The term ‘Insurtech’ is coined from the combination of two words ‘Insurance’ and ‘technology’. Insurtech is the use of technological innovations designed to make the current Insurance model more efficient.The term “Insurtech” also refers to companies that use technology to innovate and disrupt the Insurance industry. It is the intersection of ‘Insurance’ and ‘Technology.’ It has gained popularity as a result of new, disruptive companies and products that capitalize on the deficiency of older, established providers.According to Agusto & Co., the Nigerian Insurance Industry’s gross premium income (GPI), increased by 15 per cent year on year to 592.3 billion in the fiscal year 2020. With the emergence of growth in the Insurance industry there is a need to harness tools that aid the development of the Insurance industry.Many customers are dissatisfied with traditional insurance models’ slow, stringent processes, and they frequently choose not to purchase Insurance policies. People in modern society want to be able to buy travel insurance, life insurance, health insurance, property insurance, and other products with the tap of a finger on their devices, rather than having to sift through stacks of forms. Insurtech startups are aware of this and have developed a method, for people to obtain easily accessible and ultra-customized insurance policies.