Insurance technology with a laptop. Insurance adjusters have years of real-world experience in successful adjustments and reducing the cycle time of a claim, and can offer practical suggestions to mitigate common problems. (Photo: Wright Studio/Shuttestock)

For the preoccupied adjuster flooded with claim assignments, there has been a mystery associated with the industry term “insurtech.” And if that describes you, this combination of words revolves around technological innovations aimed at improving the efficiency of the insurance world. Insurance plus technology equals “insurtech. Or sometimes, let’s spell it “InsureTech.” Seems simple enough, right?

Entrepreneurs see dollar signs in the insurance industry and develop the next impactful idea, ready to take the market by storm. However, claim adjusters sit back and concentrate on their own duties. Despite having insurance knowledge and working in the space 40 hours a week, they may lack the energy to engage or perhaps cannot compete with the excess financial resources held by the entrepreneurs.

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