InsurTech Accelerator – Definition & Detailed Explanation – InsurTech Glossarry

What is an InsurTech Accelerator? An InsurTech Accelerator is a program designed to help startups in the insurance technology (InsurTech) sector grow and succeed. These programs typically provide startups with mentorship, funding, resources, and networking opportunities to help them accelerate their growth and bring their innovative ideas to market. InsurTech Accelerators are often run by … Read more

Cyber Insurance – Definition & Detailed Explanation – InsurTech Glossarry

What is Cyber Insurance? Cyber insurance, also known as cyber risk insurance or cyber liability insurance, is a type of insurance policy designed to protect businesses from potential financial losses associated with cyber-related incidents. These incidents can include data breaches, cyberattacks, ransomware, and other forms of cybercrime. Cyber insurance policies typically cover expenses related to … Read more

Online Insurance – Definition & Detailed Explanation – InsurTech Glossarry

What is Online Insurance? Online insurance refers to the process of purchasing insurance policies through the internet. This allows individuals to compare different insurance providers, policies, and prices online without the need to visit physical offices or speak with insurance agents in person. Online insurance has become increasingly popular in recent years due to its … Read more

Health Insurance – Definition & Detailed Explanation – InsurTech Glossarry

What is Health Insurance? Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It can also cover preventive care, prescription drugs, and other healthcare services. Health insurance can be purchased by individuals or provided by employers as part of a benefits package. How does Health Insurance … Read more

Captive Insurance – Definition & Detailed Explanation – InsurTech Glossarry

What is Captive Insurance? Captive insurance is a form of self-insurance where a company creates its own insurance company to provide coverage for its own risks. Instead of purchasing insurance from a traditional insurance company, the company sets up a captive insurance company to underwrite its own risks. Captive insurance is typically used by large … Read more

Quote Comparison – Definition & Detailed Explanation – InsurTech Glossarry

What is Quote Comparison? Quote comparison is the process of comparing quotes from different insurance providers to find the best coverage at the most competitive price. This can be done for various types of insurance, including auto, home, health, and life insurance. By comparing quotes, consumers can make informed decisions about their insurance needs and … Read more

InsurTech Incubator – Definition & Detailed Explanation – InsurTech Glossarry

What is an InsurTech Incubator? An InsurTech Incubator is a specialized program or organization that supports and nurtures early-stage startups in the insurance technology (InsurTech) industry. These incubators provide resources, mentorship, funding, and networking opportunities to help startups develop and grow their innovative ideas and technologies within the insurance sector. InsurTech Incubators typically offer a … Read more

Aggregator – Definition & Detailed Explanation – InsurTech Glossarry

What is an Aggregator in the InsurTech industry? An aggregator in the InsurTech industry is a platform or software that collects and displays information from multiple insurance providers in one place. This allows consumers to compare different insurance products, prices, and coverage options easily. Aggregators serve as intermediaries between insurance companies and customers, helping to … Read more

Digital Innovation – Definition & Detailed Explanation – InsurTech Glossarry

I. What is Digital Innovation? Digital innovation refers to the use of digital technologies to create new or improved products, services, processes, or business models. It involves leveraging digital tools such as artificial intelligence, machine learning, big data analytics, blockchain, and the Internet of Things (IoT) to drive transformation and deliver value to customers. Digital … Read more

Pay-How-You-Drive (PHYD) – Definition & Detailed Explanation – InsurTech Glossarry

What is Pay-How-You-Drive (PHYD)? Pay-How-You-Drive (PHYD) is a type of auto insurance policy that bases premiums on the actual driving behavior of the policyholder. Instead of using traditional factors such as age, gender, and location to determine insurance rates, PHYD programs utilize telematics technology to track driving habits in real-time. This allows insurance companies to … Read more