Can individuals purchase parametric insurance?

Yes, some insurers offer parametric policies for individuals, especially in high-risk areas prone to hurricanes, earthquakes, or floods. These policies provide a straightforward way to access funds quickly after a disaster, though they are more commonly used by businesses and governments.

What benefits does blockchain bring to insurance underwriting?

Blockchain offers transparency, security, and efficiency in underwriting. It allows insurers to access verified data from multiple sources, ensuring more accurate risk assessments. This reduces fraud, improves the decision-making process, and speeds up underwriting. Additionally, blockchain can streamline document management, allowing insurers to access customer records securely without relying on third parties.

When did life insurance become widely available?

Life insurance became popular in the 19th century, as companies formed to provide structured, long-term policies to the general public.

What is weather index-based crop insurance?

Weather index-based crop insurance compensates farmers based on specific weather conditions, such as temperature, rainfall, or humidity levels, rather than actual crop damage. Payouts are triggered when pre-defined weather conditions deviate from the normal range.

How does comprehensive coverage differ from collision coverage?

Comprehensive insurance covers non-collision damage, while collision insurance pays for damage resulting from accidents with other vehicles or objects, regardless of fault. Many drivers carry both for full protection.

Can the sum assured amount be changed after policy purchase?

Some policies allow increasing sum assured through riders or top-ups, while others may require purchasing an additional policy.

How can I increase my insurance coverage?

You can increase your insurance coverage by purchasing additional riders, increasing policy limits, or opting for umbrella insurance. Regularly reviewing your policy with your insurer ensures you have adequate protection based on your changing needs.

How is AI transforming industries?

AI is revolutionizing industries by automating tasks, enhancing decision-making, improving efficiency, personalizing customer experiences, and driving innovation across healthcare, finance, manufacturing, and retail.