[[{"@context":"http:\/\/schema.org","@type":"Answer","text":"Insurtech is the use of technology to improve business processes, efficiency, and customer experience in the insurance industry, and is a combination of the words \u201cinsurance technology.","name":"What is insurtech","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer"},{"@context":"http:\/\/schema.org","@type":"Answer","text":"Coretech shares its DNA with insurtech. It\u2019s built with the same languages, microservices architecture, APIs, containers, and event-based workflows, so a coretech system can natively support advanced insurtech integrations.","name":"The coretech solution","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer1"},{"@context":"http:\/\/schema.org","@type":"Answer","name":"Transformational: Insurtech use cases","text":"<p>The rise of insurtechs has had an uplifting effect on the industry, and the list of possible transformations is growing. Early use cases include:<\/p> <ul> <li>Telematics for usage-based and &ldquo;pay-how-you-drive&rdquo; auto insurance models<\/li> <li>Disruptive business models, such as peer-to-peer insurance<\/li> <li>AI-aided fraud detection and AI-enabled service<\/li> <li>Internal workflow automation with robotic process automation (RPA)<\/li> <li>Machine learning to automate claims processing<\/li> <\/ul>","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer2"},{"@context":"http:\/\/schema.org","@type":"Answer","text":"The most basic integrations slingshot data from an insurtech app to the core system in one direction, without considering happens down the line. From a workflow perspective, the integration might automatically trigger a simple action in response to a predetermined event.","name":"Insurtech benefits depend on connectivity & context","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer3"},{"@context":"http:\/\/schema.org","@type":"Answer","name":"Why is integration so difficult?","text":"Nearly every core policy administration system out there has APIs. Many have app marketplaces where customers can find apps from pre-integrated partners. There are even integration-platform-as-a-service tools that make connecting multiple systems easier.","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer4"},{"@context":"http:\/\/schema.org","@type":"FAQPage","abstract":"The convergence of insurance and digital technology \u2014 \u201cinsurtech\u201d \u2014 has transformed the industry, spurring growth and accelerating innovation.","description":" Learn about insurtech, how it's transforming the industry, and how insurance companies can reap the benefits.","dateCreated":"2022-02-18","name":"What is insurtech: Definition, examples, tips","image":"https:\/\/cdn-bijap.nitrocdn.com\/AuMaQmessFRMSicXmZsEecJFLEquAyoT\/assets\/static\/optimized\/rev-d2f1390\/wp-content\/uploads\/2022\/02\/insurance-2022_1200x375-1200x370.jpg","about":"http:\/\/www.wikidata.org\/entity\/Q22770981","mainEntity":[{"@type":"Question","name":"What is insurtech?","acceptedAnswer":{"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer"},"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Question"},{"@type":"Question","name":"Transformational: Insurtech use cases","acceptedAnswer":{"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer2"},"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Question1"},{"@type":"Question","name":"Why is integration so difficult?","acceptedAnswer":{"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer4"},"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Question2"},{"@type":"Question","name":"Insurtech benefits depend on connectivity & context","acceptedAnswer":{"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer3"},"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Question3"},{"@type":"Question","name":"The coretech solution","acceptedAnswer":{"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Answer1"},"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#Question4"}],"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#FAQPage"}],{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"2022","item":"https:\/\/www.the-future-of-commerce.com\/2022\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"02","item":"https:\/\/www.the-future-of-commerce.com\/2022\/\/02\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"18","item":"https:\/\/www.the-future-of-commerce.com\/2022\/\/02\/\/18\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"What is insurtech: Definition, examples, tips","item":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/18\/what-is-insurtech-definition-examples-tips\/#breadcrumbitem"}]}]