From time to time, we've been asked to explain the difference between InsureTech and FinTech, and with which One Inc identifies. As National FinTech Day (August 20th), today seems to be the perfect opportunity to formally define both fields and how they are related.
InsureTech (Insurance Technology) refers to the emergence of modern technology in the insurance industry. Generally speaking, InsureTech encompasses:
As a relatively new industry classification, the abbreviation can vary slightly, including:
FinTech (Financial Technology) is similar to InsureTech, but it incorporates a broader scope of financial institutions. In addition to insurance, FinTech includes banks, financial planners, accountants, and other financial businesses.
In a word: Both.
As an insurance-specific digital payments software provider, One Inc is primarily considered an InsureTech company, which is a subcategory of FinTech.
*This is One Inc's preferred spelling of insurtech. But until there is a complete industry consensus, you can accurately use any of the spellings listed above. This article deliberately uses "InsureTech" to emphasize its analogous relationship to FinTech, which is the preferred spelling and capitalization for combining Financial and Technology..
If you would like more information about One Inc's insuretech products and how we can help you modernize your operations, contact us today.
Patricia is passionate about helping insurers continue to achieve success in a rapidly changing industry. She offers news, insights, and tips to help you modernize your organization, boost efficiency, and provide a superior customer experience for today’s policyholders.