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InsurTech

InsurTech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry. InsurTech powers the creation, distribution, and administration of the insurance business. Insurtech is a combination of the words “insurance” and “technology,” inspired by the term fintech.

Insurtechs target primarily pure risk insurance, where they have developed access points to the value chain based on innovation. Technologies such as telematics and the Internet of Things have enabled new product development in motor, home, and health that drive customer engagement and retention.