Insurtech

Part of speech: noun

Definitions

1. A branch of the insurance industry that leverages technology to streamline processes and enhance customer experiences
2. An area of finance where technological advancements are integrated with insurance services to optimize claims and policies
3. A sector combining insurance and modern technology to improve efficiency and service quality

Etymology: "Insurtech" is a blend of "insurance" and "tech," with "tech" itself a clipping of "technology." The blend follows a pattern: "fintech," a earlier blend of "financial" and "technology," appears to have provided the model, so "insurtech" arrived as a deliberate parallel to a word already familiar in the financial world. Its structure is therefore transparent, with no older meaning to unwind. The term describes the use of new digital tools, such as data analytics, automation and online platforms, to make insurance claims and policies faster and more efficient.

Synonyms: insurance technology