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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
Although InsurTech is getting more popular around the world, in Costa Rica very few companies have yet initiated processes and measures to implement digital products and services on the insurance market.
Legal affairs
Obligations and requirements to provide InsurTech-services
The insurance business is regulated by the General Insurance Superintendency. Furthermore, data protection and money laundering regulations also must be complied with. However, because of the lack of regulation, the InsurTechs do not require a license to operate.
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
We do not have current numbers regarding the market for InsurTech sector.
Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area
N/A.