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The wave of digitalization has hit almost every other industry. Even banking, finance, and insurance sectors are seeking out opportunities that allow them to deliver a paperless solution, accessible through smart devices. Technologies such as artificial intelligence (AI), blockchain, and machine learning have allowed these financial institutions to increase operational efficiencies and customer engagement. For insurers specifically, AI has time and again proven to be an efficient tool that allows them to understand risks associated with an investment, user demographic data, fraud detection, user behavioral patterns. This, in turn, facilitates effective management of insurance products and services, thereby providing a customer-focused solution.