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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
Insurance is regulated under the Law on Insurance. Montenegrin residents may only obtain insurance in Montenegro by the locally incorporated and licensed entities. The trend of concluding online insurance of natural persons, specifically in the area of travel insurance, is increasing.
Internet of things is not a regulated activity and is not present on the market.
Legal affairs
Obligations and requirements to provide InsurTech-services
A license for the provision of insurance services may be issued to a company incorporated in Montenegro, and is issued for a specific type of insurance the company wishes to provide.
Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area
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Economic conditions
Market size for InsurTech-services and biggest companies in this business area
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Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area
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