Insurtechs are businesses, usually startups, that use technologically innovative apps, processes or business models to transform the way the insurance industry operates.
Insurtech emerged around 2010 as an offshoot of a similar endeavor in banking, called fintech. While still a small part of the insurance space, insurtechs are growing rapidly, and many traditional insurance companies are beginning to invest not only in startup ventures but also in developing their own technologies.
Each new generation of cars is equipped with more automated features and crash avoidance technology. Indeed, many of today’s high-end cars and some mid-priced ones already have options, such as blind-spot monitoring, forward-collision warnings and lane-departure warnings. These will be the components of tomorrow’s fully self-driving vehicles.
Since most car crashes are caused by human error, in theory, taking control of the moving vehicle away from the driver is expected to drastically reduce highway fatalities.