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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
InsurTech is a growing phenomenon in Tanzania. Generally, political, and social climate is positive. Since 2021, TIRA has officially registered 17 licensed Digital Insurance Providers, marking a commitment to digital innovation in insurance. In 2022, TIRA introduced the Insurance Digital Platforms Guidelines, requiring all InsurTech platforms (IDPs) to obtain specific licensing—mandating infrastructure safeguards like cybersecurity, data backup, professional indemnity, and annual fees.
TIRA approved more than 60 new insurance products between 2021–2024, including microinsurance, crop and livestock insurance, cyber liability, takaful (Sharia-compliant), and other digital-first products.
? Notable digital initiatives include Bima Mkononi (via Tigo and MILVIK) and Jamii, which offer mobile-based insurance and mobile policy management platforms
Legal affairs
Obligations and requirements to provide InsurTech-services
The Tanzania Insurance Regulatory Authority is the regulator of all insurance service providers in the country.
To legally operate an InsurTech business, a provider must:
Apply for registration as a Digital Insurance Platform (DIP) with TIRA.
Hold a valid business license, and if acting as an insurance intermediary (e.g., broker, agent), be separately licensed as such under the Insurance Act.
Submit:
Company registration documents
Taxpayer Identification Number (TIN)
Business model/plan
Platform architecture and operational design
Contracts with underwriters (if acting as a distribution channel)
Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area
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Economic conditions
Market size for InsurTech-services and biggest companies in this business area