Innovation and Transformation: Highlights of Insurance Week 2024
La Insurance Week 2024, the main meeting point for insurance in Spain, was held in Madrid on February 20, 21 and 22. The event presented the latest news, trends and perspectives in the sector. In this XXXI Edition of Insurance Week, an annual forum for the insurance industry, the support of insurance entities, insurance brokers, institutions, professional associations and a wide variety of service companies, has been essential for industry professionals to be able, together, analyze and debate the current and future of the insurance industry.They have achieved this thanks to the Senior Management Forum, meetings and conferences, exhibition hall, Gema Awards, LLOYD'S meeting point and Large Format (the radio space to follow everything that happened at the event). Regulatory news, new processes, innovation and good customer management have been the foundations of this event. And the challenge now is maintain its growth and position as one of the main and most stable sectors of the Spanish economy.This edition has concluded with unprecedented levels of attendance in the 31 editions of this event.
- They reached the 754 total attendees, 12% more than in the 2023 call.
- They surpassed the 4,000 unique attendees, up 13%.
- Over the three days, there have been higher attendance figures than last year's event, with Wednesday's participation highlighted, with 513 attendees.
We summarize some of the most outstanding papers and the professionals who have been part of Insurance Week 2024.
Insurance Week 2024: Tuesday, February 20
La Insurance Week 2024, organized by Accenture, INESE and Oracle, began with the president of Unespa, Mirenchu del Valle, one of the speakers yesterday at the Senior Insurance Management Forum. He also took part in the meeting Sergio Álvarez, Director General of the DGSFP.
The reinvention of the insurance industry
El Senior Management Insurance Forum: Let's Talk About Reinvention inaugurated Insurance Week 2024. Under the motto 'Think big, be different', the Forum focused on insurance adaptability.In the words of Susana Pérez, CEO of INESE, “differentiation can set the tone for success” in the sector. The fact is that insurance must be reinvented to meet the new needs of society, responding to challenges such as climate change, sustainability or digital transformation, developments that require adequate risk management.
The Role of Technology in the Accelerated Reinvention of Insurance
All of these challenges make this a pivotal moment for the insurance industry when combined with new opportunities. One of them is the taking advantage of new technologies, such as generative artificial intelligence. According to Diego López, CEO of Financial Services at Accenture, this “is transforming the way organizations do business. There are hundreds of secure use cases for the industry that could increase productivity by up to 30%” .To achieve results, as indicated by Veit Stutz, CEO of Allianz Spain, it is essential to adapt to this evolution of society, paying special attention to innovation and digitalization, but always putting the customer at the center and anticipating their needs so as not to lose competitiveness. Later, a round table moderated by Álex Borrell was held, in which the top managers of several insurance companies participated, Carlos Escudero, CEO of Generali Spain, insisted on the need to “dare to fail” by seeking new solutions. Elena Sanz Isla, CEO of Mapfre Iberia, emphasized the importance of using data and artificial intelligence to get closer to the customer and personalize. Olga Sánchez, CEO of Axa Spain, admitted that “the differential of an organization lies in its people”. Finally, Andrés Romero, CEO of Santalucía, stated that innovation must be part of the strategy. In line with this, the program stood out Santalucía Impulsa, as well as its entrepeneurship programs. All the speakers recognized the need to provide tools to help these professionals in their work.
Andrés Romero also participated in the online radio space 'Gran Formato', which interviews the most relevant and influential figures in the sector.
CHINESE · Andrés Romero, Managing Director at Santalucia Seguros
Generative AI as a differentiating element in the insurance sector
La generative artificial intelligence has a clear impact of efficiency by optimizing the entire value chain of insurers, with numerous use cases. As explained at the Bain & Company conference, generative AI is different from other AIs, first, in its ability to synthesize a lot of unstructured information. In addition, it is capable of generating new real content and establish a conversational relationship with people in a natural way. And that is where one of its great disruptions lies, since it allows a hyperpersonalization at scale.
The technologies that will shape the future of the insurance sector
Some of the tools that experts see as having the most potential for generate disruptions in the insurance sector, as was evident at the conference organized by KPMG, are:
- Artificial intelligence combined with big data.
- Generative AI as a support for business interactions and the organization itself.
- Cloud environments.
- Analytical technologies.
- Omni-channel.
Deepening the challenges of incorporating such technology, Pedro Higueras, CIO of Aegon, stressed that one of the most important to consider is “talent, to achieve truly trained, motivated and capable people to face what is coming.” However, to take advantage of the development and impact of technology, Cristina García, director of TelcoSeguros at Orange Spain, stressed the need to “make things happen” based on three pillars: leadership, the adoption of technology and the development of a culture of learning in the company.
Insurance Week 2024: Wednesday, February 21
La Second day of Insurance Week 2024 He gathered almost 2,500 attendees, all-time high in one day in the 31 editions of this event. One of the incentives was Lloyd's Meeting Point, an opportunity to get to know more closely the London market offer, their way of operating and their knowledge to develop new forms of insurance.
Iris Global: The Journey Ensuring Your Well-Being
The session of Iris Global, presented by the Director of Communication, Events and CSR, Luz Jiménez-Orte, presented a Real case about an accident on a trip that occurred in Vietnam.The objective of presenting this example, which was managed by the company, was to raise awareness of the value and the need for Increase the purchase of travel insurance, in addition to giving visibility to the complex ecosystem involved in the processing of a health claim on an international trip. The conference ended with an interactive competition in which the possible actions and responses of all attendees were tested in case of problems during a trip.
Debate and opinions on the Insurance Week radio
Homeserve's red couch was the At the center of the debate on everything that happened in the insurance sector. They analyzed everything from the major challenges for all players in the insurance market, to the opportunities presented by new technologies, renewed products and customer demands. It went through the radio's microphones Paloma Paraja, Customer Experience Manager Santalucía.
CHINESE · Paloma Paraja, Customer Experience Manager Santalucía
Challenges in Home Insurance Pricing
At the event sponsored by AKUR8, Christopher Rivas Reyes, Sales Executive, compiled all five Key Challenges for an Actuary When It Comes to Pricing: time, talent, collaboration, governance and data. For his Senior Advisor, José María Castelo, the Home sector is in full swing, with a lot of growth, rates and new variables, but also with macro challenges (climate change, Covid and geopolitical risks) .Castelo moderated a table at which Daniel González, Actuarial Manager of Non-Life of Santalucía, highlighted the importance of Consider Climate Risk in Pricing incorporating variables (climatic and internal).
To infinity and more AI
The conference sponsored by Minsait focused on analyzing The impact that artificial intelligence has on the insurance sector, highlighting the risks and opportunities that this technology currently has for insurance companies. The importance of data was highlighted here, since, if there is no data, there is no AI, which makes them fundamental. In addition, another aspect that was taken into account was regulation, since it is the one that provides homogeneous guidelines that allow the application of AI safely. Then, a round table was held on The return of AI, the walls to overcome and the challenges of ethics and innovation, moderated by Leticia Gómez. They participated in it José Carlos Prieto, Manager of Transformation and Operational Excellence at Santalucía, Diego Bodas, Global Chief AI Office at Mapfre, and Andrés Espín, head of IT Innovation at SegurCaixa Adeslas. Espín highlighted that “2024 is the year to get the most out of Generative AI”, and Prieto agreed that this year will see a boom. The future challenges of implementing AI in the insurance sector, the importance of it being implemented as a business culture and not just in a part of the company, or the ethical treatment of AI were other issues addressed by the speakers.
Challenges of the insurance sector: cybersecurity, regulations and operational innovation
Javier Santos, Corporate Director of Information Security of Santalucía, and Inmaculada César, Director of Media and Technology at Tirea, participated in a Debate on operational innovation, moderated by David Griñán, Commercial Director of MailTeck & Customer Comms.Santos highlighted the Your bank's strong commitment to digital transformation and he wondered how to use AI “to actually develop businesses”, given that, in his opinion, it is currently mainly used to make deceptive montages.
Santalucía: Connectivity
Santalucía took advantage of his day, held under the title of 'Connectivity', to show your Bet on the Corridors channel, in which it already works with 1,000 runners and has agreements with 6 associations. Director of In-Person Business, Fernando Calvín, vindicated to the 150 professionals, the vast majority of them runners, who filled the room, that they wanted to be their”Partners with Humility, Realism and the Ambition of a Group That Has Grown the Most in 2023. We are helped by the enthusiasm of a newcomer and the 102 years' experience” To the question of 'How do we do it', Calvín answered: “Through people and technology, a serious and reliable brand, innovative products, exceptional service and very ergonomic processes.” The Day, Led By Juan Alonso Hernández, director of the Corredores Channel, opened with a brief presentation by Dominique Uzel, General Manager of Business, who claimed that “we are A multi-channel, multi-product company and that we want to make the corridor channel grow a lot”. He detailed the 5 strategic axes for this purpose:
- An extended and integrated value proposition.
- Diversification of distribution.
- Agile operating model and group culture
- Digital and data transformation.
- To have a relevant international footprint.
Insurance Week 2024: Thursday, February 22
Once again, the framework of Insurance Week hosted the celebration of the Meeting of Runners and Brokers, which this time celebrated its 22nd edition. Santalucía was one of the sponsors of the meeting.Emmanuel Djengue, CEO of Kaatch, focused his speech on demonstrating that the way we act can change the future of society. He explained what he calls “equation of freedom”, understood as freedom to choose. The first point of that freedom is the level of education attained; the second, employment status; and the third, the wage level. With all this, each person will achieve their level of “freedom of choice”, which I defined as the “secret pencil for designing the world in which we believe”.
Gema Awards: recognition of good management
La XXI Edition of the Gema Awards, who recognize the Better Business Management of Insurance Mediation in different categories, they marked the culmination of Insurance Week 2024. As a step prior to the award ceremony, the organization wanted to award sponsors as a thank you for their support for these Gema Awards. Juan Alonso Hernández Martínez, director of the Santalucía Corredores Channel, collected one of the accrediting diplomas. The award ceremony ended with the announcement of the dates of the XXXII Insurance Week, which will be held between February 18 and 20, 2025.
The Data Lord: The Analysis Community
Asitur's joint paper with evolution highlighted the importance of Ethical Innovation, data security and efficient information management for future business success, with the Focus on People and Change Management.Manuel Beltrán, Director of Customer Experience at evolution, stated that The digital customer wants to interact through multiple sites, channels and devices, and proposed what to do to make all that information flow.Valentín Martín, Channel Director for Iberia and LatAm at Pexip, highlighted the importance of Protect customer data in a digital environment, through authentication, integration with security systems and data sovereignty. Miguel Cruz, International Head of Marketing & Digital Business at Reale Group, spoke about the Managing Change in People with the purpose of implementing strategies in organizations: “There is an issue of inertia in organizations; we believe that technology changes organizations and yes, it makes us more efficient, but the human being is what makes it key”.
Driving Towards Cybersecurity
Lazarus Technology I reviewed the main ones during Insurance Week Cyber threats and the evolution of accidents, while encouraging insurers to take positions in the Cyber Insurance Market, which is in an absolutely embryonic state. Far from slowing down, cybercrime is changing the threats. In fact, the Cybercrime, after Grow 40% in 2023 to 10.5 trillion dollars, is already third in the world ranking. However, the cyber insurance market is barely reaching 1% of its potential.
Mediation: protagonist on the radio during Insurance Week
Mediation was the protagonist of the third day of Insurance Week, with the celebration of the XXII Meeting of Brokers and Brokers, the presentation of sponsors and the presentation of the Gema Awards for Brokers and Brokers. And it was also in Large Format, with several Protagonists of Mediation sitting on the red HomeServe couch. The microphones on the Insurance Week radio included, among others, Ángel Uzquiza, Corporate Director of Innovation at Grupo Santalucía.
CHINESE · Ángel Uzquiza, Corporate Innovation Director of Grupo Santalucía
