In an era when technology infiltrates every aspect of our lives, the insurance industry is undergoing a revolutionary transformation, driven by the rapid advancements in digital technologies. Insurtech (a portmanteau of “insurance” and “technology”) encapsulates this wave of change, aiming to make insurance more accessible, efficient, and tailored to individual needs.
This guide will take you on a journey through the ins and outs of insurtech, exploring how cutting-edge technologies such as AI, blockchain, the internet of things (IoT), and machine learning (ML) are redefining the traditional insurance landscape. From digital platforms that offer seamless policy management to innovative models like peer-to-peer (P2P) insurance and on-demand coverage, we’ll delve into the various facets of insurtech that are setting the stage for a new era in insurance.
