Insurance Technology (InsurTech)

Insurance technology, or InsurTech, uses AI, data analytics, cloud computing and automation to improve insurance pricing, underwriting, distribution, claims processing and customer service. Recent attention has focused on AI-powered underwriting and distribution platforms, property and water-damage risk models, and AI agent frameworks, with applications extending to quantum computing and genetic testing. Meanwhile, sector funding has risen to a four-year high, alongside growing demand for regulatory approvals and systems integration. Key issues to watch include whether these technologies can improve risk assessment and access to services, as well as practical challenges involving data governance, model reliability and regulatory compliance.