A day where camaraderie played an important role was held at the annual ACOSEG meeting in Santiago de Chile, with the participation of important insurance brokers and representatives of insurance companies. As part of the event, we had the privilege of participating and presenting our vision of the opportunities that the industry has to accelerate its transformation and face the new players that have arrived and will continue to arrive. A key aspect of this 4.0 vision is the contribution of Open Innovation to take advantage of the capabilities of Insurtechs (which in Latam alone are +300, without considering Brazil) to improve the value proposition to customers, grow and monetize the portfolio, monetize digital assets and deepen digital business models such as IaaS (Insurance as a Service or Insurance as a Service).
Business expansion will be strong with the possibility of reaching uninsured markets. The big question is: Will this new market be addressed by traditional players or will they be spectators of the growth in insurance sales from Super Apps and technological players?
The challenge of finding good Insurtech partners internationally, doing rapid experiments in secure environments, designing monetizable digital business models, integrations of multiple solutions to legacy systems (often with technological obsolescence) and regulatory compliance, are issues where #EvolutionLabsUK can contribute to the industry.
