Insurtech is the use of technology innovations designed to make the insurance models more efficient and by using technology such as data analysis and Artificial Intelligence.
Insurtech allows products to be priced more competitively by collecting and analysing customer data from tech such as Smartphone apps, wearables & GPS data, to name a few, to provide a better service through claims processing, online policy handling and automated processing.
Much the way that Fintech has been to the banking world, Insurtech has seen a thriving level of investment to revolutionise the insurance sector. This has seen a growing competitive field from using technology to get traction into a field, which has been traditionally a sector of large players, to now see start-ups moving into the insurance territory.
