According to the LatAm Insurtech Journey report by Digital Insurance Latam, the entry of bigtechs and digital platforms into the world of insurance has meant that there are more and more players developing insurtech solutions to allow the connection between participants in the insurance sector and platforms. digital.
Most are concentrated in Brazil, Mexico, Argentina and Chile. Ecosystem that, on average, grows 25% annually. This phenomenon is accompanied by a latent internationalization of the industry, where the same Insurtech can operate in several countries at the same time.
Outside of Latin America, the insurance industry has also been influenced by new technologies. In Europe, there are benchmarks such as the Wefox Group, founded in Germany in 2015. It is an organization that connects insurance companies, distributors and customers through technology.
Its seals are aligned with the demands of the industry in recent years, such as the digitization of the sales processes, the end of paperwork and the option of having personalized online advice from experts in the field throughout the process.
It also incorporates an optimized search system that is concerned with improving the customer experience and finding the best option for the user, thus also reinforcing a commitment to offering fair prices.
On the other hand, in the United States, the company Mylo stands out as a prestigious insurance broker. As described by the Insurtech Global Outlook Report, it is the largest, most independent and impartial Insurtech in the country.
Its platform is equipped with a proprietary tool called the Mind of Mylo™, which works based on Artificial Intelligence and its function is to recommend the best alternatives on the market to users.
The need to explore and look for new opportunities to grow is also something that characterizes the insurtech trend. For example, a market that has gained strength with the new dynamics of remote work is medical insurance with international coverage.
This phenomenon is due to the rise of companies that began hiring remotely after the pandemic, not to mention the boom of those who work while traveling the world, also known as digital nomads.
In most cases, this new market responds to a latent need that was revealed after these years of pandemic and remote work: How to provide teams hired abroad the same benefits as collaborators working in national territory?
This has created a highly competitive market that, consequently, requires innovative and technological solutions to expand. There are so many offers on the market How do you know which one is the most convenient?
In this sense, it is very likely that, sooner rather than later, we will see some of these insurtechs make their way into the international medical insurance market, with the modernity and innovation that characterize them.
In a few words, we are facing a technological revolution that is committed to leaving behind bureaucratic and hermetic processes to bet on a democratization of the industry and access to quality services in an efficient and informed manner.
Co-Founder & Chief Technology Officer at InternationalHealth.com.
Source: Ambito
