Insurtech Developments in Latin America

This document is a report detailing the current landscape of insurtech in Latin America as of December 2020. It outlines how insurtech companies are utilizing digital tools to modernize various aspects of the insurance industry, including distribution channels, product comparison, underwriting, and claims management. The report discusses the regulatory environment, noting that while insurtech represents a small percentage of fintech startups in the region, regulators are beginning to recognize its potential. Brazil's regulatory sandbox initiative is highlighted as a significant step towards facilitating innovation in insurance products. Additionally, the report covers Mexico's Fintech Law and Peru's marketing regulations, which enable digital insurance operations. Colombia's adoption of a regulatory sandbox for financial and insurance technology is also mentioned, along with the slower progress in other Latin American countries. The report concludes by indicating that further regulatory developments are anticipated to support the growth of insurtech across the region.