InsureTech

InsurTech is a broad term referring to a wide range of ever-changing technology used by insurers in the insurance industry, including computerized claim submission, automated risk management, online product pricing, claims management software, and new online marketing strategies. InsurTech is an acronym for "insurance technologie" which means "technology applied to the insurance industry." InsurTech is a subset of fintech, or new technology introduced into the finance industry to improve the overall operations and profitability of finance companies. It is not a new concept in itself, as some forms of this technology have been used in the medical industry as well. However, because it can apply to a wide variety of industries, including those that traditionally have not incorporated IT into their business models, it has become increasingly popular with insurance agencies.

InsurTech involves combining modern technology with the most advanced practices from traditional insurance practice. Because the new technology is being introduced in a new area of the finance industry, it can benefit consumers in ways that were not previously possible. Consumers can obtain lower premium payments, better service, and more efficient claims processing with the help of new technologies. The result is that more money is left over for more profitable insurance services such as managing the risk of risk-based products. Since many of today's technology innovations do not necessarily involve the application of a new skill set, many insurance agencies are willing to pay for such services in order to save on training costs. InsurTech allows insurance agencies to focus their attention on providing the best services possible to their clients and customers, while they focus on newer, more profitable areas of the industry.

InsurTech is not a brand new concept, as it has been used in the medical industry for some time now. As long as the insurance agency has a strong financial footing, it will likely be very profitable for them to offer such services. In addition, since many of today's new technology innovations are already being used elsewhere in the finance industry, there is no need for new laws or regulations to be implemented in order to make the service available. There may even be a greater demand for such services because it makes insurance companies more financially viable as well.