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