What Is Insurtech?
Insurtech is a very broad term used to describe a range of constantly evolving technological innovations used within the insurance industry. Any new technology that is used by an insurer to boost the overall efficiency of its operations can be classified as insurtech. It has been used widely in insurance, particularly in Europe and America, as it has proven to significantly increase efficiency and operational effectiveness in the areas of risk management, underwriting.
Insurtech software has been used extensively across North America to improve efficiency in claims processing, insurance underwriting. As well as being used for claims processing, insurtech software also aids in underwriting and reinsurance underwriting. Insurtech is used across a range of industries and has been used widely in the UK insurance industry, where it has been proven extremely beneficial. Insuretech software has been designed with a wide range of clients in mind. For example, it was designed to meet the requirements of independent brokers in the United Kingdom.
The use of insurtech has helped to dramatically reduce the amount of time it takes to process claims and has also reduced the amount of money that goes into claims that fail because of underwriting errors or inadequate underwriting techniques. Insuretech software has also improved the speed at which claims are processed by allowing claim specialists to complete claims in much less time than it would have taken without any improvements to the claims process.