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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
Social and political climate towards InsurTech-services is positive and well-received.
Legal affairs
Obligations and requirements to provide InsurTech-services
InsurTech-service providers are required to meet federal and provincial insurance regulations. We are not aware of the costs nor financial reserves required.
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
Canadian Insurance market is C$59B. There are about 150 InsurTech companies competing in this market.
Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area
N/A