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:
Virtual Stock Option Plan (VESOP) gives every employee the benefit to be a shareholder of a company without an actual ownership rights structure between employer and employees.
Utility tokens provide access to a product/service and/or represent the right to use a product/service or function of a project.
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