InsurTech services are rather new in Chile and not much discussion on the subject is available in the media.
Insurance brokerage is a regulated activity in Chile (as well as the granting of event short-term insurance contracts. Such activities are under strict oversight of the CMF.
Entities wishing to carry out the abovementioned activities shall fulfill certain specific requirements such as minimum capital and liquidity requirements, whereas entities that provide pure technology services or which structure their services in a particular manner may fall outside the scope of regulation. Accordingly, the feasibility and specific requirements of operating such a business in Chile should be analyzed on a case by case basis.
Information regarding revenues and customers is not readily available.
However, according to the “FinTech Radar” published by https://www.finnovista.com there are 3 InsurTech companies Chile, 2 of which offer comparisons of prices and conditions offered by different insurance companies and 1 of which that would fall under Internet of Things .
Rodrigo De Alencar