Carlos Ordoñez, Global Head of Digital Insurance of Grupo Everis.
An extraordinary perspective based on the report "Insurtech Global 2020" allows us to have a vision of trends in the insurance industry, delve into where insurers are investing, and the new players that are entering, where they are focusing and how these different actors impact the value chain.
At the level of investment in the sector in innovation, the last year has been the highest in the last 5 where you can count cases of new actors who in just 4 years have managed to be born, grow and finally raise investments of billions of dollars, which leads us to a milestone of acceleration of this disruption of innovations breaking into the insurance market.
Regarding technologies, a great Insurtech trend has been to concentrate investments on mobile and scalable cloud-type solutions that allow breaking into new markets, aimed at improving the user experience and reducing the cost of administrative processes. In particular, the Artificial intelligence whose technology enhances the importance of data has allowed us to achieve more personalized models with better products and solutions for the client, while continuing to consider the relevance of the regulations required to make correct use of data ... "You must invest today in the data that will become the fuel of the future."
The importance of putting the customer at the center leads us to the concept of "Liquid Ecosystems" that is allowing companies to move their value offer from the product towards an integrated relationship with their customers in the environments or ecosystem in which they live, they move and interact, which has allowed large players to position themselves with transversal solutions, such as the case of a distribution giant “Amazon” taking the lead in health ecosystems.
Olivier Devaux, Business Development Senior Manager, Experian DataLabs
It invites us to delve into the power of data by reviewing interesting cases of innovation in mobile platforms and models based on satellite images. The importance of data and the ability to transform it into real benefits positions itself as a great actor in the development of opportunities with a strong focus on data engineering that collects a significant amount of data and, on the other hand, data science that allows the modeling of these data considering trends originating in the different markets and regions.
The power of change that can be generated in the insurance industry through the correct and efficient use of data with technologies such as Big Data and the IoT, allows not only to connect all the equipment, but also, to generate an impressive impact on products that incorporate behavioral variables and real consumption of clients in terms of life insurance, health insurance, among others, and the indisputable benefit derived from "Understanding how the use of data can transform the insurance industry under different perspectives facilitated by the use of technologies."
Juan Cifuentes, Director of clients and business development, Seguros Sura Chile.
Ines Eusebio, Head of Insurance and digital technology, Everis.
Alejandro Rivera, Solutions Designer Manager Data & Analytics, Equifax.
An approach that leads us to identify how the data analysis tools within insurance companies have earned a relevant space to redesign different processes throughout the entire value chain, such as in fraud management, sales and claims management, which has finally enshrined the correct handling of data as the main articulator of the improvement of the Customer Journey.
The great world of opportunities that is generated by means of data analysis tools, has not only allowed the emergence of new products and solutions, but also good knowledge management based on data allows us to understand customer behavior, With this, better segmentation is achieved to deliver products with a personalized value proposition and at high speed, unlike a reality of a few years ago, all thanks to these new technologies and the ability to use data.
Products in the insurance industry are data intensive, insurance associated with effective mileage or driving behavior, they are just examples based on IoT devices and telematics that aligns the insurance industry with many other technology intensive and concepts like payment for use where user behavior is the protagonist, being the capacity for data processing and analytics that will move companies to be more collaborative and consequently more competitive. . "The large amount of data generated in the industry and the ability to process it allows us to improve solutions and generate new innovations. Data is the raw material of the information and knowledge generated that improves the experience and the value proposition to the customer" .
On the other hand, the aforementioned value chain transformation will become a reality to the extent that large players and startups are integrated and incorporated with innovative solutions from different sectors, focused on the generation and precision of data that give agility to simplify the lives of clients. . For this, collaborative alliances are required that through advanced technologies of data analysis of use, habits and behavior are bases of innovative solutions.
Finally, the following challenges of the insurance industry are visualized:
- Generation of a digital transformation culture.
- Awareness that digital transformation is strategic business problem and not technological.
- Develop a highly interconnectable open platform architecture that allows the incorporation of different ecosystems and tools that result from alliances.
- Create organizational capacity to connect to different solutions from different actors, especially from a robust ecosystem of Start-ups that facilitates collaborative work.