Latin America Embedded Insurance Business and Investment Opportunities

Summary

According to PayNXT360’s Q4 2021 Embedded Finance Survey, Embedded Insurance industry in the region is expected to grow by 43.5% on annual basis to reach US$1,808.8 million in 2022.

The embedded insurance industry is expected to grow steadily over the forecast period, recording a CAGR of 25.0% during 2022-2029. The embedded insurance revenues in the region will increase from US$1,808.8 million in 2022 to reach US$6,017.6 million by 2029.

• Latin America has seen a significant increase in the number of start-ups in the financial and insurance industries in the last few quarters. 
• Despite the continuous growth of insurtech firms in the region, Latin America's insurtech investment lags far behind other major global geographies, such as the North America, Europe, and China. 
• However, governments of various countries in Latin America have introduced improved regulations and frameworks. For instance, in 2020 Brazilian government launched a regulatory sandbox for a selected group of insurance companies, supervised by the Brazil Insurance Superintendent (SUSEP). The regulatory sandbox is expected to spur insurance market innovation.
• Insurtech firms in Latin America are increasingly investing in innovations and inventing new business models for traditional incumbents. 
• Moreover, Latin America has the fastest growing e-commerce market, pushed further by the Covid-19 pandemic. This growth presents a huge development opportunity for market players to embed insurance products in online e-commerce platforms. 

Latin America is witnessing evolution in embedded health & life insurance technology by insurtech firms 

The global coronavirus pandemic has propelled the demand for health insurance products in the Latin American region. Looking at this growing demand for health insurance in the region, insurtech firms are improving their offerings to serve the health insurance segment in a better way.

Furthermore, amid the insurtech boom in the region, firms are aggressively raising funds to scale their platforms and expand their list of partners in the healthcare industry. The firms are upgrading their offerings by adding new product features and technologies. For instance,

• In July 2021, Mexico-based insurtech Guros raised US$5.8 million in the new funding round, totaling the company’s valuation to US$30 million. Guros's funding round was led by F-Prime Capital, while Cometa with Clocktower and Insurify participated as contributors. The company aims to utilize the funds to improve its platform's capabilities, customize APIs for commercial partners across various sectors, enter the health insurance market, and expand internally across technology, product, and operations.
• In September 2021, Brazilian insurtech firm Pier raised US$20 million in its Series B funding round. Currently, Pier is distributing insurance products by allowing consumers to access auto insurance cover using a smartphone. With the newly raised funds, the company is expanding its foothold into newer segments, including life insurance.

This report provides regional insights into key trends and drivers along with a detailed data centric analysis of market opportunities in embedded insurance industry at regional and country level. Region and countries included in this report are:

1. Latin America
2. Argentina 
3. Brazil 
4. Colombia
5. Mexico

Scope

This report provides regional insights, along with an in-depth data centric analysis of the Embedded Insurance industry in Latin America, covering 50+ KPIs for each region and country (60+ charts and 45+ tables in all). Below is a summary of key market segments:

Embedded Insurance Market Size and Forecast

• Embedded Insurance by Industry, 2020 – 2029
-- Embedded Insurance in Consumer Products 
-- Embedded Insurance in Travel & Hospitality 
-- Embedded Insurance in Automotive
-- Embedded Insurance in Healthcare
-- Embedded Insurance in Real Estate 
-- Embedded Insurance in Transport & Logistics
-- Embedded Insurance in Others

• Embedded Insurance by Insurance Type, 2020 – 2029
-- Embedded Insurance in Life Segment
-- Embedded Insurance in Non-Life Segment

• Embedded Insurance by Type of Offering, 2020 – 2029
-- Embedded Insurance in Product Segment
-- Embedded Insurance in Service Segment

All the regional and country reports cover the following charts and tables:

Figure 1: PayNXT360’s Methodology Framework
Figure 2: Embedded Insurance – Revenue (US$ Million), 2020-2029
Figure 3: Market Share Analysis by Type of Insurance (%), 2020-2029
Figure 4: Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 5: Non-Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 6: Market Share Analysis by End Use Industry Segments, 2021 Vs. 2029
Figure 7: Consumer Products – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 8: Travel & Hospitality – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 9: Automotive – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 10: Healthcare – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 11: Real Estate – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 12: Transport & Logistics – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 13: Other – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 14: Market Share Analysis by Type of Offering (%), 2020-2029
Figure 15: Product Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Figure 16: Service Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029

Table 1: Embedded Insurance – Revenue (US$ Million), 2020-2029
Table 2: Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 3: Non-Life Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 4: Consumer Products – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 5: Travel & Hospitality – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 6: Automotive – Embedded Insurance Industry Revenue Trend Analysis, 2020-2029
Table 7: Healthcare – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 8: Real Estate – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 9: Transport & Logistics – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 10: Other – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 11: Product Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029
Table 12: Service Based Insurance – Embedded Insurance Industry Revenue (US$ Million), 2020-2029

Reason to buy

• In-depth Understanding of Embedded Finance Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028). 

• Insights into Opportunity by end-use sectors – Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.

• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate embedded finance strategy; assess market specific key trends, drivers, and risks in the industry.

• Get Sector Insights: Drawing from proprietary survey results, this report identifies opportunities across embedded lending, embedded insurance, embedded finance, and embedded wealth sectors.