What is insurtech and FinTech?
What is insurtech and FinTech?
Insurance is one of the oldest and most established industries around and also ripe for change
Insurtech refers to using technology and innovations, moreover, designed to efficiently create new outward savings and efficiency from the current insurance industry model.
Think about Arbol. They are a new insurtech. Certainly, an awesome FinTech and represent blockchain technology as well.
Started by mathematicians from Harvard University. Arbol looks to use smart blockchain technology which will as a result allow them to charge lower rates and provide better coverage. Seems to be a phenomenal proposition.
Now let’s look at a use case of insurtech with Deep Learning!
Tractable is a unicorn out of the UK that has started using Deep Learning to estimate the insurance liabilities for automobiles in accidents. As a result, allowing insurance companies to process claims more quickly and with less fraud. In addition, save on administrative expense as well. So, its seems to be a win win scenario for both the user and the insurer. Tractable has signed up with a number of major insurance firms.
In conclusion, we will see a much bigger insurtech industry in a decade from now. As this area is ripe for change!
