InsureTech? What is it Really?

I have heard the word InsureTech quite a bit lately and I wanted to get some clarity around the definition. We can often blur the lines on InsureTech with other technologies, like digital and core systems. Lot of start-ups call themselves InsureTech companies and many insurance companies are funding InsureTechs. Let's have a go at it.

So, here is my definition: "Technology or a group of technologies working together that are designed specifically for the insurance industry." To me, that's a pretty simple definition.

So, in reality... what does that mean?

For now, I will leave it at that and expound upon it later.