Insurtech or Insurance Technology is a form of digital-based insurance that uses an information technology platform in its business and marketing transactions, and usually uses several technological instruments such as Big Data and Artificial Intelligence (AI) in analyzing data and processing data. So that by using these 2 technological features, and with the increasing number of data owned by an insurtech company, the decision-making process will be more precise and accurate and will certainly have a very significant impact on the progress of the insurance sector in general.
The term insurtech itself is still relatively new in the realm of the insurance business. And when compared to other financial sectors, insurance is one of the financial sectors that has not changed too much compared to its condition a few years earlier.
According to data reported by Bisnis.com, the insurance penetration rate in Indonesia in the previous few years did not even reach 2%. Though insurance is a very important investment and we can feel the results directly.
Hopefully the article Insurtech (Insurance Technology) can be useful.
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