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Insurtech and standard coverage depict two approaches to offering insurance companies, each with its have exclusive attributes, strengths, and troubles. Here’s a comparative overview:
The way it employs insurtech: Lemonade is a peer-to-peer insurtech corporation that aims to simplify the insurance signal-up method by eliminating middlemen and encouraging more quickly enrollment.
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Insurtech refers to the use of technology to automate and enhance procedures so as to Minimize fees and enhance efficiency in The existing insurance coverage business design. Insurtech is actually a rapidly growing sector inside the broader economical technological innovation (fintech) Room.