Insurance Market is in Full Swing in Tune with the Digital Transformation
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Insurance Market is in Full Swing in Tune with the Digital Transformation

Adilson Lavrador, Executive Director of Operations, Technology and Claims, Tokio Marine Seguradora
Adilson Lavrador, Executive Director of Operations, Technology and Claims, Tokio Marine Seguradora

Adilson Lavrador, Executive Director of Operations, Technology and Claims, Tokio Marine Seguradora

In my more than 35-year trajectory in the technology area, having spent most of that time as an executive in the insurance industry, I have been following the evolution of the players operating in this segment, especially in relation to investments in technology and the development of new tools and solutions. In this context, experience allows me to state that the insurance industry has reached a very high level of maturity, and in technological terms, it leaves nothing to be said for the banking market, for example.

The digital transformation in the insurance market has evolved a lot in the last two years, and insurance companies are increasingly closer to their customers and business partners, through digital and omnichannel solutions and tools. It is currently possible to take out full insurance through your smartphone, or even trigger a sinister event, with two or three rings on your cell phone. I also believe that the partnership with startups is worth highlighting, as these companies have a very strong proximity to what would be the needs of our customers and partners, helping the insurance market to understand modern consumer behavior and, consequently, in product design and increasingly customized and bespoke services.

This is a trend that is consolidated every day, as society's habits are changing at the same speed as technological advances. Thus, all of us who are part of this ecosystem (insurers, brokers, assessors, class entities and service providers) need to be aware of this movement to offer excellent solutions that meet the new demands of this new market.

Another demonstration that the insurance market in Brazil has advanced in terms of technological revolution is the implementation of Open Insurance, which should start this year. We are attentive to the regulation proposed by the Superintendence of Private Insurance (SUSEP) and believe that it is moving towards greater modernization of the sector, opening doors for the simplification of processes and for the dissemination of the insurance culture, which is fundamental for growth the participation of our industry in the economy.

Personally, I believe that the new open insurance rules should open up the insurance market to a public that insurers do not yet have access to. In addition, it opens up possibilities for integrating an entire ecosystem of services, fostering, for example, partnerships between insurance companies and banks, automakers and insurtechs, among others, in addition to strengthening the position of insurance consultants, such as our brokers and advisors.

Insurers have not been unscathed by the technological revolution that has been changing the relationship between consumers and companies in recent years, and examples such as these show that, thanks to a solid technology infrastructure, the insurance market has also managed to overcome the enormous challenge posed by the pandemic of COVID-19, decreed by the World Health Organization (WHO), in March 2020.

In times of pandemic, it was noticed a greater adherence of Insurance Brokers to technology, as they were forced to use digital channels to meet the specific demands of their clients, and to provide a consultative and personalized service, even at a distance, as the demand for social distance forced everyone to seek new service and business models. As a result, the Insurance Broker needs to be increasingly updated regarding the use of technological tools in their work routine.

Thanks to all the technological solutions and facilities that insurance companies have made available to brokers, such as the Brokertech platform, by Tokio Marine, the concepts of space and territorial limits for business prospecting no longer exist.

Another enabler of digital transformation in times of pandemic is the use of artificial intelligence in insurance processes. At Tokio Marine, for example, we already have the possibility of using this model for the evaluation and budgeting of claims in automobile insurance.

  ​The digital transformation in the insurance market has evolved a lot in the last two years, and insurance companies are increasingly closer to their customers and business partners, through digital and omnichannel solutions and tools
   

 

The novelty in the Brazilian market is a 100 percent local initiative, which optimizes the analysis of damage to the vehicle, without the need for a face-to-face inspection, in addition to reducing the time needed to release repairs. When calling the insurer to report a crash, the insured receives an SMS, WhatsApp or email message with the link to carry out the inspection 100 percent online.

Consumers are increasingly demanding and very up-to-date regarding the use of technology and, as a result, seeking convenience and ease of service. Thus, in recent years, the insurance industry has adapted to the great challenge of providing solutions for the demands of this public, which wants to communicate and interact with its service providers via digital service.

The new consumer profile challenges us to think more and more about how to meet the demand for insurance in a world where decisions have to be very fast and information needs to be available at all times.

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