In this technological era, where every work involves science making life easier for human being. Insurtech is one of the technological advancement. Basically, Insurtech is a broad category of constantly changing technologies used in the insurance industry. Short for insurance technology, insurtech is a subdivision of fintech (financial technology).
According to Robin Smith:
“Insurtech is the crossroads where legacy insurance enterprises, digital platforms, and technological innovation meet. Insurtech will continue to disrupt all aspects of insurance: supply chains, customer service, products, and much more”.
Nowadays, IT companies are testing insurtech in chatbots, smartphone apps, and other tools to improve communication with customers and provide faster service.
Types of Insurtech
- Artificial Intelligence
The insurance industry was one of the first to start using artificial intelligence-based technologies to automate repetitive processes, optimize risk analysis, and improve customer interaction.
- Machine Learning
Machine learning has great potential in the InsurTech insurance sector, especially in predicting the risks. Machine learning is ideal for software collecting data from the IoT sensor. They can be installed at home as a part of the Smart house system or in a car (telematics).
- Internet of Things
The Internet of Things (IoT) is a system of interconnected devices, sensors interacting with other devices through the Internet. These instances, or “things,” have memory cards and processors, which enable data transfer between devices. One can code to handle the external circumstances.
Blockchain is use to manage the data, implementing third-party transactions, and setting up optimal reinsurance—all with the help of smart contracts, separation by blocks within a centralized network.
- Big Data
Big Data is one of the emerging technology in this logical world. It consists of data storage, RegTech solutions, analytical and reporting tools. Big Data is used to better understand customers, their behaviors, and preferences.
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