Insurtech
The integration of innovative technology designed to enhance or streamline the insurance industry's operational efficiency and customer experience
Detailed Explanation
Insurtech (a combination of 'insurance' and 'technology') refers to the use of technological innovations like artificial intelligence, machine learning, mobile applications, and blockchain to optimize various aspects of the insurance process. These technologies aim to reduce costs, improve risk assessment, enhance customer acquisition and retention, and create more personalized insurance products and services.
Practical Example
A small business owner uses an insurtech app that allows them to instantly purchase liability coverage for specific projects or time periods, modify coverage limits in real-time, and file claims with photo evidence that are processed through an AI system within hours rather than days.
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