Definition ∞ This field applies technological innovations to enhance the efficiency and effectiveness of the insurance industry. It encompasses the use of data analytics, artificial intelligence, and digital platforms to streamline processes like underwriting, claims processing, and customer service. Insurtech aims to modernize traditional insurance operations.
Context ∞ In the digital asset space, insurtech discussions often involve the development of decentralized insurance protocols and parametric insurance products for crypto-related risks. Analysts are examining the potential for blockchain technology to provide transparent and efficient claims settlement. Key considerations include the challenges of underwriting novel digital asset risks and the integration of smart contracts for automated payouts.
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