What is Insurtech and what do I need to know about it?

There’s no doubt about it, technology permeates through almost every aspect of our lives. Think about your morning routine alone. For many that involves waking up to an alarm, checking the news and weather, and perhaps even boiling a smart kettle for that first cup of coffee – all with the help of a smartphone.

The point is that technology is not only everywhere, it shapes our behaviour and will, in all likelihood, continue to do so in the future. And the same thing is true of insurance. Emerging insurance technology, otherwise known as Insurtech, is already reshaping parts of the insurance industry, just as Fintech (financial technology) is pushing the boundaries of the financial and banking sector.

At its heart, Insurtech aims to provide better value, more flexible and more personalised insurance policies, and it’s already delivering! It’s also about data – namely your data. Whether that’s through technology in your car, in your home or even attached to your very person, insurers are using data to provide more accurate and personalised policies.

But just how will Insurtech change insurance for everyday Australians?

To read more, please click on the link below…

Source: What is Insurtech and what do I need to know about it?