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What is an InsurTech? A scientific approach for defining the term

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  • Iván Sosa Gómez
  • Óscar Montes Pineda

Abstract

The insurance sector has been transformed as a result of the impact of InsurTech. However, although InsurTech has become a highly relevant concept in recent years, there has yet to be an agreed‐upon meaning of InsurTech. Therefore, it is necessary to establish a solid definition that provides a clear understanding of the term InsurTech. For this purpose, an essential study of the complete scientific production has been carried out through the results obtained for InsurTech in the most relevant databases up to December 31, 2021. This paper aims to define the term InsurTech considering all the contributions made by scholars in the existing academic literature. The research methodology has consisted of an extensive systematic literature review merged with a comprehensive analysis of the nature of the definitions of InsurTech through a three‐stage procedure. A total of 111 academic articles referring to InsurTech have been found. Based on a rigorous analysis and building on the common elements of the 17 meanings provided by the academics, a definition of Insurtech from a scientific approach has been presented. Finally, the nuances of this definition for an Insurtech to be considered as such are discussed and explained.

Suggested Citation

  • Iván Sosa Gómez & Óscar Montes Pineda, 2023. "What is an InsurTech? A scientific approach for defining the term," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 26(2), pages 125-173, July.
    • Handle: RePEc:bla:rmgtin:v:26:y:2023:i:2:p:125-173
    DOI: 10.1111/rmir.12243
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    References listed on IDEAS

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    1. Emanuel Stoeckli & Christian Dremel & Falk Uebernickel, 2018. "Exploring characteristics and transformational capabilities of InsurTech innovations to understand insurance value creation in a digital world," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(3), pages 287-305, August.
    2. Xian Xu & Peter Zweifel, 2020. "A framework for the evaluation of InsurTech," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(4), pages 305-329, December.
    3. Lee, In & Shin, Yong Jae, 2018. "Fintech: Ecosystem, business models, investment decisions, and challenges," Business Horizons, Elsevier, vol. 61(1), pages 35-46.
    4. Braun, Alexander & Schreiber, Florian, 2017. "The Current InsurTech Landscape: Business Models and Disruptive Potential," I.VW HSG Schriftenreihe, University of St.Gallen, Institute of Insurance Economics (I.VW-HSG), volume 62, number 62.
    5. Faith Roberts Neale & Pamela Peterson Drake & Theodoros Konstantopoulos, 2020. "InsurTech and the Disruption of the Insurance Industry," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 43(2), pages 64-96.
    6. Iván Sosa & Óscar Montes, 2022. "Understanding the InsurTech dynamics in the transformation of the insurance sector," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 25(1), pages 35-68, April.
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