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Insurtech represents how advances in technology are changing the insurance industry and are causing the industry to evolve for the better. Insurtech is changing how they market to customers and what the industry does with the data available. Insurtech also influences how the insurance industry has the ability to better customize different offers for different consumer needs. Online sales are up and brick and mortar insurance sales are down, so this increase in technology changing the landscape of the insurance industry is a trend that is here to stay.

Insurtech is believed to offer the possibilities of great access to insurance products for all because they are lowering the barriers to access by having lower costs, offerings specific for life events often in real-time, and overall offering options more personalized to the consumers needs. One-way insurtech helps broaden who can access insurance, is by having both traditional and other non-traditional ways of looking into someones risk measurement, other than just credit score information. For instance, car insurance companies have ways to track how driving ability by using data from a smartphone, which provides more insight than just a driving record can.

Technology has also helped the process on the back end run smoother. With advances in technology nearly every aspect of the industry will see an uptick in efficiency over time. Advanced underwriting methods help insurance carriers better assess risk, in more accurate and broader ways. This can help automate the process but also allow for more accurate details to be captured during the assessment. In a technology survey done by Accenture, 79% of insurance executives, noted that AI will revolutionize how products in the insurance industry are produced and how they will be delivered to their end customers.