Emergence of Insurance Technologies (InsurTech)

Abstract

Technology advances at an incredible rate all around the globe. Financial technologies (FinTech) are defined as production of services that combine financial services and technology. A subdimension of FinTech, insurance technologies (InsurTech) is a system built with the purpose of creating solutions for the insurance sector using a technological approach. Making it easier for the insurance companies and the insured to manage their contracts, minimizing the risks involved, and allowing for the development of innovative technologies, InsurTech is simply the technology of insurance business. For the policy owners, these technologies bring with them the benefit of cost-effective policy solutions. This chapter focuses on the possible impact of insurance technologies on the insurance sector. Explored in this study are the estimated transformation of the insurance sector with insurance technologies and the problems likely to occur as a consequence.