Insurtech Post (Summative)

What does "Insurtech" refer to?

• Insurance for technology companies

• Technology used in the insurance industry

• Insuring technology equipment

• None of the above

Which of the following is a primary goal of Insurtech?

• Increasing paperwork in insurance processes

• Reducing efficiency in claims processing

• Enhancing customer experience and efficiency

• None of the above

Insurtech often uses which technology to streamline insurance processes?

• Blockchain

• Virtual Reality

• Artificial Intelligence

• Microwave technology

Which of the following is NOT a common application of Insurtech?

• Usage-based insurance

• Robotic underwriting

• Social media marketing

• Predictive analytics

What is the purpose of usage-based insurance (UBI) facilitated by Insurtech?

• Charging customers a fixed premium

• Customizing insurance rates based on actual usage

• Eliminating insurance coverage

• Allowing insurance companies to charge higher rates

Insurtech platforms often use telematics data for what purpose?

• Analyzing weather patterns

• Tracking customer locations

• Monitoring driving behavior

• Collecting financial data

Which of the following is a benefit of Insurtech for insurance companies?

• Increasing operational costs

• Decreasing customer engagement

• Improving risk assessment and pricing

• Reducing the need for digital channels

What is the main goal of Insurtech companies that offer chatbots and virtual assistants?

• Replacing human agents entirely

• Enhancing customer service and efficiency

• Increasing paperwork in insurance processes

• Reducing the use of technology

Which technology is often used to enhance fraud detection in the insurance industry through Insurtech?

• Augmented Reality

• Machine Learning

• Fax machines

• Telepathy

Which Insurtech application helps customers assess the value of their possessions for insurance purposes?

• Augmented Reality

• Virtual Reality

• IoT-connected devices

• Social media platforms