Question
You have read about insuretech, but you do not know what it is. What is the insuretech industry?
Background
An economy driven by short-term, niche demands can be satisfied by anonymous providers via recently pioneered mediums of exchanges has created a new area of need for both insurance and technology products.
The modern marketplace of new contracts, anonymous providers, and multiple companies rapidly converging on diverse platforms has created new products and services.
Answer
Insuretech is a collection of products and services pertaining to insurance that are designed to protect modern exchanges with cutting-edge technologies. The traditional insurance model is obsolete for cryptocurrency, the cyberspace gig economy, and modern contractors of numerous emerging fields.
Insuretech is a collection of innovations and knowledge wherein an activity can be insured in a commercial way with a underwriter providing protection and the buyer receiving a benefit or potential benefit in exchange for a premium or fee. Where innovation and insurance meet is the insuretech industry. For more information see this external posting.
The insuretech industry is growing rapidly, and there are many products and services that can help you. To learn more, see these web pages:
- https://www.mckinsey.com/industries/financial-services/our-insights/insurance-blog/five-themes-from-insuretech-connect-2021
- https://vegas.insuretechconnect.com/
- https://www.covergenius.com/gig-economy/#
Be advised the some companies offer manuscripted, custom insurance. You may need to get such a policy as of 2022 depending on the wording of the contract (e.g., for a freelancer or staffing/consulting opportunity). The peace of mind of having the right insurance is very valuable. Never underestimate the complexity of the law or the multitude of events that can happen. Sadly many contracts can potentially ruin a given party.
If you need to create a legal policy for your website, try termly.