Have you been hearing several buzzwords regarding insurance that leave you completely confused?

We get it—insurance is an ever-evolving industry, and keeping up with new trends can be difficult. That’s why Assurekit is here to explain these buzzwords in simple terms.

This guide will help you understand InsurTech and how it affects you.

Each month, we’ll pick a buzzword and break it down for you.

#AssureBuzz

The Buzzword for June: InsurTech

To give you a complete overview of InsurTech, our Chief Product Officer, Rishi Iyer, will explain it to us.

Connect with Rishi on LinkedIn to learn more.

So, What Is InsurTech?

Rishi:

"InsurTech is simply a combination of the words ‘insurance’ and ‘technology’."

Sure, but what does that actually mean?

According to Investopedia:

"InsurTech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model."

Simply put, InsurTech is the technology powering innovation in insurance.

It’s not just a budding niche for venture capitalists—it’s helping insurers serve customers better.

The insurance industry is at a turning point, and InsurTech is leading the way to make it:

• Faster

• More accessible

• More efficient

• More personalized

What Does InsurTech Include?

InsurTech is all about making insurance easier using technology.

Here are some real-world examples:

1) AI-Powered Insurance Recommendations

How?

AI-powered underwriting helps match customers with the right policy based on their lifestyle.

For example:

• Sanjana has two kids and travels a lot—she needs a different policy than

• Rohan, who rarely leaves his couch.

InsurTech analyzes user data to recommend the best-fit policy, saving time and ensuring better coverage.

2) Automation for Cost Reduction

InsurTech uses process automation to reduce operational overhead.

This means:

• Lower costs for insurers

• Faster policy processing

• More investment in building future-ready products

3) Smarter Insurance Distribution Channels

InsurTech companies are improving how insurance is sold.

• Cloud-based web & mobile apps allow policies to be accessed anytime, anywhere.

• AI-driven interfaces make purchasing insurance more intuitive & seamless.

Learn more about this trend here.

How Does InsurTech Change Insurance?

For a long time, insurance has been seen as a necessary evil—something you "have to do" rather than "want to do".

InsurTech is changing that.

Here’s how:

• Making insurance eCommerce seamless

• Using data-driven models to improve underwriting

• Educating consumers about insurance needs

• Streamlining the claims process for faster approvals

• Reducing insurance fraud with AI-powered verification

• The goal? To make buying insurance as easy as shopping online.

However, this is not as simple as it sounds.

• It requires strong technology

• It must ensure data security & compliance

This is where InsurTechs step in.

By leveraging IoT, Blockchain, AI, and Automation, insurers can:

• Provide a 100% digital experience

• Process policies faster

• Lower costs for policyholders

• Offer customized policies

How Does InsurTech Affect You?

Why should you care?

InsurTech is changing how you buy & sell insurance.

• Easier

• More reliable

• More efficient

This benefits everyone—the consumer, the insurer, and the economy.

For example:

Travel Insurance:

• Two people traveling to different destinations shouldn’t pay the same premium.

• Someone traveling to a high-risk country should pay more than someone going on a safe trip.

In the past, this level of customization was impossible.

• Today, AI & data analytics make it a reality.

How?

• Wearable tracking devices

• Car telematics

• AI-driven risk assessment

This allows insurers to:

• Offer dynamic pricing

• Give customized policy recommendations

• Ensure fair premiums based on real risk factors

InsurTech is making insurance smarter & more personalized.

How Can You Stay Ahead?

If you’re in the insurance industry, you need to:

• Keep learning about new InsurTech trends

• Track industry updates on technology adoption

• Monitor new startups shaping the future of insurance

InsurTech in India

Over the last decade, consumer behavior in India has changed drastically.

Before:

• People visited offices to inquire about health, auto, or life insurance.

Now:

• Consumers expect a seamless, digital experience—just like online shopping.

However, India still lags behind developed countries in InsurTech adoption.

• Retail insurance (like motor & health) is sold online.

• But other products like renters insurance & affinity insurance are still underdeveloped.

The insurance industry is one of the slowest in adopting new tech, but this also means:

The biggest opportunities for disruption are here!

Final Thoughts from Rishi Iyer

"I am thrilled to see what insurance will look like in the coming years."

"Even more, I’m excited to be at Assurekit—leading that change."

Conclusion

Thank you, Rishi Iyer, for explaining InsurTech!

Connect with him on LinkedIn.

InsurTech is revolutionizing the insurance industry.

• Companies are shifting toward customer-centric models.

• Insurers are making processes faster & more efficient.

• AI & data analytics are creating better, personalized policies.

It’s an exciting time to be in InsurTech.

We help businesses become mini InsurTechs themselves.

Want to learn more? Join our waitlist here.

Citations:

• TheBalanceS

• NAIC Report