{"id":5696,"date":"2020-09-04T23:27:20","date_gmt":"2020-09-04T23:27:20","guid":{"rendered":"https:\/\/cometinsure.com\/blog\/?p=5696"},"modified":"2020-10-19T11:20:46","modified_gmt":"2020-10-19T11:20:46","slug":"what-is-insurtech-how-does-it-work","status":"publish","type":"post","link":"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/","title":{"rendered":"What Is Insurtech? How Does It Work?"},"content":{"rendered":"<div  class=\"tatsu-ggau0nu5jl1r4aa8 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ggau0nu5tzehhx2n\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-ggau0nu63l6ab2m8\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-ggau0nu6cn5r1cm5  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-ggau0nu6cn5r1cm5.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;color: rgba(0,0,0,1) ;}.tatsu-ggau0nu6cn5r1cm5 .tatsu-text-inner *{color: rgba(0,0,0,1) ;}<\/style>\n<p><span style=\"font-weight: 400;\">Due to the digital age, a lot of technology is used in the insurance industry nowadays. This technology is always upgrading, updating, evolving, and changing. Hence, these various insurance technologies are known as Insurtech. Insurtech could comprise and consist of any technology that an <\/span><a href=\"https:\/\/cometinsure.com\/pk\/\"><span style=\"font-weight: 400;\">insurance company<\/span><\/a><span style=\"font-weight: 400;\"> uses in order to increase its efficiency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fintech is any new technology that effectively enhances the operations being carried out in the finance industry hence making Insurtech a subdivision of it. Due to a wide variety, it is not possible to list down defining characteristics for this. Moreover, during its initial years from 2010-2019, a huge inflow of $16.5 billion was seen in startups of Insurtech in the insurance industry overall and several <\/span><span style=\"font-weight: 400;\">insurance companies in Pakistan<\/span><span style=\"font-weight: 400;\"> are also applying it.\u00a0<\/span><\/p>\n<p><b>Examples of Insurtech<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Due to the relatively new nature of Insurtech, the way it can be applied is constantly changing. One such example of Insurtech is chatbots and Smartphone applications. Through this, the backend process is enhanced as insurance companies are not required to hire extra employees in order to respond to customer queries, and instead, this can be done automatically by the chatbots at any time of the day or night.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Smartphone applications also lead to further enhancement of the process as people are not required to get into the hassle of printing out documents and other paperwork. Instead, they can simply take a picture and make the process faster, convenient, and more effective.<\/span><\/p>\n<p><b>What Are The Types of Insurtech?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Various types of Insurtech that you may have been seeing employed around you, which will eventually evolve as well, are as follows:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1. Artificial Intelligence:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Artificial intelligence is associated with a type of software that performs and carries out tasks that are normally conducted by humans. So a chatbot falls under this category as it handles customer queries and concerns, a task that could be performed by employees of an insurance company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. Machine Learning:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Machine Learning is also under the umbrella of artificial intelligence. As the name suggests it incorporates making machines learn various algorithms over time in order to mimic the networks within the human brain. In these machines learn through raw data that is present instead of being fed certain instructions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3. Smartphone Applications:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through smartphone applications, insurance companies enhance the process for both the parties involved in the transaction. Either the customers or the businesses or both are facilitated through them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4. Drones:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Drones are also a type of Insurtech as they can be used to look into situations where it wouldn\u2019t be possible for humans too. For example, a hazardous or dangerous property can be inspected by a drone which humans would be unable to do. Moreover, an accident between various vehicles can also be captured well through drones making the situation easier to assess for <\/span><a href=\"https:\/\/cometinsure.com\/pk\/motor-insurance\"><span style=\"font-weight: 400;\">car insurance<\/span><\/a><span style=\"font-weight: 400;\"> companies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5. Internet of Things:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When machines such as televisions and refrigerators are connected to the internet, it is referred to as the internet of things. An example of the internet of things is telematics in which vehicles collect data and transmit it via electronic devices. <\/span><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-ggau0nu63l6ab2m8.tatsu-column{width: 100%;}.tatsu-ggau0nu63l6ab2m8.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":5699,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[33,34,30,57,32,31,56],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Insurtech? How Does It Work? | Cometinsure<\/title>\n<meta name=\"description\" content=\"Due to the digital age, a lot of technology is used in the insurance industry nowadays. This technology is always upgrading, updating, evolving, and changing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Insurtech? How Does It Work? | Cometinsure\" \/>\n<meta property=\"og:description\" content=\"Due to the digital age, a lot of technology is used in the insurance industry nowadays. This technology is always upgrading, updating, evolving, and changing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/\" \/>\n<meta property=\"og:site_name\" content=\"Cometinsure\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-04T23:27:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-19T11:20:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cometinsure.com\/blog\/wp-content\/uploads\/2020\/09\/What-Is-Insurtech-How-Does-It-Work.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"cometinsure\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cometinsure\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/\",\"url\":\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/\",\"name\":\"What Is Insurtech? How Does It Work? | Cometinsure\",\"isPartOf\":{\"@id\":\"https:\/\/cometinsure.com\/blog\/#website\"},\"datePublished\":\"2020-09-04T23:27:20+00:00\",\"dateModified\":\"2020-10-19T11:20:46+00:00\",\"author\":{\"@id\":\"https:\/\/cometinsure.com\/blog\/#\/schema\/person\/4563bdafd80c85002d70f99ac8928fbe\"},\"description\":\"Due to the digital age, a lot of technology is used in the insurance industry nowadays. This technology is always upgrading, updating, evolving, and changing.\",\"breadcrumb\":{\"@id\":\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cometinsure.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What Is Insurtech? How Does It Work?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cometinsure.com\/blog\/#website\",\"url\":\"https:\/\/cometinsure.com\/blog\/\",\"name\":\"Cometinsure\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/cometinsure.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cometinsure.com\/blog\/#\/schema\/person\/4563bdafd80c85002d70f99ac8928fbe\",\"name\":\"cometinsure\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cometinsure.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8f3345aaef864bf1bf99ee5c4958c1bb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8f3345aaef864bf1bf99ee5c4958c1bb?s=96&d=mm&r=g\",\"caption\":\"cometinsure\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What Is Insurtech? How Does It Work? | Cometinsure","description":"Due to the digital age, a lot of technology is used in the insurance industry nowadays. This technology is always upgrading, updating, evolving, and changing.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/","og_locale":"en_US","og_type":"article","og_title":"What Is Insurtech? How Does It Work? | Cometinsure","og_description":"Due to the digital age, a lot of technology is used in the insurance industry nowadays. This technology is always upgrading, updating, evolving, and changing.","og_url":"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/","og_site_name":"Cometinsure","article_published_time":"2020-09-04T23:27:20+00:00","article_modified_time":"2020-10-19T11:20:46+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/cometinsure.com\/blog\/wp-content\/uploads\/2020\/09\/What-Is-Insurtech-How-Does-It-Work.png","type":"image\/png"}],"author":"cometinsure","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cometinsure","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/","url":"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/","name":"What Is Insurtech? How Does It Work? | Cometinsure","isPartOf":{"@id":"https:\/\/cometinsure.com\/blog\/#website"},"datePublished":"2020-09-04T23:27:20+00:00","dateModified":"2020-10-19T11:20:46+00:00","author":{"@id":"https:\/\/cometinsure.com\/blog\/#\/schema\/person\/4563bdafd80c85002d70f99ac8928fbe"},"description":"Due to the digital age, a lot of technology is used in the insurance industry nowadays. This technology is always upgrading, updating, evolving, and changing.","breadcrumb":{"@id":"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cometinsure.com\/blog\/what-is-insurtech-how-does-it-work\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cometinsure.com\/blog\/"},{"@type":"ListItem","position":2,"name":"What Is Insurtech? How Does It Work?"}]},{"@type":"WebSite","@id":"https:\/\/cometinsure.com\/blog\/#website","url":"https:\/\/cometinsure.com\/blog\/","name":"Cometinsure","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cometinsure.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/cometinsure.com\/blog\/#\/schema\/person\/4563bdafd80c85002d70f99ac8928fbe","name":"cometinsure","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cometinsure.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8f3345aaef864bf1bf99ee5c4958c1bb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8f3345aaef864bf1bf99ee5c4958c1bb?s=96&d=mm&r=g","caption":"cometinsure"}}]}},"_links":{"self":[{"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/posts\/5696"}],"collection":[{"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/comments?post=5696"}],"version-history":[{"count":5,"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/posts\/5696\/revisions"}],"predecessor-version":[{"id":5764,"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/posts\/5696\/revisions\/5764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/media\/5699"}],"wp:attachment":[{"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/media?parent=5696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/categories?post=5696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cometinsure.com\/blog\/wp-json\/wp\/v2\/tags?post=5696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}