Insurtech refers to technologies that help insurance companies to disburse optimized policies digitally, aiming to increase profitability. It’s a revolutionary term incepted in 2010, Insurtech is the combination of two words, ‘Insurance’ & ‘Technology’. With Insurtech, the whole insurance process can be done online, efficiently.
With a systematic Insurtech in place, the complete process of insurance from lead generation to closure can be done online without any human intervention. Moreover, the technology can help increase the insurance lifecycle's efficiency, assess risk profiles better, and enable insurance providers to price their products competitively.
