E-Commerce Boom Signals Massive Insurance Opportunity in South America

PR Web |


Recent research shows that Latin America is experiencing a burgeoning e-commerce market - increasing at an average of 30 percent annually – and subsequently transforming the B2B sectors, predominately air travel. However, the travel insurance market is minuscule in comparison, with an estimated paltry 10 percent of travellers buying travel cover. This leads insurance technology specialist Aquarium Software to suggest international companies could take advantage of such a gap in the South America travel insurance market – which industry commentators believe could be worth up to $2bn a year.

With an average policy price of $96 for a one-week trip, the total current Latin American market size is $192 million at only 10 percent penetration. It is clear to see that the industry has a potential for exponential growth. "With Latin American consumers often preferring to deal with multi-nationals, this a fantastic opportunity for international insurers to seize," said Aquarium Software Director, Mark Colonnese. "However, they must demonstrate expert local knowledge and be in tune with language and cultural differences, in order to be competitive and win trust," he added.

Customers in the South Americas are looking for reliable, transparent insurance vendors, and many leading companies have already found success in the region, including Allianz; MAPFRE; and AXA. Allianz launched direct sales in 2012 after it began offering travel insurance in Mexico in 2008, and it has seen high rates of success, with its online channel reportedly growing by 70 percent annually.

"Other businesses must acknowledge the fact that Latin American consumers are becoming far more sophisticated and comfortable with the idea of e-commerce," added Mark. "With such a low travel insurance penetration level of 10 percent, there is huge potential for global insurers to make great leaps in the region. Our insurance technology solution is instantly configurable into Spanish, Portuguese or any other language, with the similarities in global policy admin and claims processing meaning we are watching this market with interest," Mark concluded.

Aquarium Software's specialist niche general insurance solution spanning: rating, policy admin, billing, claims and mobile apps has been implemented by a number of insurers around the globe. For further information contact Aquarium Software on +44 (0)161 927 5620 or visit http://www.aquarium-software.com

Read the full story at http://www.prweb.com/releases/2018/01/prweb15069796.htm

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer



Symbol Last Price Change % Change










Level Headed at World Crypto Con - Steve Beauregard

Bloq.com CRO Steve Beauregard joins Jack Brewer at World Crypto Con.

Emerging Growth

DirectView Holdings Inc

DirectView Holdings Inc designs and installs surveillance systems, digital video recording and services. The company through its subsidiaries operates within two divisions security and surveillance and video conferencing services.