InsurTech enables you to buy insurance online just with the help of your computer or mobile phone to improve the customer experience. The insurance coverage can be customized according to unique needs.

1. Introduction to Insurtech
Insurtech (an abbreviation of ‘Insurance Technology’) is a group of software, apps
and start-ups used and operated in the insurance industry. Digital transformation
has made its way into the insurance industry too. Today, the insurance industry is
using more and more innovative technologies for improved efficiency and
effectiveness. These technologies include artificial intelligence and machine
learning, big data, block chain, cyber security, IOT (Internet of Things), smart
phone apps, consumer wearable’s and so on.
Hence, InsurTech is a term used to refer to all these new-age digital tools and
technologies that optimize insurance firms’ performance. InsurTech enables
insurance companies to unlock the power of advanced data analytics and deliver
excellent customer experience.
InsurTech can be thought of as a digital evolution in the insurance industry, which
has brought the Insurance enterprises and insurers on new technological and
digital platforms. InsurTech has entered almost every aspect of the insurance
business, including customer service, supply chain, product, and more. It offers
auto-monitoring devices, customer-facing phone apps and wearable tracking
tools. InsurTech not only reduces the costs of insurance firms, but it also
significantly enhances customer satisfaction.

2. How Does InsurTech Work?
InsurTech enables us to buy insurance online just with the help of your computer
or mobile phone. You can now go online and access insurance products and
services really easily. It makes things very efficient.
InsurTech has also provided insurance customers with many more insurance
options than before. The insurance coverage can be customized and tailored
according to unique needs. Unlike the old frustrating methods of buying
insurance, InsurTech lets you complete an online application within minutes. It
dramatically helps small business owners as they can access and shop various
different kinds of insurance coverage from a single online platform.
What are the Applications of InsurTech?
Customer identity verification: Insurance firms, brokers, and reinsurers need to
gather significant amounts of customer data to complete the KYC process.
InsurTech expedites this crucial and time-consuming process with block chain-
based technology. This technology works in such a way that all the customer
documents, along with the evidence of validation issued by authorities, are stored
and maintained as digital records.
Payment processing: Insurance premiums and claims payment have become
much more streamlined and quicker, thanks to InsurTech. Technologies like
wearable tracking devices and machine learning are applied to automatically
track, record, calculate, convey and pay premiums.

3. Smart contracts: Insurance firms can quickly and easily create paperless smart
contracts using InsurTech. In smart contracts, automated block chain protocols
are used for authentication, negotiation and facilitation purposes. Thus, claims
management becomes a hundred times easier than the old traditional methods.
The risk of fraudulent activity can be greatly reduced and customer satisfaction
can be increased at the same time.
What are the Advantages of InsurTech?
InsurTech gives insurance customers more control and the system becomes much
more transparent to them as they have the opportunity to choose from a variety
of options. They can choose tailored and customized policies and products which
will perfectly suit their needs.
The entire process of obtaining insurance online is much simpler, easier and
quicker. Easy to use customer-facing apps remove a significant amount of stress
involved in the claim management process.
Customer identification and verification technologies potentially reduce the risk
of fraud.
Bottom Line
InsurTech is precisely what the insurance industry needed. InsurTech has made it
possible for the insurance sector to make some vast and successful strides. With
claims management, the online application process, automated underwriting, and
fraud prevention, InsurTech ensured higher operational efficiency, lower costs
and better customer experience.
If you want to insurtech data analytics then call us: +44 333 444 0685 or email
at grow@datagardener.com for further information.