Analysis of the Impact of InsurTech on the Business Model of the Traditional Insurance Industry

InsurTech is an emerging force in the insurance industry in recent years. By integrating modern technologies such as big data, artificial intelligence, and blockchain with insurance business processes, InsurTech is profoundly reshaping the business model of the traditional insurance industry. This paper explores the impact of InsurTech on the traditional insurance industry, conducting in-depth analyses from aspects including market competition, product innovation, customer experience, risk management, and operational efficiency, while also forecasting future development trends.