Symbiotic relationship between insurance companies and insurtechs
Insurtechs are transforming the world of insurance by combining technology and innovation. Unlike fintechs, which operate independently of banks, insurtechs rely on insurance companies to offer their services.
How are insurtechs impacting?
- Greater efficiency and automation: They use artificial intelligence, big data and blockchain to simplify processes, reduce costs and provide an exceptional customer experience.
- New products and services: They develop innovative solutions such as on-demand insurance, microinsurance and usage insurance, adapted to current needs.
- Customer experience: They offer personalized, fast and simple attention through digital platforms and mobile apps.
What do insurance companies contribute to insurtechs?
- Access to infrastructure: Insurtechs need the infrastructure and expertise of insurance companies to distribute their products and services.
- Regulation: Insurtechs are not subject to the same regulations as insurance companies, which can limit their ability to innovate.
- Capital: Insurtechs need capital to grow and expand, which often comes from investments from insurance companies.
Symbiotic relationship:
The relationship between insurtechs and insurance companies is based on strategic collaboration rather than direct competition. This association is based on the basic need for symbiosis, where insurers limit the risk to guarantee the profitability of the product, which is why insurtechs seek this synergy. While insurtechs provide innovation and agility, insurers contribute with their experience, infrastructure and capital to strengthen the sector. In addition, insurers take advantage of the digital channels offered by insurtechs, which represents significant added value, especially in the improvement of products, such as life insurance.
Peruvian Insurtechs:
By 2023, there will be 19 insurtechs in Peru, of which 63% are dedicated to distribution. Some examples are:
- Zuru Latam: Offers cargo insurance to small and medium-sized companies (SMEs) that participate in foreign trade and the supply chain.
- Iglu: Provides property insurance for SMEs, mainly against fire, earthquake and theft.
- Amerins: Provides an online platform that allows SMEs to compare and quote insurance from different companies, being specialists in health and life insurance.
