El Asegurador Magazine Jul-Sep 22

La digitalización y la innovación
marcan el ritmo en la nueva
era de consumo. Por ello, las
aseguradoras y el ecosistema
insurtech deben trabajar en
conjunto para alcanzar una
inclusión verdadera que permita
a la población latinoamericana
estar realmente protegida
entrepreneurship, that is, we
know we are not talking about
large companies.
Something else we must
understand is that the chain
value of the insurance sector
evolves from two perspectives:
the first is prevention. That is
why plenty of insurtechs work in
that direction. The second one is
technology-related service.
EAM: We are currently witnessing
diverse insurtech trends and how
they contribute to the insurance
sector in Latin America. In your
opinion, where is this ecosystem
most likely to be successful in this
part of the world?
HB: There are currently three
types of insurtechs. Basically,
they all redesign the business
model which is why we are
able to have a better insurance
inclusion and reach more people.
We also have the insurtech
group that works on digital
distribution with products that
are not traditional and offer
a beneficial proposal for the
value chain. And we also have
enablers.
Enablers can solve problems
related to digital processes like
those detecting fraud, paying
for insurance claims, or issues
connected to the Internet of
Things (IoT) and blockchain.
We can say insurtechs move in
two different directions; on the
one hand, they move toward the
client and, on the other hand,
they aim to help the insurance
sector.
EAM: Latin America is well known
for its low insurance penetration
when compared to the penetration
in more developed markets. In
that sense, what are the insurance
priorities in this part of the world
and what are the probabilities that
insurtechs succeed?
HB: Something nice about the
insurance sector is that it is full
of inefficiency and this leaves
room for large opportunities
to be discovered. For instance,
in France, where I am from,
home insurance is mandatory
and there is a lot of innovation
surrounding this kind of
coverage.
As for Latin America, there is
market diversity and, depending
on the country, the level of
complexity may vary. Therefore,
we must be more creative.
However, when we compare
insurtech in Latin America
with that in the rest of the
world, we realize there are large
opportunities in this region.
I believe we are facing a major
insurance inclusion challenge as
low penetration levels force us
to try harder. In addition, we
now have a game changer that
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EL ASEGURADOR® MAGAZINE