Insurtech is a merging of ‘insurance’ and ‘tech’ and a relatively new concept, but when was the term coined? You would be hard-pressed to pinpoint this to a specific place and time as, much like the process of evolution, the emergence and rise of insurtech has been gradual, but the term has been in use for around a decade. Similarly to fintech – new technology that seeks to improve and automate the use of financial services – insurtech essentially leverages technology to improve efficiency and drive advancement within the insurance industry. So what prompted the insurtech revolution? Will Insurtech Disrupt the Insurance Industry?
- Insurtech Caught on the radar – hype or the next frontier by Oliver Wyman.
- A Backgrounbd on Insurtech
- InsurTech Rising – Milken Institute
- Insurtech defined – Investopedia
- What is insurtech? The future of insurance, explained – Breeze
Other sources explained:
What is InsurTech and how can you harness its disruptive powers? (vertafore.com)
InsurTech is a term applied to the many segments of new technology that are disrupting the insurance space. This article discusses how you can list out the Who, What, When, Where of your business processes to figure out ways to use technology to reduce friction and automate.
What Is Insurtech? Terms, Benefits, and Definition
Insurtech is insurance technology and software designed to improve the operations of insurance companies, and the industry as a whole. This is another good overview of InsurTech.
What is InsurTech? Definition, Meaning, and the Role of Technology in the Insurance Industr (4tifier.com)
Emerging technology is developing the insurance sector like never before. InsureTech solutions include the integration of AI, IoT, blockchain, Big Data, and other software solutions into the ordinary workflow. It helps insurance companies deal with daily tasks faster and more efficiently. This is a very detailed article going over many of the different types of InsurTech technology examples.
Conclusion
Despite the challenges facing insurers in embracing insurtech, ultimately it provides a way to assist consumers in new and innovative ways, keeping them happy and ensuring customer retention. The phenomenon emerged to meet consumer demand, and while it has not been around for that long in the grand scheme of things, it is here to stay – and in order to remain relevant in a technologically advanced world, insurers must keep pace. The future’s bright for insurtech.
