Rise in Insurtech
Insurtech is a concept under the umbrella of Fintech, but with the current attention insurtech is gaining is thrusting is to become an industry sector. To further personalize the insurance demanded by the clients the insurers are using smart devices to make it more efficient and accurate. In the insurance sector auto-insurers are widely using the technology. It is now possible for an insurer to collect the data on the drive’s risk profile by installing a device in his car and installing a app on his phone. This will provide him an accurate data and according to that the insurer can just the client with a personalized premium. These types of technologies are being tried in different sectors of insurance industry to make it more convenient for the customers.