Abstract
Due to ease access to digital technologies, the advent of insurance technology businesses (InsurTechs) is revolutionising the whole insurance sector and ushering in a new era of business models. Insurtech, or technology-driven innovation in the Insurance industry, has gained prominence in recent years and is resulting in more effective and easy financial services. The insurance sector is continuously evolving in a digital world to keep up with clients' shifting needs. Policyholder expectations are shaped by technological advancements, which also allow insurance companies to introduce new products to the market."Insurtech" refers to the use of technological advancements to the insurance industry with the goal of enhancing customer experience, streamlining business operations, creating new products, and fostering competition. Start-up businesses that enter the insurance industry and transform the entire insurance value chain are the carriers of these phenomena. We will investigate how insurtech might affect the insurance industry. Innovations in insurtech could assist insurers in lowering transaction costs, breaking into new markets, and providing more client-tailored insurance. The experience in risk assessment, client base, and regulatory compliance of incumbents, on the other hand, are their competitive advantages, and all of these are barriers to the growth of the insurtech industry. In order for insurtech businesses and traditional insurers to coexist and grow in a way that benefits policyholders, they must collaborate and combine current technology with experience. A recent trend in the insurance sector is emerging technology-driven advancements. The term coined to describe this situation is "InsurTech." The main distributors of insurance contracts are insurance intermediaries, and a number of digital intermediaries are already working with InsurTech.
Keywords: Technology, Insurtech, Policyholders, Technology-Driven Innovation, Insurance Product.
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