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ARTICLE · 04 MAY 2018

Insurtech: Demystifying The Hype

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Every insurance and reinsurance related event lately has had at least one panel on a particular topic that almost no-one had heard of a couple of years ago: insurtech.

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Every insurance and reinsurance related event lately has had at least one panel on a particular topic that almost no-one had heard of a couple of years ago: insurtech.

What is insurtech?

Just as the name suggests, it is the combination of insurance and technology. Or, perhaps more accurately, the rise and use of a wide range of technologies within the insurance industry, from underwriting and claims to administrative functions. What has always been an extremely paper-intensive industry is now gradually dragging itself into the digital age.

This digital transformation is part of a new industrial revolution, sometimes referred to as 4th industrial revolution or "4iR", though it is anything but industrial. The transformation involves many things from the rise of automation and artificial intelligence (AI) within everyday work processes to the use of blockchain technology and smart contracts, simplifying claims management and underwriting processes.

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