Defining Insurtech

According to a Wikipedia, the term Insurtech refers to innovations in technology that “squeeze out savings and efficiency from the current insurance industry model”, making it sound something a little like a superannuated offspring of the union of Fintech and RegTech, which is perhaps not an entirely inappropriate way of looking at it.

With a focus on UK start-ups entering this field, a further examination of some Insurance companies seeking to exploit the opportunities offered by technological advances under the InsurTech umbrella is provided in Jonathan Swift’s article for Insurance Post from earlier this year (*2).

That opportunities for UK businesses already involved in or considering research and development in this area continue to grow is supported by Business Insider UK’s report from April 27th this year, entitled “UK still attractive for Insurtech” (*3)

What is Sporttech?

Sporttech which will, if you use it to search Google for a definition, commonly provide hits for a large gaming company, who use this as a brand name, also refers to technological innovation in Sport that assists human beings to play sports faster or better or more fairly.

A good example is the Hawkeye technology, developed initially for LBW decisions in cricket and now significantly adapted to be commonly in use in ATP tennis competitions like Wimbledon – though not at Roland Garros in Paris, where the Umpire continues to descend from his chair to address any disputed call; pointing out the mark in the clay and either offering a flattened downward facing palm (the ball was in) or an upturned, wafted and somewhat nonchalant palm (the ball was out).

This is worth noting as during The 2017 TV coverage of the French Open BBC commentators did have access to Hawkeye which demonstrated that nine times out of ten the Umpire got it right. However, that one wrong decision could always be crucial.

Therein of course – and applicable to all these technological innovations, is revealed the holy grail of R&D in the Tech field – consistency and reliability that offers an improved experience for both the user and/or the customer.

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