what is insurtech 
insurtech refers to the use of technology innovations designed to find cost savings and efficiency from the current insurance industry model insurtech is a combination of the words insurance and technology inspired by the term fintech understanding insurtechinsurtech is premised on the belief that the insurance industry is ripe for innovation and disruption insurtech is exploring avenues that large insurance firms have less incentive to exploit such as offering ultra customized policies social insurance and using new streams of data from internet enabled devices to dynamically price premiums according to observed behavior regarding traditional insurance some people pay more than they should be based on the basic level of data used to group people among other things insurtech is looking to tackle this data and analysis issue head on using inputs from all manners of devices including geolocation tracking of cars to the activity trackers on our wrists these companies are building more finely delineated groupings of risk allowing products to be priced more competitively in addition to better pricing models insurtech startups are testing the waters on a host of potential game changers these include using deep learning trained artificial intelligence ai to handle the tasks of brokers and find the right mix of policies to complete an individual s coverage there is also interest in the use of apps to pull disparate policies into one platform for management and monitoring creating on demand insurance for micro events like borrowing a friend s car and the adoption of the peer to peer model to both create customized group coverage and incentivize positive choices through group rebates there are many similarities to the goals and implementations of insurtech and fintech as both the insurance industry and financial industry are undergoing substantial process changes importance of insurtechinsurtech plays an important part in changing how coverage is applied and paid for in a number of different ways 