The Role of Fintech in Streamlining Insurance Processes and Reducing Administrative Overheads

Archit Pratap Gupta

Authors

Archit Pratap Gupta Finance Consultant, India Author

Keywords:

Fintech, Insurance, Process Automation, Administrative Overheads, Claims Processing, Customer Experience, AI, Blockchain, Regulatory Challenges

Abstract

The role of Fintech in streamlining insurance processes and reducing administrative overheads. The paper examines how Fintech innovations, such as automation in claims processing, digital platforms for customer engagement, and the use of AI and blockchain, contribute to increased efficiency and cost reduction in the insurance sector. Through a review of the existing literature and analysis of relevant data, the paper highlights the significant benefits of integrating Fintech into insurance operations while also addressing the challenges associated with its adoption. The findings suggest that while Fintech holds great potential for enhancing operational efficiency, addressing regulatory and technological barriers is crucial for successful implementation.

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