Insurance Technology, often referred to as InsurTech, involves the use of technology to improve and streamline the insurance industry. This includes innovations in areas such as underwriting, claims processing, and customer service. By leveraging tools like artificial intelligence, big data, and mobile applications, InsurTech aims to enhance efficiency and reduce costs for both insurers and policyholders. The rise of InsurTech has led to the emergence of new business models and startups that challenge traditional insurance practices. These companies often focus on providing personalized insurance products, improving user experience, and increasing transparency in the insurance process, ultimately benefiting consumers and the industry as a whole.