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Santander Chile creates insurance broker Klare in purported insurtech move

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Santander Chile creates insurance broker Klare in purported insurtech move

Banco Santander Chile has set up a new insurance broker unit called Klare Corredora de Seguros, according to a regulatory filing dated Oct. 8.

Chile's financial markets regulator CMF approved the new subsidiary Sept. 26.

The newly created unit marks Santander Chile's foray in the digital insurance space, known as insurtech, according to local reports. The firm purportedly is promising to offer customized life insurance products in a "totally online process."