Earned Wage Access Apps: How They Work and What They Cost
How earned wage access apps work, what the tips and instant transfer fees really cost, and how frequent use can start to look like a payday loan.
FinTech
What is Insurtech?
Quick answer
The use of technology to change how insurance is designed, sold, priced, and managed.
Insurtech, explained
Insurtech is a branch of FinTech focused on insurance. Startups and established insurers use apps, data analytics, and automation to make buying a policy and filing a claim faster and simpler.
Examples include usage-based car insurance that prices premiums using driving data from a smartphone or telematics device, instant online quotes, AI-assisted claim assessment using photos of damage, and parametric insurance that pays automatically when a measurable event occurs, such as rainfall falling below a threshold for farmers. Insurtech can lower costs and reach customers traditional insurers overlooked. It also raises concerns about privacy, fairness in algorithmic pricing, and how regulators oversee automated decisions.
Related terms
Guides that mention Insurtech
FinTech
Trending
How to Switch Banks Without Missing a Payment
A step-by-step checklist for moving direct deposits, autopays and linked apps to a new bank in the right order, so nothing bounces and no bill gets missed.
FinTech
Trending
Merchant Cash Advances: How They Work and Why They're Risky
How MCAs really work, how to convert a factor rate into an APR you can compare, and the warning signs of stacking before an advance drains your cash flow.