Future of Insurance 4.0 and Insurtech

What is an InsurTech? A scientific approach for defining the term

“…Furthermore, the influence of the scenario resulting from COVID‐19 caused a situation that forced the recognition of the importance of technology and innovation in the insurance sector. On the one hand, this context is supported by the macro trend of innovation that is leading to a much more dynamic state in the sector where the value proposition can become the integration of a set of multiple modules belonging to different players in an insurance ecosystem and the boundaries are increasingly disappearing between the traditional roles of a distributor, partners (in some cases from another sector), companies, and reinsurers (Nicoletti, 2021). On the other hand, the pace of technological change in the last decade has been exponential (Catlin & Lorenz, 2017; Lee & Shin, 2018) in a sector that is being boosted by technology (Cappiello, 2020), which is driving the fundamental transformation of the insurance industry by having a new way of interaction between insurers and customers, digitizing and automating business processes and creating new products (Eling & Lehmann, 2018).…”

“…boundaries are increasingly disappearing between the traditional roles of a distributor, partners (in some cases from another sector), companies, and reinsurers (Nicoletti, 2021). On the other hand, the pace of technological change in the last decade has been exponential (Catlin & Lorenz, 2017;Lee & Shin, 2018) in a sector that is being boosted by technology (Cappiello, 2020), which is driving the fundamental transformation of the insurance industry by having a new way of interaction between insurers and customers, digitizing and automating business processes and creating new products (Eling & Lehmann, 2018).…”