insurtech

Vocabulary Word

Definition

'Insurtech' is a fancy term that combines 'insurance' and 'technology.' It generally refers to the use of technology to enhance and simplify the insurance industry.

Examples in Different Contexts

In digital marketing, insurtech companies use online platforms to reach and engage potential customers. A digital marketer might note, 'We are implementing SEO strategies to increase our insurtech firm's visibility online.'

Practice Scenarios

Tech

Scenario:

The claims process is requiring an intense amount of time and manpower. Automating the system, perhaps?

Response:

Yes, automation could be a breakthrough. Using insurtech to automate the claims process could save us significant time and resources.

Startup

Scenario:

There's a wide scope for using AI in determining risk. Adding predictive analysis in our services might offer a competitive edge.

Response:

That's a great approach, insurtech, coupled with AI, can potentially revolutionize our risk predictions.