InsurTech, a portmanteau of “insurance” and “technology,” refers to the innovative use of technology within the insurance industry to enhance and streamline processes, improve customer experience, and offer new products. It encompasses a range of technologies, including artificial intelligence, data analytics, blockchain, and mobile applications, that aim to automate traditional insurance functions, such as underwriting, claims processing, and risk assessment. InsurTech companies often seek to disrupt the conventional insurance model by providing more personalized, efficient, and accessible insurance solutions to consumers and businesses. The emergence of InsurTech has transformed how insurers operate, leading to increased competition and the development of more tailored insurance products aimed at meeting specific customer needs.
Artificial intelligence is transforming the insurance sector with its innovative capabilities. Instead of focusing on Copilot, insurers are embracing AI technologies in various aspects of their operations. AI is streamlining…