Name
Global FinTech Guide
Country _ Name
Chile
SectionTitle
InsurTech
Body
InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.

Introduction

Attitude of the country towards InsurTech-services

The local InsurTech industry is growing very fast. According to the study “Latam Insurtech Journey” by Digital Insurance Latam (dated January 2025), there are 80 InsurTechs in Chile, maintaining a robust growth rate of 21%, and one of the largest internationalization rates of the region, reaching 32%. https://www.digitalinsurance.lat/biblioteca


Legal affairs

Obligations and requirements to provide InsurTech-services

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 fulfil 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 analysed on a case-by-case basis.

However, the gathering of insurance-related information, the application of AI to such information and its offering to insurance companies can be carried out without other requirements besides complying with general regulations and data protection laws.

With the enforcement of FinTech Law, modifications in the insurance industry have come in handy. In this regard, the FinTech Law introduced the obligation of these entities to adopt policies and procedures to prevent customers from being offered products that are not in line with their needs, expectations, and risk willingness. 

Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area
FinTech Law also authorizes the CMF to establish minimum standards for customer service channels and differentiated regulations to enable the development of inclusive insurance or micro-insurance; and incorporates the insurance companies in the Open Banking System, fostering the exchange of information to offer better commercial conditions and better products tailored to the needs of each customer, thereby raising standards in product offerings and promoting financial inclusion also in this industry.


Economic conditions

Market size for InsurTech-services and biggest companies in this business area

According to the study 'Latam Insurtech Journey' by Digital Insurance Latam, there are 502 InsurTechs in the Latin American region, of which 80 are Chilean (15.9%). https://www.digitalinsurance.lat/biblioteca

Information regarding revenues and customers is not readily available.

Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area

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