What is Insurtech?

Insurtech is the use of technology to improve and disrupt the insurance industry. It includes the development of new products and services, as well as the use of data and analytics to improve underwriting, claims processing, and risk management.


Insurtech companies are using technology to make insurance products more accessible and affordable to consumers, while also making the buying process more convenient. This can be done through the use of mobile apps and online platforms that enable customers to get instant quotes and purchase policies, as well as through the use of data and analytics to personalize products and pricing based on a customer's risk profile.

Insurtech companies are also using technology to improve underwriting, claims processing, and risk management. This can be done through the use of data and analytics to better assess risk, through the use of telematics to gather data on drivers' behavior, to usage-based insurance products. Some companies are also implementing blockchain technology for providing tamper-proof records of transactions, increasing transparency and security.

Insurtech can also be a way for traditional insurance companies to innovate and adapt to the digital age. These companies are investing in insurtech startups and implementing insurtech solutions to enhance their own capabilities and gain a competitive advantage.

Overall, insurtech is expected to bring a significant change in the insurance industry, making it more customer-centric, digital and cost-efficient, as well as more innovative in the ways it assess and manage risks.