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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
InsurTech is a growing phenomenon in Tanzania. Generally, political, and social climate is positive. The Tanzania Insurance Regulatory Authority has even launched an online system whereby policyholders can verify authenticity from their motor insurance covers. The system is called TIRA MIS (motor insurance sticker verification).
However, general awareness on Insurance services is low. The majority of people still do not realize the importance of insurance in their dealings. They incur losses which would have been covered by insurance. There also is a negative attitude towards insurance services amongst the majority of the population.
Legal affairs
Obligations and requirements to provide InsurTech-services
The Tanzania Insurance Regulatory Authority is the regulator of all insurance service providers in the country.
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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