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Insurance Definition

Insurance is a way of protecting an individual, community or organizations from financial losses. Insurance is one of the aspects of Risk Management, a discipline which deals with the identification of risks such as financial losses and taking steps to minimize them.  The past few decades have seen the emergence of several insurance companies, such as AXA, Allianz, Berkshire Hathaway and Japan Post Holdings, that have been bailing out people and enterprises from financial losses by issuing policies. Any insurance policy has two components, namely Premium and Deductible. Premium is a cost which has to be paid by the policy holder. A Deductible is a part of a big expenditure paid by a policyholder, while the insurance firm backs the individual for the remaining amount. 

In general, insurance is a type of agreement or contract that is denoted by a policy, where a single entity or an individual obtains financial protection or reimbursement in contrary to the losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

These insurance policies are used to evade the risk associated with financial losses, be it big or small, which may come from damage to the insured or their property, or from liability for damage or injury caused to a third party.

Insurance: Traditional practice

Separate insurance policies that were not bundled with loans or other kinds of contracts were invented first in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. This was the first known insurance contract, and later in the next century maritime insurance improved on a large scale and premiums was intuitively varied with risks. These new insurance contracts allowed insurance to be estranged from investment, a separation of roles that first proved useful in marine insurance.

Where is the Insurance landscape going?

Digital transformation is revolutionizing every industry. Eventually, with the progress of time, life changes, every industry is flooded with ground-breaking solutions adhering to the technological advancements, and so does the insurance industry—sometimes at a glacial pace—does, indeed, change, as well.

What is hindering their growth?

Whilst the multitudinous insurance companies repeatedly use superseded mix-and-match security solutions, the threat attackers continue to hit them with their most advanced cyber weapons that are available today. This ought to be a major concern and the insurance organizations on a full swing are peeking for newfangled ways to revise their data security with an enterprise-level solution that not only convene the most challenging compliance limitations but also brings true security from the breach

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