Changing Landscape in Insurance Sector: An Intervention of AI Driven Smart Contract

The incorporation of advanced technologies offers transformative possibility in the evolving landscape of the insurance industry. The present chapter is an attempt to explore the impact of digital revolution and applications of blockchain technology in the landscape of insurance sector. This chapter will explore the integration of Blockchain technology, machine language (ML), Internet of Things (IoT) and artificial intelligence (AI) in streamlining the operations of the insurance sector. This chapter will examine the role of Artificial Technologies driven Smart Contract technology in the insurance industry, the benefits of the same in the insurer-customer relationship and the challenges to implement the same. The chapter will provide the future direction of the technology adoption in the insurance industry across the globe.