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InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.
Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.
Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.
Introduction
Attitude of the country towards InsurTech-services
The social and political climate towards InsurTech-services is neutral. We are not aware of reservations.
Legal affairs
Obligations and requirements to provide InsurTech-services
According to the Insurance Act, insurance brokers must be either registered or licensed by MNB depending on the type of broker.
“Internet of things” services may be provided without an MNB license, assuming that the service provider does not provide any intermediation of insurance services.
Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area
N/A.
Economic conditions
Market size for InsurTech-services and biggest companies in this business area
There are only a few InsurTech companies on the Hungarian market, and they generally access the market only through an insurance company active in Hungary (e.g. Insurwiz through Aegon, Smartsurance through Generali, Cherrisk originally through Uniqa, Allianz Connx and other InsurTech solutions of Allianz through Allianz etc.).
Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area
N/A.