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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.


Attitude of the country towards InsurTech-services

Many new companies have been created in the past few years. The largest number of these undertakings are intermediaries in the insurance market.

For example, Zurich Insurance Group has entered into an exclusive collaboration in Europe with InsurTech startup CoverWallet and launched a new digital distribution channel in Spain.

Legal affairs

Obligations and requirements to provide InsurTech-services

Currently, the most important legal text regarding this matter is the Law 20/2015, transposing the Directive 2009/138/EC (Solvency II). In addition, this law considers the application of the Royal Decree 1060/2015. 

Royal Decree 3/2020 has transposed Directive 2016/97 regarding insurance distribution. 

Law 20/2015 governs certain aspects related to the insurance market and subjects this activity to an administrative authorization. In this order, to be admitted for the public agency the insurance company must satisfy the following requirements: 

  1. Keep a solvency capital requirement and eligible basic own funds to cover absolute the floor of the minimum capital requirements (approximately € 5,500,000).
  2. Keep eligible basic own funds to cover in all the time the minimum capital requirements and the solvency capital requirement.
  3. Requirements related to the honorability, qualification and professional experience.
  4. Corporate governance and internal control systems.
Aside, all the InsurTechs performing in the insurance sector, although not directly as an insurance company but rolling an intermediary profile (e. g. mediators, insurance brokers, insurance agents, etc.), must meet specific requirements in their special area.

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


Economic conditions

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

It is a fast-growing market.

Relevant InsurTechs in Spain are Gocleer, Cobertoo, Cleverea or Coverfly.

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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