As Bob Dylan so eloquently crooned, "The times they are a changin'."

When it comes to the insurance marketplace, the lyric certainly rings true. And that is because tech innovators, who have targeted the insurance industry for disruption, are changing the way people access and purchase coverage.

A mash-up of "insurance" and "technology," InsurTech is penetrating the insurance space with smartphone apps, wearables, claim acceleration tools, tailor-made policies, social insurance, online claims handling and more. In so doing, InsurTech companies are seeking to price products more competitively by approaching data and analysis in ways traditional insurers — and their actuarial tables — do not. For instance, by accessing information made available with GPS trackers (automobiles) and activity trackers (you and I), disrupters are able to evaluate risk in a manner previously unthinkable.