How can shift technology insurance protect businesses from the financial risks associated with technological disruptions and equipment failures?

A single hour of downtime can cost a business up to $5,600, highlighting the importance of insurance protection against technological disruptions (Source: IT Brand Pulse).

The global insurance technology market is projected to reach $14.1 billion by 2025, up from $6.1 billion in 2020, as businesses increasingly rely on tech-enabled insurance solutions (Source: MarketsandMarkets).

Artificial intelligence and machine learning can detect fraudulent claims with an accuracy of up to 90%, reducing the financial burden on insurers and policyholders (Source: Shift Technology).

The average cost of a data breach is $3.92 million, underscoring the need for businesses to invest in insurance protection against cyber threats (Source: IBM Security).

Equipment failure is a leading cause of business disruption, with 62% of companies experiencing downtime due to hardware or software failure (Source: IT Brand Pulse).

The majority of businesses (71%) lack a comprehensive disaster recovery plan, making them vulnerable to financial losses in the event of technological disruptions (Source: IT Brand Pulse).

Insurance companies that invest in AI-powered claims processing can reduce claims processing time by up to 70%, resulting in faster payouts and improved customer satisfaction (Source: McKinsey).

The global average cost of IT downtime is $5,600 per minute, emphasizing the importance of business continuity planning and insurance protection (Source: IT Brand Pulse).

Cyber attacks are the most common cause of business disruption, with 45% of businesses experiencing a cyber attack in the past year (Source: IT Brand Pulse).

The use of generative artificial intelligence in insurance decisioning can improve underwriting accuracy by up to 25%, reducing the risk of mispriced policies (Source: Shift Technology).

The average cost of business interruption insurance claims is $1.4 million, highlighting the importance of robust insurance coverage (Source: AGCS).

AI-powered chatbots can reduce insurance customer service inquiries by up to 80%, freeing up human customer support agents to focus on complex issues (Source: Deloitte).

The insurance industry is expected to leverage blockchain technology to improve transparency and security in claims processing, with 60% of insurers planning to adopt blockchain by 2025 (Source: Deloitte).

Businesses that invest in digital transformation are three times more likely to experience a significant increase in revenue, but also face increased risk of technological disruptions (Source: Dell Technologies).

The use of machine learning in insurance underwriting can improve policyholder risk assessment by up to 15%, leading to more accurate premiums and reduced losses (Source: McKinsey).

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