Artificial intelligence (AI), Big Data, Machine learning (ML) and Internet of Things (IoT) are some of the technologies that are fuelling the insurtech space. Artificial intelligence is simply human-like intelligence given to the machines. Chatbots, insurance comparison platforms, quote generators are are leveraging AI to better service their customers by providing customised insurance premiums and 24 assistance, a month other things. You can now compare insurances, identify needs, and get help for any insurance within a few seconds. Machine learning is the part of artificial intelligence which consists of self-learning algorithms. Assume that your car gets a dent that is 10 mm wide and 20 mm long. Basis the length of the dent, the insurance company decides to make a settlement of Rs. 10,000. Over a period of time, thousands of such data points will be incorporated into the machine learning process. The next time when you dent your car, you can simply take a picture of the dent and send it to your insurer. The dent will be analysed by the machine which will automatically assess the settlement claim. This process makes claim settlement quick and efficient. Insurance companies are using these technologies to make changes in some of the following areas: