Insurtechs cause behavioral changes in the insurance industry, say experts

The growing arrival of new insurtechs to the insurance market is impacting not only the way of doing business, but also the way in which insurers are relating to technology providers and the end customer.

“If five years ago some insurers were reluctant to talk to insurtechs, today they are seen in another way by the market,” says Roberto Panucci Filho, a lawyer for Mattos Filho, one of the largest law firms in the country and an insurance specialist, reinsurance and private pension.

According to him, the market has come to understand that insurtechs are not a risky movement or initiative, but a necessary future. “Either insurers and reinsurers innovate, get involved in this fourth industrial revolution, or they will be out of the market in ten years”.

Working in the sector since the elaboration and review of insurance policies and reinsurance contracts, to data protection and cybersecurity issues – lawyer Camila Leal Calais, also from Mattos Filho, agrees with her colleague.

“We have seen even the reinsurers more attentive to this movement and also wanting to take advantage more and more. This is a wave that has already happened in Europe and the USA, and it is coming here to Brazil with everything”.

For Camila, a trend in this evolution can also be seen in the greater concern with the customer experience. “This will mean, more and more, the construction of better and more suitable products for the consumer, be it an individual or small legal entities consuming insurance for their risks”.

The expectation is that not only will the product that will be offered to the customer be increasingly personalized and appropriate to the risk that he is taking, but the service provided by the Broker will also have the same concept. “The Broker will get to know the client better, will have less cost for this and, therefore, will deliver a more personalized and adequate experience for each one”, concludes Roberto.

This will be just one of the topics that the law firm Mattos Filho is expected to present during CQCS Insurtech & Innovation 2020. The most important meeting of insurance innovation in Latin America will take place between June 17 and 18, 2020, at Pro Magno Events Center, in São Paulo.

Tags: CQCS Insurtech & Innovation, insurtech

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