Creation of insurtechs booming in Brazil

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Thursday, December 7, 2017

Currently, Brazil already has 40 insurtechs, according to a study prepared by the insurtech committee of the Brazilian chamber of electronic commerce (Camara-e.net).

"When we started the map, there were 25 insurtechs in Brazil registered in the Radar Fintech [the chamber's list of fintechs]. Now, less than six months later, the number has risen to 40," said Gustavo Zobaran, coordinator of the committee.

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In recent years, Brazilians have been using digital channels - internet and mobile phone - more frequently to carry out their financial operations and to acquire goods and services, as well as to compare prices and service quality provided by multiple players, opening the room for greater competition in many sectors and forcing traditional players to invest in innovation.

"We are a traditional company, but we also can be considered an insurtech, given our insistence and focus on investing in new technologies and products," Gabriel Portella, CEO of insurance company Sulamerica, said in a recent interview.