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Definition of 'Insurtech'

Insurtech is a portmanteau of the words insurance and technology. It refers to the use of technology to improve the delivery, efficiency, and customer experience of insurance products and services.

Insurtech companies are using a variety of technologies to disrupt the traditional insurance industry, including artificial intelligence (AI), machine learning (ML), big data, and blockchain.

AI and ML are being used to automate tasks that were previously done manually, such as underwriting and claims processing. Big data is being used to improve risk assessment and pricing. And blockchain is being used to create new ways to verify insurance claims and manage risk.

Insurtech companies are also using technology to create new and innovative insurance products and services. For example, some companies are offering insurance products that are tailored to specific needs, such as pet insurance or travel insurance. Others are offering insurance products that are sold directly to consumers, without the need for a broker.

The Insurtech industry is still in its early stages, but it is growing rapidly. According to a recent report by CB Insights, the global Insurtech market is expected to grow from $1.3 billion in 2017 to $108 billion by 2025.

The growth of Insurtech is being driven by a number of factors, including the increasing cost of insurance, the need for more efficient and personalized insurance products and services, and the growing adoption of technology by consumers.

Insurtech companies are poised to play a major role in the future of the insurance industry. They are bringing new innovation and competition to the market, and they are helping to make insurance more accessible and affordable for consumers.

Here are some specific examples of how Insurtech companies are using technology to improve the insurance industry:

* Lemonade uses AI to automate the underwriting process and to provide real-time quotes to customers.
* Oscar uses data analytics to identify and target high-risk customers, and to offer them personalized insurance plans.
* Trov uses blockchain technology to create a decentralized insurance marketplace where customers can buy and sell insurance policies directly with each other.

These are just a few examples of how Insurtech companies are using technology to improve the insurance industry. As the Insurtech industry continues to grow, we can expect to see even more innovation and disruption in the years to come.

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