22 Tech-Based Insurance Innovations

These tech-based insurance innovations demonstrate how digital applications are changing the way consumers buy and pay for insurance. For many consumers, making decisions about their insurance plan is a complicated and overwhelming task. However, new technology is helping make the process of purchasing and paying for insurance easier than ever.

One of the primary ways that technology is changing the insurance industry is through the use of big data. Smartphones, activity-trackers and other devices allow insurance companies to track information about consumers that can subsequently impact the rates they pay. This includes reduced rates for those who are physically active, eat healthy or demonstrate safe driving habits.

Another way in which new technology is impacting the insurance industry is the way that insurance is sold. For example, there are smartphone applications that make it easier for consumers to choose the right insurance plan. There are also airport kiosks that allow consumers to purchase travel insurance on the go. These particular insurance innovations leverage new technology to help streamline the insurance-buying process.