The use of new technology — software, data, AI and digital distribution — to modernize how insurance is sold, underwritten and serviced.
Insurtech
The use of new technology — software, data, AI and digital distribution — to modernize how insurance is sold, underwritten and serviced.
Insurtech (insurance + technology) is the wave of companies and tools applying modern software, data analytics, automation and artificial intelligence to the insurance business. The term covers everything from digital carriers to agency-facing productivity tools.
For an independent agency, insurtech usually shows up as practical software that improves distribution and service:
- Quoting and rating automation and API-driven markets,
- AI for servicing, document processing, and lead handling,
- Digital client portals and self-service, and
- Data enrichment that pre-fills applications.
Not all insurtech is a threat to independent agents; much of it is sold to agencies to help them compete with direct writers. The label is broad and evolving, so it is best evaluated by the specific problem a given tool solves.