InsurTech refers to insurance technology, where technological innovations are used to improve efficiency and savings from the conventional insurance industry model. Many venture capital firms are investing in InsurTech startups. InsurTech firms are leveraging the power of software to promote different insurance products and other portfolio management tasks. These startups offer platforms or technologies for insurance companies and can disrupt the less technologically savvy corporations. InsurTech platforms help insurance companies facilitate their operational efficiency. They can lower the cost of insurance products using InsurTech platforms.