The most innovative presentations of Insurance Week 2023
Last week, the main meeting point for Insurance took place in Spain: the Insurance Week 2023. This event, held during the days February 14, 15 and 16 At the North Convention Center of IFEMA Madrid, it celebrated its 30th anniversary, and this year it has broken its record for attendance and participation. The three days were full of meetings and days in which all the topics of the Insurance news. In addition, professionals in the sector were the real protagonists. However, despite all the interesting trends, news and perspectives discussed, today we want to make a compilation One of the most innovative presentations of Insurance Week 2023. Here we go!
Insurance Week 2023: February 14
Insurance opportunities in times of uncertainty
On February 14, the Insurance Week, an event that this year celebrated its thirtieth anniversary. The day started with the Senior Insurance Management Forum, which included the participation of managers from some of the main Spanish insurance companies. Sergio Álvarez, general director of Insurance and Pension Funds, highlighted the “enormous transformation of the insurance sector” in these 30 years, and their ability to adapt and their robustness, especially in situations of uncertainty. However, he warned that insurance has several challenges on the horizon: the need to reconsider business models or continue with digital transformation. For its part, Carlos Fernández, Deputy Director General of Santalucía, stressed that the sector is attentive to learning from the experience of companies in other sectors: “the key is to absorb all those experiences and then distill them in your own way and preserving your essence, which is what makes you different”.
AI: shorter response time, better customer service
On the day “AI: Learn how it is redefining the future of the insurance industry”, Shift Technology addressed artificial intelligence and how it is affecting the insurance sector. Jesús G. Bonilla, Head of Sales Iberia, indicated that “within a few years, that industry or company that does not incorporate AI tools will not be able to compete”. In fact, in the insurance sector, disruptive technologies have been applied for many years to keep customers above competitiveness. Mapfre's Director of Innovation, Juan Cumbrado, pointed out that Will AI be what will transform insurance, and that the results obtained will depend on the quality of the data. For Ricardo Vizcarra, Director of Digital Transformation and Processes at VidaCaixa, “the great capacity of data analysis is what gives us great information to make better decisions. This converges in shorter response time and better customer service”.
Insurance Week 2023: February 15
On February 15, one of the incentives of the session was the Lloyd's Meeting Point, a unique opportunity to learn more about what the London market offers, its way of operating and its knowledge to develop new forms of insurance.
Cybersecurity will be a “must have”
Elene Bogaert, International Cyber underwriter in Beazley, opened the paper “Cybersecurity: the shared responsibility to secure cyberspace in the face of an increasingly challenging future”.According to Elene, “2020 was an extraordinary year with a very significant impact due to the pandemic. We introduced remote work on a large scale and organizations adapted to a new local structure, increasing cyber risk. In this context, cybercriminals took advantage of uncertainty with phishing attempts and large cases of ransomware. This alerted organizations' security teams, who are looking for protect digital assets and that employees have enough tools to do their work remotely out of risks.” Now, looking to 2023, Bogaert argues that the trends over this year will go along the same lines. And he points out, in addition, Five predictions:
- Cyberextortion and data breaches will continue.
- Impersonation will continue to rise.
- Artificial intelligence will grow, which can be positive, but also negative.
- Attacks on supply chains will continue.
- Systemic risk.
This year we will be forced to face cyber threats along the same lines as years ago, but with a greater reach. At this point, cyber insurance will be a Must Have for minimum and operational security.
Hyperpersonalization and embedded insurance: doing it, but doing it right
La Jornada “Technology at the service of the consumer” It had as its main theme the cost-effective deployment of embedded insurance and hyperpersonalization for insurers to achieve leadership. hyperpersonalization it is a challenge that is already on the table, with clients who enjoy it in other industries and who ask that the insurance sector be at the same height. It's about putting the customer at the center, but it also means managing differently and establishing a greater relationship with the customer based on more and better analyzed information.The embedded insurance, on the other hand, are a channel with a lot of potential as long as they work well (in 2030 they will reach 700 billion dollars in premiums). To do this, we must focus on the time of purchase and post-sale.
Insurance Week 2023: February 16
The last day of Insurance Week was marked by insurance brokerages, the National Meeting of Insurance Brokers and Brokers and the GEMA Awards. In addition, the network of female leadership in the insurance sector #RedEWI he also awarded his awards. But let's go with the most innovative papers!
An actor like any other in the market, close and flexible
Another of the days was “Subscription agencies as allies of Spanish mediation”. Representatives of these entities defended during Insurance Week their specialization and flexibility.José Núñez, Country Manager of Lloyd's Europe, emphasized that subscription agencies are a efficient and constantly growing distribution vehicle, which offer a wide range of products and, above all, provide expertise. For José Luis Latorre, director of Alea Subscription Agency, specialization is essential, since it provides a differential factor compared to generalist companies. “We provide a service far above any entity and this specialization and knowledge of the business makes us innovative.” The figure of subscription agencies is made up of professionals who “know the market and local customers very well”. “They allow a distributing insurance in a more agile way for certain customers and they are just another player in the market”. This was stated by Carolina Chapa, director of Marine, Casualty and Financial Lines at AB Coverholder.
85% of new product ideas are discarded before reaching customers
Docline, Ignatica, Signaturit and Yolo inaugurated the insurtech day, the first space dedicated to digital innovation: “Optimizing the insurance value chain through Insurtech”.One of the biggest problems that insurers face, according to Manuel San Miguel, CEO of Ignatica, is respond quickly to customer needs as they expect today (which is not what they expected 10 or 15 years ago). For this reason, and because the technology is not sufficiently prepared, “85% of ideas for new products and services are discarded before reaching customers”.Signaturit, Docline and Yolo they also presented their respective proposals to help the insurance sector in the digitization of insurance.
We are not going to be an insurance industry as we have understood it until now
“The impact of the InsurTech phenomenon on the insurance sector” It was the second session dedicated to innovative and native digital company solutions on the last day of Insurance Week. Throughout this talk, the three were described waves of innovation that have transformed the insurance business through insurtech:
- The first gave rise to distributors that used new channels (for example, internet shoppers).
- The second was characterized by enablers (analytics, big data, insurance software...).
- And the last of them has led to risk carriers or full carriers (insurance Peer to Peer, à la carte, On Demand, digital insurers), in which “the value was found in the creation of new business models”.
In the final debate, Magdalena Ramada, InsurTech Innovation Leader at WTW, concluded that “in the future we are not going to be an insurance industry as we have understood it until now because there are many ways to transfer risk”. To achieve this, insurers must”be more relevant in people's lives to collect data more frequently and thus offer more protection”. At least, said Óscar Paz, CEO of InsurTech Community Hub. And about investing in insurtech, Richard Calvo, head of Insurtech at NTT DATA Insurance EMEAL, has been optimistic: “there is still an immense appetite to invest in the sector”.
The insurance company of the future must be based on data and evolve from the customer to the person
Another noteworthy presentation was that of “How to put the core at the heart of the strategy”. In it, Alejandro Bermejo, Director of Insurance at GFT Spain, explained the Challenges that the insurance company of the future must face and resolve. First of all, understand the new customer, which means to evolve “from the customer to the person”. This way, it will be easier to know their behaviors and lifestyle and adapt their products and services to it. Secondly, improve the experience with simplified communications, full traceability and real-time updating. Third, respond to a more demanding market with hyperpersonalized products. And finally, to grow while retaining customers through a Higher cross-selling.For its part, Rubén Muñoz, General Director of Technology and Operations at Santalucía, was also present on this day and revealed some keys to Digital Transformation Program of the entity, with more than 30 projects linked to “accompany the client at all stages of their lives”.
As we mentioned before, these papers have been selected because they are the most innovative. Even so, the topics covered by Insurance Week have been much broader. If you are part of the sector and want to keep up to date with all the trends, mark the date on the calendar. The next Insurance Week is already scheduled! Del February 20 to 24, 2024 you can enjoy a new edition.
