One of the recent changes in financial lexicon has been the introduction of the word FinTech. Meaning computer programmes and technology used in the banking and finance industry, it has quickly become common vocabulary and no longer raises eyebrows in financial institutions and beyond. A new concept doing the rounds in these days, which falls under the umbrella of FinTech but receives much less attention, is the idea of InsurTech. InsurTech aims to innovate in order to improve profits and efficiency in the insurance industry using the latest technologies. Not only will new technology be used to speed up the administrative side of the industry, but it will also be used to more accurately assess risk and speed up the payout process. The term is sure to become common within the insurance business just as FinTech has in the wider financial industry.
