what insurance areas does insurtech solve 
the claims management process traditionally resulted in manually reviewing each claim deciding what compensation to award then remitting that compensation now insurtech companies aim to build processes that automate certain processes and detect fraud larger companies can leverage technology to gather and aggregate specific data points regarding specific claims these claims may also be validated using automation by comparing different data streams last large companies can use automation or repetitive workflows to pay out a large number of claims with minimal human intervention the underwriting process entails reviewing an individual s profile assessing their risk profile and extending them an insurance package offer that includes their coverage the information provided to a client also includes their monthly premium in addition to what compensation they may be entitled to under various claims much of this data can be mined or gathered automatically even if a client must submit information modern technology uses many data points to compare against historical data that can continually learn grow and make more educated assumptions this means the data decides for itself whether to extend a policy to the individual and what price is fair for the associated level of risk whether it s related to paying out a claim enforcing a different insurance level tier closing a customer s policy that has expired or approving a new customer there are a tremendous number of contracts that occur related to insurance 