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 technology, 'insurtech' refers to the use of technological innovations to disrupt and improve the insurance industry. A tech entrepreneur might say, 'Our insurtech startup is leveraging AI to personalize insurance policies for each user.'

Practice Scenarios

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.

Business

Scenario:

Our ability to underwrite policies needs enhancement. We should explore technology-driven solutions.

Response:

Implementing a technology-oriented strategy could be beneficial. Let's consider incorporating insurtech to underwrite our policies more efficiently.