InsurTech stands for Insurance and Technology.

It refers both to digital technology solutions for insurance services and to their providers (often start-ups).

To put simply, in the insurance industry, InsurTechs are the equivalent of FinTechs in the banking world. For a better understanding of the current state of development of InsurTech, here are some innovations that are currently underway:

  • Dematerialization of insurance contracts  
  • Simple and fast online subscription (incl. digital KYC/onboarding processes)
  • Online claims management  
  • Digital customer relationship management