Fundamental legal aspects for the digital sale of insurance in Mexico

When we talk about the sale of insurance in Mexico, various aspects and legal implications must be considered. The change in the mindset, habits and behaviors of clients has resulted in insurers facing a constant challenge to integrate digital channels as a means to streamline their tasks, be more efficient and ultimately more profitable.

The conquest of new young clients who join the job market must be understood as a universe totally immersed in the digital age. They are people used to researching, comparing prices or costs, conditions and terms through digital sources, to decide on the acquisition of products and services, and of course the choice of the channel through which they will do so.

In Mexico, it is very common to hear that technology is not regulated or that the regulations that exist are obsolete or minimal, which is not entirely accurate as there are various laws that regulate activities that are carried out through computer and / or technological means. , such as: the Commercial Code, the Federal Consumer Protection Law, the Industrial Property Law, the Federal Labor Law, the Federal Criminal Code, the Federal Law on the Protection of Personal Data Held by Private Parties, the Federal Civil Code, the Law to Regulate Financial Technology Institutions (Fintech Law), among many others.

In reality, the legal framework presents certain complexities, the implications of which must be analyzed considering the insurance products to be marketed and the technologies to be implemented, such as tools or sales channels.

Thus, the sale of insurance through digital means is complex and presupposes, in particular, a legal impact different from the conventional one. That is why legal advice must be “tailored” to the business model and, even more so, to each particular legal act, otherwise economic and reputational risks may be run for the business, converting everything that It could suppose a competitive advantage for the company, in an obstacle or damage, that could lead, in the worst case, in its closure.

In subsequent publications, specific aspects will be addressed to deepen on this topic.

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