Insurtech is a hybrid of insurance and technology that is revolutionizing the traditional insurance industry. It is changing the way insurance is bought, sold, and managed, from digital distribution and customised plans to data analytics and claims automation. Insurtech businesses are using technologies such as AI, machine learning, blockchain, and the Internet of Things (IoT) to expedite insurance procedures, improve consumer experiences, and generate operational efficiencies. Digital platforms are supplementing, and in some cases replacing, traditional channels such as brokers and agents. Furthermore, insurtech firms are utilizing social media and digital marketing tactics to directly engage with clients, and are offering customized insurance coverage by utilizing advanced analytics and AI-powered algorithms.
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