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A report by U.S.-based consultant GlobalData Inc. has said that insurance technology or insurtech is transforming some of the most traditional methods and practices within the insurance industry, including product purchasing and distribution, Romanian Insurance 1asig.ro reports.
Insurtech provides a means of accommodating the modern consumer, and challenges incumbents to embrace the unfamiliarity of new technologies, the report said.
"Insurtech acts as the facilitator in developing new propositions which enable customers to obtain cover without the need to contact an advisor, and can be arranged remotely on a mobile device," said a GlobalData analyst.