Market Trends of Uruguay Life & Non-Life Insurance Industry
This section covers the major market trends shaping the Uruguay Life & Non-life Insurance Market according to our research experts:
Rising Demand for Health Insurance in Uruguay
The increasing cost of quality healthcare combined with greater need and demand for health with increasing incomes, higher life expectancy, and an epidemiological transition towards non-communicable diseases have made health coverage imperative. Uruguay's expenditure on healthcare is approximately 9% of GDP, with the public sector representing 71% of these expenditures.
In April 2021, the number of health insurance beneficiaries stood at 106,276, compared to 51,730 in April 2020. On March 23, 2021, all workers who used the National Health Insurance due to having maintained contact with a person with COVID-19 received coverage through the quarantine period as indicated by a health provider. On June 28, 2021, the government announced that pregnant women could benefit from health insurance coverage for up to three months.
Increasing Focus Towards Digitalization of Insurance Supply Chains
Companies have focused primarily on customer-facing applications. But some insurers are beginning to realize that digital means much more than cool and convenient apps for consumers; it is a force that will touch and reshape the very core of their business. Yet firms will benefit from digital technology only when they embrace its potential along the entire insurance value chain, including underwriting and claims management.
Advanced analytics (AA), online sales technologies, machine learning, the Internet of Things (IoT), distributed ledger technology, virtual reality (VR), infrastructure and productivity, and others are some modern technologies that help insurance companies achieve digitalization.
