Pandemic accelerated innovation and led the insurance market to reinvent itself

Despite all its tragic consequences worldwide, the pandemic was also an opportunity for the insurance market to accelerate its innovation projects, in addition to reinventing itself in several aspects. In summary, this was the message left by the guests of the sixth and last stop of the “CQCS Innovation Latam”, held on Thursday (19), which gathered around 3 thousand registrations. The event, which had as its central theme “How the coronavirus changed the insurance market”, was attended by Caribou Honing, chairman and co-founder of Insuretech Connect; Edson Franco, CEO of Zurich; Tatiana Mattar, director of New Products at Pottencial Seguradora; in addition to Evandro Sales, CFO of Quiver, who was the “Insurtech of the month”. The moderator was the founder of CQCS and creator of CQCS Innovation Latam, Gustavo Doria Filho.

All participants also expressed optimism about what may arise in the post-pandemic. “I am optimistic. The pandemic represents a platform change that affects not only insurance, but business as a whole and everyone’s life. It’s like an earthquake or the movement of tectonic plates, which end up creating a new continent. It was like that when computers, then the Internet, then the smartphone and other changes emerged. They all changed business and life. Covid then came as a platform change. We had to review assumptions that were robust and how we approach things that become obsolete. We can no longer do the same in the same way ”, commented Caribou Honing.

He added that in the insurance industry, changes are taking place on how to deal with claims, without the need to take a person for inspection, and life insurance. “New opportunities arise for insurers offering new services to clients and brokers. It is now important to rethink the products offered. It is necessary to face the crisis with a spirit of reinvention ”, he stressed.

For him, the changes that are taking place also affect the insurance broker. In response to the question asked by the event’s chat, he warned that the category should not be so concerned with the reflexes of technological innovations, such as electric cars and vehicles without drivers, but with the advancement of the auto industry in the insurance market.

In the view of Caribou Honing, the improvement we have seen with the autonomy of vehicles, electric cars and even the aging of the population has implications for the broker, but the impact will not be as relevant in 10 or 15 years from the point of life of the safe. “I think it deserves more attention that car manufacturers are beginning to see insurance as a business opportunity. Tesla has been talking about self-insurance; another insurer has partnered with Porshe for specific insurance for the cars in that plant and GM has already set foot in the insurance market. So, the technology doesn’t matter, what matters is that they have chain, data and sales channel. Insurance is an opportunity for vehicle factories. Direct selling is not the biggest threat to brokers. But, the insurance built into the sale of the car can be a concern, yes ”, he warned.

BEHAVIOR.

Edson Franco said that the pandemic brought the need for new products and services to meet changes in customer behavior. “There was an increased interest in protection, specifically in the life insurance business. The moment is looking for products that guarantee protection, well-being and online services. The customer’s behavior, now more focused on social issues, in caring about what the insurer does for the planet and whether it is sustainable was also somewhat surprising. There was already that, but Covid accelerated this trend ”, commented Franco, who is also president of FenaPrevi.

He also said that some trends more common in younger generations, now affect the entire population. “There was an acceleration of trends. What only millennials wanted is now also wanted by customers aged 72 or any generation. The increase in the search for convenience today does not depend on generation anymore. Everybody wants. People now seek coverage for what they did not pay attention to, ”he said.

According to Franco, a survey conducted by Zurich identified the greatest need for protection and prevention on the part of customers, now much more concerned with protecting themselves and their families.
In this context, in his view, brokers gain even more importance for consumers. “In insurance, particularly in Brazil, intermediation with a broker will always be valuable and valued, because advice is increasingly important. Especially now, that people seek advice. There is a transformation in insurance and brokerage, but there can be no digital transformation that makes companies less human. This only serves to ensure greater efficiency and improve user experiences. The broker can be digitally efficient, but without losing his main capital, which is the direct relationship with consumers ”noted Franco.

OPPORTUNITY.

In turn, Tatiana Mattar, listed some positive points that were accelerated by the pandemic. “The crisis is being a great opportunity for innovation and reinvention. We are emerging stronger from the pandemic. Pottencial kept people employed, is growing more than 12% compared to 2019 and is reaching its goals. We reinvented communication and processes, we increased the client portfolio and new brokers want to do business with us ”, he celebrated.

According to the director of new products at Pottencial Seguradora, Covid accelerated the projects that the company planned to implement in 2020 and the results have been favorable. The insurer has created a “crisis and opportunity committee” that is helping it to emerge stronger from the pandemic. “Pottencial had decided to invest in technology. We did everything that was planned, but more quickly, reviewing costs and opportunities to achieve established goals. We call and invite brokers to participate in decision making. It was a very relevant change for the company ”, he revealed, emphasizing that Pottencial is consolidating its position as leader in the guarantee branch and second among the most profitable insurance companies in Brazil, with a robust growth rate.

From a corporate point of view, the company has made working hours more flexible to ensure employees more quality of life, using an hour bank, and also the way of hiring. “Now, we can hire people anywhere in the world, to work from anywhere. It is a big paradigm shift ”, he asserted.

INSURTECH.

Evandro Sales, CFO at Quiver, also expressed optimism about the effects of the pandemic on the company’s business and market development.
According to him, the changes that occur are in line with Quiver’s focus of activity, always focused on technological solutions to facilitate business management and facilitate the daily lives of customers. “Today, we have 53 thousand registered users, 38 terabytes of data stored, four million customers of all solutions, with almost six million policies and R $ 29.1 billion in premiums in the last 12 months”, listed the executive of “Insurtech of the month”.

The changing scenario also accelerated the search for new management, multicalculation and benefits solutions in a year that he classified as “very special and strange, with many changes and that changed the way of working”.

To serve brokers, insurers and other customers, Quiver anticipated two solutions launches.

The first was Quiver on, aimed at small insurance brokers and insurance companies. “This solution helps the broker to sell online and supports the quote. This opens up new opportunities for brokers so that they can expand the way they work, change the approach, prospect customers and understand new formats they can use to sell ”, commented Sales.

The other product is QuiGo Quiver, which helps small and medium insurance brokers. He explained that this solution, which was developed specifically for the broker, eliminates several stages of the processes and has no manual input, as the entire process is online with an intuitive interface for the broker. “We conducted interviews and found that the broker’s work corresponds to 90% of the income from their homes. They depend on it and with the intense impact of the pandemic, in various sectors, it is necessary to seek ways to improve the reality of the broker ”, he concluded.

EMOTION.

The event moderator also showed great emotion when talking about the last stop of the event. Gustavo Doria Filho gave a brief description of the steps taken this year and whose organization was accelerated due to the pandemic, which forced the holding of a virtual event, contrary to what was foreseen. “We decided to do it online and created the CQCS Innovation Latam, a trilingual event with six stops. This was the best of the year for the CQCS, ”said Doria, who thanked the support of the respected participants and also the sponsors.

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