Insurance
The insurance sector comprises companies that offer risk management in insurance contracts. The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. (Investopedia)
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History & Future
Future
AI technology is being used by insurance companies. AI technology has the capacity to process massive amounts of customer data and enables the creation of personalized products for customers. With this AI technology, claim turnaround time can be decreased to a great extent. Claims can be approved in a few minutes. The industry will see the emergence of new types of coverage.
Read MoreHistory
The first American insurance company was organized by Benjamin Franklin in 1752 as the Philadelphia Contributionship. The first life insurance company in the American colonies was the Presbyterian Ministers' Fund, organized in 1759. By 1820 there were 17 stock life insurance companies in the state of New York alone. The history of insurance traces the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile accidents, and medical treatment. Insurance became more sophisticated in Enlightenment-era Europe, and specialized varieties developed. Some forms of insurance developed in London in the early decades of the 17th century.
