Insurtech combines advancements in technology with the traditional insurance model to streamline operations, improve customer experience, and reduce costs. This sector encompasses a wide range of services from policy underwriting and premium calculations to claims management and customer service automation. By utilizing technologies such as artificial intelligence, big data analytics, blockchain, and the Internet of Things (IoT), Insurtech companies aim to provide personalized insurance products, enhance risk assessments, and improve the overall operational efficiency of insurers.