Intro to Fintech: Insurtech

Editorial Calendar Intro to Fintech: Insurtech Insurtech stands for insurance technology and represents a broad category of fintechs and other technologies used in the insurance industry. Like with any fintech, Insurtech aims to solve a problem. Whether that problem is helping to lower the cost of premiums for consumers or to make it easier for them to apply in the first place, insurtech is there to just generally make the insurance industry better, enhancing operations for consumers and companies.

Insurance is an important facet of everyday life and helps handle the risk of extraordinary or unprecedented events. If its something we love or is important to us, we’re going to insure it. Whether that’s our homes, our lives or our pets, to name just a few, insurance helps to plan for the worst and give options and solutions when that worst happens.

Most adults in the UK will be familiar with insurance in one way or another; it’s a legal requirement for cars to be insured in the UK, and a common-sense approach is often taken when to comes to home, life and travel insurances. As of 2019, the UK insurance market was the largest in Europe and has an estimated total premium volume of around £163 billion. This, combined with the age of the industry makes it a perfect place for innovation and disruption, with a number of different companies poised to take advantage of the opportunities available.

Though people may be unfamiliar with the term “insurtech”, it’s likely that they have interacted with one in their everyday lives. The most popular by far is the huge amount of price comparison websites available, allowing consumers to compare different policies to see which best suits their needs and budgets. Even if you haven’t used one of these sites, you will