One of the biggest challenges in the fin-tech sector is to create a new business model for insurance based on behavioral economics and technology. They use artificial intelligence and chatbots to deliver insurance policies and handle claims for its users on desktop and mobile (through its iOS and Android applications) without employing the use of insurance brokers. Social good is another aspect of the business model, where underwriting profits go to nonprofits of the customers’ choice.
There are two different human races on earth at the moment: one is familiar with mobile devices and the other one is familiar with that. The second human race who is familiar with mobile devices tends to solve everything by themselves without any engagement, because there are lots of good helping tool for them such as AI and chatbots. Below diagram from Dion Hincliffe shows the concept of Chatbots based on AI.
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