| | SEPTEMBER 20239CIOReviewINSURTECHS -THREAT OR SOLUTIONtoday, as they make it difficult access to customers, reducing bureaucracy is the first reason for the advancement of the Insurtechs market and customers are grateful.I understand that the Traditional Market also wins with all that innovation, one of the accesses to these products and customers' familiarity with the terms in policies propitiates one search bigger in aspects general per policies that suit each need. Customer starts looking for the best alternatives to what they need and can choose one policy more traditional, comprehensive, or something else simplified. In the end, all win, consumers, Insurtechs, and the traditional market.Most Insurtechs in Brazil work together with the traditional market, automating and streamlining processes, reducing user response time, minimizing fees, and offering quick access to insurance.These companies bring greater autonomy to the customer, they can access an app or a platform and contract their policies, monitor, purchase added services, make modifications, and cancelations, and clarify doubts, without needing an insurance broker. The digitization of processes has been a revolution in the relationship between insurers and customers, bringing closer, humanizing, and personalizing the customer experience.I've been working in the Insurance Market for over 20 years, performing on all fronts: Insurers, Brokers, and Clients. I have specialized in Elementary Branches of Scratch Industrial and Engineering. Today as a Risk Manager at SAE Towers, this expertise has helped me with risk perception and also in decision-making, to guarantee the lowest exposure to the risks, bringing peace of mind to the business.As an example of the reduction of bureaucracy in services, we can mention the exemption of fees in cancellation requests, in addition to the fact that there is a reduction in contracting costs, as the client can assemble a version according to his needs and pay only for the services he contracted.In Brazil, Insurtechs operate mainly in insurance distribution, services for Insurance Companies, solving efficiency problems, comparison, additional services, and new business models, all focused on innovation and digital transformation.The scenario is optimistic in Latin America, especially in Brazil, it is estimated that there are more than 300 startups throughout Latin America, 146 of them in Brazil, according to a survey by KPMG, the number of companies in the segment has increased by 47 percent in the last two years in Brazil. According to the study, Brazil represents 37 percent of the Latin American market.However, the perspectives are not only optimistic, there are obstacles, the constant changes require adaptations in real-time so that the businesses and services do not become obsolete, another very important detail is the regulation that unfortunately still does not keep up with the speed of the digital, the market of Insurance is highly regulated, which can make the process of acquiring and opening these startups quite time-consuming and can also generate high costs for the maintenance and adaptation of these companies, in addition to the resistance of the traditional market.You have to Identify and classify your risks in a way clear and efficient. Check properly the costs and deadlines regulations so that these Lawsuits don't lock your operation. Keep one adequate IT area to support needed your company. How Insurtechs yet they are new on the market it is necessary to take realistic care of investments it is necessary to care and control to ensure the retention of values and the eyes of investors. A clear profitability plan is needed. Listen and evaluate the critics, they can help direct your business to mitigate your bigger risks. Expand risk policies in your company, disseminating your importance to all business areas, to engage them in search for the best solutions. Risk Management will always be the best way to ensure peace of mind and security for the results of your business.The future is promising, the market is betting on new business models that use Artificial Intelligence, Data from connected devices, and open-source ecosystems, driven by the possibility of investments that between 2021 and 2022 exceeded the number of 15 billion dollars in the world.This requires interaction between the traditional and Insurtechs markets, making these companies support insurers through a more diverse and innovative ecosystem, boosting their business. It is clear to the entire market that we are in a moment of transition in the insurance sector, driven by creative and innovative solutions created by Insurtechs.I understand that the entire market wins, as customers who are more familiar with the insurance sector seek solutions that fully meet their needs, both for products with easy access and for more comprehensive and differentiated policies marketed mainly by traditional entities, that is, the popularization of the sector benefits everyone, innovating, expanding and improving the entire ecosystem. A clear profitability plan is needed. Listen and evaluate the critics, they can help direct your business to mitigate your bigger risks
< Page 8 | Page 10 >