LEGALTECH DISRUPTION: The new technologies that will revolutionize the legal field
Last Thursday, June 25, the webinar was held”LEGALTECH DISRUPTION: The new technologies that will revolutionize the legal field and how Legaltech startups will help to do so”, organized by Santalucía Impulsa and Insomnia. The meeting, which was joined by fifty startups, consisted of a round table discussion, moderated by Ángel Uzquiza, Director of Innovation of Santalucía and Director of Santalucía Impulsa. Recognized experts in the Legaltech sector participated in the webinar and brought great value to it from different perspectives: Álvaro Ecija, Managing Partner of the Ecix Group; Covadonga Fernandez, Director of the Observatory; Javier Contin, Innovation, Marketing and Product Manager of International SOS; José Antonio Collar, IT Manager at KPMG Impulsa Blockchain; and Francisco Estevan, CEO and co-founder of Innsomnia legal and Founder of Youtopia Innovation Land.
Santalucía Impulsa, focused on the search for Legaltech solutions
The webinar began with a presentation by the director of Santalucía Impulsa of the fourth call for its acceleration program. El Insurtech Challenge What the company has launched is aimed at startups that develop Legaltech solutions that can offer coverage to areas or products of the company such as Home, Deposits or Wealth Management to optimize operations and build loyalty to the corporation's wide range of current customers. Uzquiza stopped to explain the numerous value-added services offered by this new edition Santalucía Impulsa to startups that are selected: online and face-to-face training, investment opportunities and business alliances, media outreach or provide of an innovative coworking space, LAB Santalucía Impulsa, are some examples. Discover all the advantages of participating in the challenge.Currently, the program is in the talent recruitment phase Until next July 7th. From July to September, the startups that will start the program in the month of September will be selected and, already in December, Partners Day will be held. Sign up for the Legaltech InsurChallenge!
The Legaltech sector: different prisms, a conclusion
After this presentation of the program, participants were given way to a round table with the objective of shedding light on innovation processes in the insurance sector and, in particular, of the role of Legaltech startups in the development of technological and revolutionary solutions. Insurance entities, accelerators, consultancies and startups came together to give voice to the different Legaltech players, a cross-cutting sector that hides enormous potential and that has come to stay. The first to intervene was Covadonga Fernández, who highlighted The impact of Smart Contracts on the legal sector and stated that technological developments are overthrowing hitherto established routines. He also recognized the opportunity generated by decentralized finance (DEFI) for insurers. For his part, Álvaro Écija, as a representative of ECIX Group, wanted to highlight the abundance of Legaltech solutions that can be implemented in the insurance sector. Ecix makes use of technologies as varied as blockchain, artificial intelligence and big data for the design of customized solutions such as Consent, e-Contract or Time2work. From a more comprehensive perspective, typical of a consultancy firm like KPMG, José Antonio Collar analyzed the entrepreneurial ecosystem in the Legaltech sector. Collar pointed out several characteristics that, at times, hinder optimal development and block the potential of the technology made available to the legal and legal sector. Among other examples, he pointed out “the existence of a wide and complex regulation for different sectors of activity”, “the lack of adaptation on the part of startups to a fast and changing environment”, “the low degree of digitalization on the part of public administrations”, “the rigidity in large corporations”, and finally, “the duality in the commercial orientation of startups where platforms with very diverse uses and aimed at a large audience coexist, as opposed to those models that are more corporate-based.” Finally, Collar identified The main challenges facing the sector: “difficulties in corporate-startup language”, issues such as “sustainability” over time of solutions, “elastic capacity” and “adaptation to regulatory updates”, or “the existence of a very aggressive vision of integration between corporations and startups”, he specified.
What's coming? Cross-Innovation and Democratization of Services
Francisco Estevan, CEO Innsomnia, promoter of the first Insurtech Club in Spain, offered a very positive view of the opportunities offered by the Legaltech ecosystem. Among one of the most direct consequences of its implosion, Estevan highlighted the possibility of”democratize legal services to a wide audience”. In addition, the CEO delved into one of the trends that is beginning to take shape in the sector: Cross-innovation. “Before, each corporate designed its challenge with a theme, now companies from different sectors (such as telecommunications, banking or insurance companies) collaborate together to develop technologies and joint visions”, which allows “startups to constantly jump from vertical”, adapt his proposals and access a wide range of growth possibilities. Finally, Javier Contín, as head of Innovation at one of the country's leading national insurers, also agreed to highlight the infinite possibilities that exist for startups in the legal sector as well as The urgency of digitizing Public Administration.
Is digital life insurance convenient?
Finally, moderator Ángel Uzquiza concluded the round table by asking the speakers about the convenience of creating digital life insurance for individuals. Everyone agreed on a justified one need for protection against exposure to danger involved in browsing the Internet. However, they specified, it is necessary for the legislator to recognize a figure of legal entity in cyberspace. Álvaro Écija recalled in this regard that “the object of protection of constitutional rights is also applicable on the Internet. We lack a public order on the internet that protects public and also private interests,” he concluded. The speakers agreed on the Huge opportunities which are drawn in the sector because of their transversality and their permeability to receive technological developments already present in other sectors such as Fintech or Insurtech. Startups are a key element in the advancement of the Legaltech sector, and corporations and public administrations must act as the backbone of their development.
