What is Insurtech and how does it work?
by SMEBOOK (admin) · February 3, 2021
Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is the use of technology innovations designed to make the current insurance model more efficient. By using technology such as data analysis and AI, insurance allows products to be priced more competitively. People didn't just procrastinate fulfilling their coverage needs; they would avoid buying insurance, period. Insurtech is changing this for the better by:
- Making coverage more accessible
- Lowering costs for insurers and policyholders
- Expediting the issuance of your coverage
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