Insurtech

Reviewed by Apoorva | Updated on Sep 28, 2020

Introduction

Insurtech includes the use of technology innovations to bring in savings and efficiency to the insurance industry model. The term insurtech is a combination of 'insurance' and 'technology'.

Understanding Insurtech

Insurtech plans to use data from all possible sources, including GPS tracking of cars and the activity trackers on wristwatches. The data collected can be used to build more finely delineated groupings of risk leading to pricing the products more competitively.

Insurtech emerged in the year 2010. Between 2019 and 2023, the global market is expected to grow 41% annually. There are a lot of regulation issues in the sector, and many established insurers are reluctant to work with them. However, these startups still require the help of traditional insurers to handle underwriting and to manage catastrophic risk.

Related Terms

  • Tax Planning

    Tax planning is the process of analysing a financial plan or a situation from a tax perspective.   Read more


  • Prospectus

    A prospectus is defined as a legal document describing a company’s securities that have been put on sale.   Read more


  • Bonus Issue

    A bonus issue is an offer given to the existing shareholders of the company to subscribe for additional shares.   Read more


  • Shariah-Compliant Funds

    Shariah-compliant funds are funds that follow the principles of Shariah law.   Read more


  • Yield

    Yield or bond yield points to the returns provided and realised by an investor on his investment over a given timeframe.   Read more


  • Green Levy

    Green levy seeks to encourage corporations to adopt eco-friendly technologies.   Read more


Recent Terms