Historically underinsured farmers in developing countries are now being increasingly served by insurance companies thanks to the advent of insurtech . Parametric insurance , which uses sensor distribution and data analysis to detect a triggering event for payout , is becoming more attractive to farmers in developing countries and prompted AXA to launch a Global Parametrics unit in March 2017 . A paper by sage , titled " Inclusive Insurance : Closing the Protection Gap for Emerging Customers " references the potential for AI , machine learning and advanced data analytics to " help the industry boost risk transparency " , a key challenge for insurers looking to target emerging markets .
Historically underinsured communities in developing countries are now being increasingly served by insurance companies thanks to the spread of insurtech. Parametric insurance, which uses sensor distribution and data analysis to detect a triggering event for payout, is becoming more attractive to farmers in developing nations and prompted AXA to launch a Global Parametrics unit in March 2017. A paper by AXA, entitled "Inclusive Insurance: Closing the Protection Gap for Emerging Customers" references the potential for AI, machine learning and advanced data analytics to "help the industry boost risk transparency", a key challenge for insurers looking to penetrate emerging markets.