What is Insurance Tech (Insurtech) ?
Insurtech is changing the way real-time and predictive data can be captured and used to promote development of insurance products that are responsive to emerging risk. Insurtech, or more particularly, insurtech companies, use cutting-edge insurance technologies to save costs for both customers and insurers, improve operational efficiency, and enhance the overall customer experience. While this may sound comparable to long-standing digital insurance solutions, insurtech takes those capabilities to the next level.
Insurtech is transforming how real-time and predictive data is captured and used to promote the development of insurance products that are responsive to emerging risk, allow for customised coverage and pricing solutions to respond to macro-risks like climate change or cyber risk, and drive future resilience.
The insurance industry is no different than finance industry, with technological advancements allowing for new means of service delivery as well as more data collecting opportunities that can lead to better risk detection and mitigation strategies, referred to as InsurTech. InsurTech, as opposed to FinTech, is more commonly associated with improving services for individuals rather than enterprises.