Transition from Traditional Insurance Sector to InsurTech: Systematic Analysis and Future Research Directions

InsurTech, which takes its cues from the more well-established idea of “FinTech,” is the term used to describe the use of technology to increase efficiency and savings in underwriting, risk pooling, and claims management from the present insurance paradigm. A survey of the scientific literature on InsurTech is included in this study. This review paper starts with an overview of the journey from Insurance 1.0 to Insurance 4.0 and concludes with an analysis of articles chosen to find InsurTech's emerging themes. This research comprises 47 Scopus articles, which have been analyzed to identify themes in InsurTech research. Thematic analysis has aided in the identification of significant research clusters in InsurTech research. There are eight themes highlighted: InsurTech and the technologies behind it, risk management, performance evaluation, insurer adoption, insured adoption, personalization of insurance, P2P insurance, and legal, ethical, and regulatory issues in InsurTech. The number of studies in this area has just risen in the last two years, i.e., post-pandemic. The most popular research topic was the technologies supporting the emergence of InsurTech. This study aims to enhance an understanding of insurance technology advancements and associated topics.