What Does Insuretech Mean?
The word “insuretech” is a portmanteau of the words “insurance” and “technology.” It represents the intersection of insurance and technology in nearly any form. Insuretech is a useful word in the insurance industry as, like other industries, insurance becomes more reliant on digital platforms and tools.
Techopedia Explains Insuretech
Insuretech is also a segment of “fintech” or financial technology. Most professionals would define insuretech as instances where insurance companies use technology in some way. Some further clarify that many insuretech instances are user-centric – that is, they facilitate better functionality for end users, whether that is putting information where it is needed, making applications and contracts more transparent, or making insurance processes easier to work through overall.