Market Trends of Argentina Life & Non-Life Insurance Industry
Increasing Focus Towards Digitization in the Life Insurance and Non-life Insurance Industry
The Inter-American Development Bank (IDB) has approved a USD 100 million loan for a program to promote internet access and digitization in Argentina. The operation seeks to improve digital connectivity infrastructure in remote areas, increase the National Data Center's capacity, and improve citizens' digital capabilities in connected areas.
The Program for the Development of the Federal Fiber Optic Network (REFEFO) will finance the expansion and equipping of infrastructure to connect 258 localities in remote areas with fiber optics. It will also enhance international connectivity infrastructure to boost digitization quality, lower prices, and provide regional digital integration.
The usage of digital services and applications was further bolstered by the inception of the COVID-19 pandemic, which allowed consumers to carry out insurance-related processes from their homes. Due to the imposition of a lockdown and stay-at-home restrictions in Argentina, most of the claims were processed online.
InsurTech Start-ups Revolutionizing Insurance in Argentina
Argentina is the third largest country in Latin America, having InsurTech companies. The Superintendencia de Seguros de la Nacion of Argentina officially launched an InsurTech Innovation Hub in 2019, a collaborative space to boost the growth of innovative solutions for insurance through the use of technology, which will draw together the insurance industry, the technology sector, academia, the regulator, and government agencies.
123Seguro is a start-up that empowers its customers by combining instant price comparison with professional advice. It provides the widest offer on the Internet and creates a new user experience in the insurance sector. With this, it makes insurance more agile, with no formalities, and brings the best prices.
