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What is Insurtech?

July 22, 2021 | Insurance 101

You may have heard the term insurtech. If you have, you might have wondered, “What is insurtech?” Insurtech is short for “insurance technology,” in the same way that fintech is short for “financial technology.”

Small business owner working online

Insurtech Definition

The most common insurtech definition is that the term refers to the many tools and systems that help insurance companies and the insurance industry function more efficiently and effectively. People typically use it to refer to newer digital tools and systems.

Insurtech advances tend to help consumers complete interactions with their insurers quickly, conveniently, and with more transparency.

When was Insurtech First Used?

Insurance is an industry that’s been around for a long time. However, insurtech is a relatively new arrival in the insurance world, having only been around for approximately a decade. It’s believed that the first use of technology that we would consider insurtech was in 2010, and the adoption of technology has been climbing ever since.

That’s why many observers say that insurtech is “the future of the insurance industry.” And that’s good news for small business owners since insurtech makes researching and buying insurance easier. Plus, it helps with reporting claims and managing policies online. As described below, all of these factors enable companies to spend more time focused on their work and less time dealing with their small business insurance.

Insurtech Examples at biBERK

When looking for insurtech examples, you don’t have to look any further than biBERK. Our informative, easy-to-navigate website, for instance, is a basic type of insurtech. The online process we use to provide customers and potential customers with fast, accurate quotes is a more complex form of insurtech.

However, both serve a similar and important purpose: helping people who are interested in insuring their small business get the information they need to make a purchase decision and subsequently buy policies. And these are just two of many ways that we leverage insurtech to help our customers.

Insurtech is important to biBERK because it helps us achieve our goal of taking the hassles out of getting and using small business insurance.

Insurance Technology for Reporting Claims

Another way that insurtech has improved the experience of small business owners is by enabling them to report claims online. Historically, reporting an insurance claim involved in-person meetings with an insurance company representative, completing and mailing paper forms, etc. It was a long, labor-intensive process.

Today, the insurtech that biBERK uses makes it easy to report a claim. That means you can quickly turn your attention back to your business, knowing that we’re reviewing the information.

How Does Advanced Insurance Technology Benefit Business Owners?

Consumers who choose to buy their business insurance from a provider that capitalizes on advanced insurance technology benefit in multiple ways. First, insurtech helps insurance companies work more efficiently. Consequently, it enables them to control their costs, which is good for you, too.

The availability of insurtech also makes it easier for business owners to complete insurance-related tasks. For example, you can take actions like requesting a Certificate of Insurance from a job site and getting the document via email in minutes.

Insurtech also helps small businesses get insurance more quickly. In many cases, coverage under a policy that you purchased online can begin the next day. Technology can also accelerate the timetable for the payment of claims.

Insurtech and Insurance: Making it Easier to Protect Your Business

At biBERK, we understand that no business owner wants to spend their time finding, buying, or using insurance—even though it’s critically important. The combination of well-designed insurtech and insurance that provides powerful protection means tasks owners used to put off as long as possible can now be completed in a fraction of the time and without all the hassles that used to be expected in the insurance industry.

In fact, one of the most common compliments we get from our customers is that our online processes are fast, efficient, and easy to understand. So much so that many business owners have a new appreciation for their small business insurance, and rather than viewing it as a “cost of doing business,” they see it as the valuable asset that it is.