Body
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 activity is a regulated business in Peru. At the time, insurance companies have digitalised most of their products and are willing to become InsurTechs.
Legal affairs
Obligations and requirements to provide InsurTech-services
It is mandatory to have an insurance license granted by the SBS. The costs involved could vary depending on the law firm fees. It could cost USD50,000 and take 12 months.
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
The insurance market is a medium one, and the companies provide different insurance services including online services.
Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area
N/A.