Independent Banker - September 2022 - 13

DEFINING FINANCE
BANKER'S HOURS
BY CHRISTOPHER WEYANT
Insurtech
noun [in-shoor-tek]
A blend of insurance and
technology, insurtech is the
umbrella term for innovations
that improve efficiency in the
insurance industry.
Emerging around 2010,
insurtech is often used in
reference to the automation
of functions like marketing,
policy underwriting and the
claims process. Insurtech
can save customers money
and improve their experience
while increasing revenue
for insurance providers and
simplifying the management
of business processes
and policies.
Other examples of insurtech
include apps that allow
customers to compare rates
and policies and buy insurance
online, and using data analytics
to help insurance companies
track and customize products.
" The queen and the drones are fine. We're just not retaining
entry- and mid-level worker bees. "
HISTORY LESSON
America's first ATM
QUICK STAT
46%
The predicted global insurtech
market compound annual growth
rate between 2022 and 2030
Source: Straits Research
One day in 1968, engineer Donald Wetzel was waiting in line at a
Dallas bank. " I was irritated, " he told The Dallas Morning News in
2003. " My money is in this bank, and I should be able to get it. "
Wetzel, who at the time was working for Docutel, a baggage
handling equipment company, thought an automated teller machine
could perform at least 90% of the transactions a human teller did. He
convinced his bosses to give it
a try, and in 1969, the Docuteller
debuted at Chemical Bank in
New York City. At first, it only
dispensed cash, but in 1971, the
company launched the Total
Teller, the first fully functioning
ATM in the U.S.
Now 93 years old, Wetzel is
recognized by the Smithsonian
National Museum of American
History as the inventor of the
networked ATM, a feat that laid
the technological foundation
for our current world of instant
mobile deposits and withdrawals.
-Julie Kendrick
A woman makes use of an early model ATM
at Surety National Bank in 1970.
independentbanker.org Q 13
Photo: Bettmann/Getty Images

http://www.independentbanker.org

Independent Banker - September 2022

Table of Contents for the Digital Edition of Independent Banker - September 2022

Table of Contents
Independent Banker - September 2022 - Intro
Independent Banker - September 2022 - Cover1
Independent Banker - September 2022 - Cover2
Independent Banker - September 2022 - Table of Contents
Independent Banker - September 2022 - 2
Independent Banker - September 2022 - 3
Independent Banker - September 2022 - 4
Independent Banker - September 2022 - 5
Independent Banker - September 2022 - 6
Independent Banker - September 2022 - 7
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Independent Banker - September 2022 - Cover3
Independent Banker - September 2022 - Cover4
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