The Next Step Disruption Technology In The InsurTech Industry
InsurTech, which describes the use of technology in insurance transactions and processes, is now an industry sector in itself. The insurance sector’s use of technologies has accelerated to improve traditional insurance processes and models. InsurTech is having both disruptive and transformative effect on the retail and commercial parts of the insurance industry. It is leading to a radical change in product development, distribution, modeling, underwriting and claims, and administration practices. Its effects are multifaceted and have the potential to improve the way the market operates, but also result in outcomes that are of a concern to regulators.