A combination of the words insurance and technology, Insurtech refers to new insurance technology that improves the customer experience, simplifies policy management, and increases competition.
Insurtech is the emergence of new technologies that are transforming the insurance industry, reducing costs for consumers and insurance companies, improving efficiency, and enhancing customer satisfaction.
Insurtech companies have made the process of buying all types of insurance easier and more convenient, from consumer products to small business insurance. Customers can now research, compare policies, and make a purchase online whenever they want without having to physically visit a local agent.
Compare small business insurance quotes from top U.S. carriers
Insurtech has impacted nearly every segment of the insurance business, sparking the development of simpler products and consumer-friendly services.
It has been most visible in the personal insurance world, where customer-facing phone apps, auto monitoring devices, and wearable activity tracking tools have allowed consumers to find new benefits from their insurance.
Insurtech companies have sparked innovations in commercial insurance as well, allowing small business owners to shop for multiple types of insurance with one application, saving time and aggravation in the process. With Insureon, small business owners can complete an application to compare insurance quotes from top carriers in just a few minutes.
Insurtech also has been successful in making underwriting (evaluating and pricing risks), claims processing, and asset management more efficient for insurance professionals.
