, valued at $20.2 billion in 2023 , is projected to reach $102.2 billion by 2033 , growing at a Compound Annual Growth Rate (CAGR) of 17.4% from 2024 to 2033. 📈 Key Drivers of Growth Several factors are propelling this significant market expansion: Smartphone and Internet Penetration : The widespread adoption of smartphones and improved internet connectivity have made digital financial services more accessible, especially in developing regions. Rising Migrant Population : An increasing number of individuals working abroad necessitate efficient cross-border money transfer solutions to support families and communities back home. Advancements in Fintech : Innovations in financial technology and ...

A parametric insurance product is an insurance contract whose final payout or settlement is defined by specific weather or geological metrics. These parameters include average temperature, rainfall above a certain time frame, or the magnitude of an earthquake or a windstorm. Unlike traditional insurance, where payouts are based on individual loss assessments, parametric insurance payments are linked to a correlated index measurement. As a result, there is a possibility of a discrepancy between the claims settled through parametric insurance and the actual losses of the insured, commonly known as basis risk. The parametric model simplifies the process of risk pricing for insurers and allows advanced and transparent products. Generally, insured parties do not need to submit a claim or provide proof of loss because the payout is automatic. As per the AMR’s analysis, the  parametric insurance market  is predicted to register an impressive CAGR of 6.6% by 2033. Power of technologic...