Transforming Risk Assessment in Insurance and Trade Finance Through Insurtech and Predictive Analytics

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@article{1708593,
      author = {Sylvester Asan Ninsin},
      title = {Transforming Risk Assessment in Insurance and Trade Finance Through Insurtech and Predictive Analytics},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {8},
      number = {11},
      pages = {1454-1462},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1708593.pdf},
      abstract = {The synergy of advanced technologies such as artificial intelligence (AI), machine learning (ML), predictive analytics and blockchain is propelling an era of change in the manner insurance underwriting, risk analysis and fraud detection are achieved. This paper reviews the literature on InsurTech and associated innovations with the sole aim of reviewing the scalable solutions that lead to transparency, efficiency and inclusivity in insurance areas as well as in the areas of trade finance. We reveal how big data and AI enable insurers to ?predict and prevent?, not only ?see? risks, thus facilitating personalized pricing, automated underwriting and proactive fraud detection. Likewise, blockchain and digital platforms are transforming trade finance by generating the unalterable, transparent part of transaction history that liquidates the multi-trillion-dollar trade credit gap. We focus on the issue of applications in developed and emerging markets demonstrating that digital channels and microinsurance products reach unaddressed population. Finally, we describe the challenges and potential future research directions for integrating these technologies into the risk management fabric of the financial services sector.},
      month = {May},
  }