Answered: A survey of insurance professionals…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

A survey of insurance professionals explores the use of technology in the industry. The table below contains the responses to the question that asked what technologies these professionals expected to be most used by the insurance industry in the coming year.

Technology	Frequency	Percentage (%)
Wearable technology	10	11.11
Blockchain technology	9	10
Artificial Intelligence	14	15.56
IoT: retail insurance	21	23.33
IoT: commercial insurance	2	2.22
Social media	34	37.78

What conclusions can you reach concerning expected technology usage in the insurance industry in the coming year?

a. More than half of the insurance professionals expect the insurance industry to use "loT: retail insurance" and "loT: commercial insurance" the most.

b. Together, the usage of "loT: commercial insurance," "Blockchain technology," and "Wearable technology made up less than a quarter of the responses.

c. Less than a quarter of professionals responded with the need for "Social Media"

d. More than half of the insurance professionals expect the insurance industry to use "Social Media" and "loT: retail insurance" the most.

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