Evolution of Insurtech

Abstract

The buzzword in the world of finance today is ‘fintech’, which signifies financial products that are created and delivered using modern technologies such as IoT, artificial intelligence, blockchains and machine learning. Insurtech, a portmanteau of two words, ‘insurance’ and ‘technology’, is a subset of fintech that focuses on the insurance industry. In this article we shall learn what insurtech is all about and some of the reasons that are responsible for its growth.