Search
 

InsurTech Center

Commentary

Where insurtech and human interaction meet

Discover how insurtech can support agents, brokers and carriers alike while streamlining processes.

By Brad Nevins | October 21, 2021 at 03:00 AM
When you think about the influx of claims after a major catastrophe, this technology not only makes it easier for underwriters to manage claims but also expedites claims processing by pushing more claims expeditiously through the system and getting payments issued quicker to those who need them. It can also help reduce the administrative costs of claims. (Credit: Shutterstock) When you think about the influx of claims after a major catastrophe, this technology not only makes it easier for underwriters to manage claims but also expedites claims processing by pushing more claims expeditiously through the system and getting payments issued quicker to those who need them. It can also help reduce the administrative costs of claims. (Credit: Shutterstock)

Insurtech emerged around 2010, according to Investopedia, and similar to the technology used widely in the financial industry (fintech), insurtech takes digital-based capabilities — for which the slower-moving insurance industry has been long overdue — to the next level.

Some examples of insurtech applications are machine learning (ML), artificial intelligence (AI), blockchain and the Internet of Things (or IoT). These applications offer capabilities and solutions that are more commonly applied in and associated with online insurance applications, quotes and policy management, chatbots, claims reporting and payment processing — to name just a few.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.