| | SEPTEMBER 20238CIOReviewIN MY OPINIONBy Jaqueline Monteiro, Insurance and Risk Manager, SAE Towers INSURTECHS -THREAT OR SOLUTIONInsurtech is the term used for companies that use technology applied to the insurance industry. Although very common in the international market, in Brazil and Latin America its applicability still generates uncertainties.Insurtechs are startups, responsible for digitizing any processes involving insurance services. The central idea of these companies is to ensure practicality in solving problems, making the consumer's life easier, and impacting the way consumers hire insurance plans.There are several challenges to the advancement of technologies for companies. Thinking about general aspects, here in Brazil, the Technologies must adapt to the LGPD - General Data Protection Law that is in force, being necessary that the companies comply with the determinations of the National Data Protection Authority (ANPD).Another important point is about the adaptation to the hybrid work system. Companies are having to adapt their network infrastructures to guarantee remote work with complete data security.Very aligned with Insurtechs, is the implementation of the new "mobile first ", models that create applications to optimize services to customers quickly and conveniently, we have seen this happen in most services and businesses. Maintaining the digitization of services and processes is another relevant factor. After the pandemic, companies had to adapt to digital processes and this reality seems to be permanent.Having Big Data to concentrate sensitive and useful data is something that companies cannot forget. Finally, I reinforce the importance of companies having a solid and complete IT area, suitable for the size of the company or having a Field Service service to meet the demands and profiles of the company.Despite the efforts made by Insurtechs to reduce the bureaucracy of contracting insurance, maintaining an Insurtech is very difficult: regulatory costs are high, and legislation has not kept pace with this speed, bringing a direct impact on costs, in addition to the resistance of traditional markets.Generating value in a way that positively impacts the customer experience brings Insurtechs to the center of current discussions in the insurance business. With more demanding customers, insurance companies and brokers need to focus not only on marketing their products but also on the user experience, which becomes, in this new scenario, the forerunner of all this change.Pages and pages of contracts, specific nomenclatures that are difficult to understand, signatures in proposals, the difficult understanding of the conditions for protecting goods leading to misunderstandings and problems in the use of services, all this classic model no longer makes sense Jaqueline Monteiro
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