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Insurtech Outlook

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1 October 2020
Juan Mazzini

I wanted to share with you two recent events on insurtech (with video and podcast included).

  • The Latin American Stop of the ITC + DIA World Tour, that Celent and LAIF put together, looking into what’s going on in insurtech around the world and looking into some fine examples of insurtech startups in the region. You can access the video of this stop here.
  • An interview on the insurtech ecosystem that showcased on 9/22/2020 in "El Seguro y la Prevencion", a radio talkshow that focuses exclusively in insurance and airs through Radio Cultura from Argentina to the world. Eduardo Iglesias (co-founder of LAIF and e-Colon and CEO of Colon Seguros among many other things he does) and me, discussed about how insurtech is helping the insurance industry and the outlook of the insurtech ecosystem. You can access the interview in podcast format here.

The Latin American Stop of the ITC + DIA World Tour took place online on 9/15/2020 and began with a welcome by Caribou Honig, Chairman of InsureTech Connect.

Then, Karlyn Carnahan, Head of Insurance – North America of Celent, spoke about: "Who Will Buy Direct And Why? A Case For Commercial Insurance"

"52% of insurance buyers in micro-enterprises are satisfied with the way they buy insurance but would want to have more options," she said, stating that the key is to prove value to customers who didn't have claims.

Next, it was the turn of John Swigart, CEO & Cofounder of PIE Insurance, giving his experience in assembling and launching PIE Insurance, a true success story of insurtech. He referred to the critical areas that make the difference in the insurtech market: "efficient prices, growth appetite and a better experience than customers expect," he said. John also stressed the importance of companies partnering with each other to provide superior solutions.

The panel on "Is Insurtech pushing the limits of Insurance?" had Manuel Escobedo, CEO of Peña Verde Group, Sabine Vanderlinden, CEO, Cofounder & Managing Partner of Alchemy Crew; and Eduardo Iglesias, CEO & Cofounder of eColon, discuss whether insurtech is effectively pushing the boundaries of the insurance industry.

Some key reflections from the panel:

  • "Our customers are asking us for new types of coverage, new types of products. They need new life coverage, health insurance, cyber risk coverage. Companies need to bring new solutions to those risks that this new world has inspired," said eColón's executive Eduardo Iglesias.
  • "We move into a world of value creation constellations, a world where you have to make value propositions and join it with risk solutions and to do this, bring together the offers of many, many, companies," Escobedo said. He added “You need to understand the ecosystem, of what's happening to create the vision in the way you want to do it and know who's out there playing. We no longer live in a world defined by companies," said the CEO of the Peña Verde Group.
  • "We need to re-build the new trust system in conjunction with our customers," eColón's CEO completed.
  • "Today you see a new customer coming to market, like digital nomads, who must be satisfied as well. I think from the insurer's point of view you're going to see those who really want to change the operation by focusing on efficiency, innovation, changing processes and making them more digital," Vanderlinden concluded.

Finally, the Pitch Competition brought 5 finalists:

In addition to this World Tour, ITC Global will be held on October 19th – 21st. See you there?

At Celent the core of our insurance research is about technology. I wonder if that makes us an insurtech company? :)

Some of the research you may find valuable (and which you can fully access with your customer credentials):

Please reach to me at jmazzini@celent.com or leave comments in this blog post if you want to continue this conversation.

Cheers!

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