Tag: InsurTech

InsurTech, a portmanteau of “insurance” and “technology,” refers to the innovative use of technology within the insurance industry. It encompasses a wide range of technological advancements aimed at improving the efficiency, accessibility, and customer experience of insurance products and services. InsurTech companies often leverage technologies such as big data, artificial intelligence, blockchain, and the Internet of Things (IoT) to create new business models, optimize underwriting processes, streamline claims handling, and enhance customer interactions. The InsurTech movement seeks to disrupt traditional insurance practices by offering more personalized, data-driven solutions, thereby making insurance more affordable and responsive to the evolving needs of consumers and businesses.