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InsurTech, the Ideal Insurance Offer for Digital Natives



New technologies such as FinTech and InsurTech are driving legislators to issue new rules that cover a previously-untread path. Mexico participated in the creation and ratification of the FinTech Law in March, aiming to provide a legal framework for FinTech and other disruptive technologies participating in different economic sectors. This creates greater security and safety for the users but also a fair competition among the service providers.

One of the disruptive sectors this legislation covers is InsurTech, which was developed by the health sector to cover in the industry. These disruptive technologies explore niches of the market that large insurance companies cannot cover or that are not sufficiently attractive for them. The InsurTech Magazine refers to it as a highly customized insurance service that offers the possibility to adjust the premium depending on the user profile and risk behaviour.

Deloitte’s 2018 Insurance Outlook says InsurTech can be considered the ideal insurance offer for new digital generations. The motivation behind this digital service satisfies the technological demand and customized needs of the user. So, the client is offered a personalized solution and an attractive premium according to its risk profile.

FinTech Mexico, the national association of Fintech companies from Mexico and Latin America, says the law should be considered as exemplary to keep pushing Mexico towards the Industry 4.0 revolution. Also, Deloitte’s Outlook mentions the possibilities offered by InsurTech can help the country better face challenges in the provision of healthcare and give greater access to universal health.

Disruptive technologies can serve to close the health access gap in Mexico. Deloitte’s Outlook says insurers can partner with InsurTechs to expand their coverage with digital capabilities and also change the current traditional model to fit better the needs of the client. So, disruptive technologies will continue to further revolutionize the industry by changing the way insurance companies operate and interact with the customer.

The arrival of InsurTech to Mexico opens two possibilities for the healthcare industry: insurers can either collaborate with InsurTechs or reinvent their operational model to better meet the digital demands and customized needs of the population.


Innovation, Insurance, Mexican Healthcare Sector, Technology

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