Insurtech

• Insurtech refers to the use of technology

innovations designed to find cost savings and
efficiency from the current insurance industry
model. Insurtech is a combination of the
words “insurance” and “technology,” inspired
by the term fintech.
• Insurtech is the use of technology innovations designed to
make the current insurance model more efficient.
• By using technology such as data analysis, IoT, and AI,
insurtech allows products to be priced more competitively.
• Insurtech is used to more effectively process claims, evaluate
risk, process contracts, or underwrite policies.
• Insurtech is similar to fintech, as both leverage modern
solutions that are revolutionizing each respective traditional
industry.
• There are headwinds for insurtechs, notably regulation issues
and a reluctance of established insurers to work with them.