未来をナビゲートする

As every year, INESE organized the cornerstone event for the insurance industry in Spain: Semana del Seguro (Insurance Week). This was the 32nd edition, and it attracted over 5,000 attendees gathered to discuss the future of insurance. The event provided a comprehensive overview of the current trends and future directions in the insurance industry. From the emphasis on digital transformation and AI adoption to the importance of collaboration and sustainability, the discussions highlighted the industry's commitment to evolving in response to emerging challenges. As the insurance landscape continues to change, the insights gained from this event will undoubtedly shape the strategies and practices of professionals in the sector for years to come. The collective focus on innovation, customer-centricity, and proactive risk management will be essential as the industry navigates the complexities of the future.

These are my notes from the event, drawn from direct observation and third-party sources, to share with you as a summary.

Key Trends from Day 1

The 32nd Insurance Week commenced with the Executive Insurance Forum, organized by INESE and Accenture, where the focus was predominantly on technology and artificial intelligence (AI). This event set the stage for critical discussions on the future of the insurance industry, highlighting both the opportunities and challenges that lie ahead:

Digital Transformation

The insurance industry is undergoing significant changes driven by digitalization. José Antonio Fernández de Pinto emphasized the need for an inclusive approach to digital transformation, stating, "It must have an inclusive focus, leaving no one behind." This sentiment reflects the industry's recognition of the importance of leveraging technology to streamline operations and enhance customer interactions.

Artificial Intelligence (AI) Adoption

AI is becoming a cornerstone of operational efficiency in the insurance sector. Patricia Ayuela, CEO of Línea Directa, noted, "We have achieved that AI recognizes and correctly initiates a claim in 98% of cases." This impressive statistic underscores the transformative potential of AI in automating processes and improving customer service, showcasing how technology can enhance the overall customer experience.

Collaboration Between Public and Private Sectors

The discussions underscored the importance of collaboration between public and private entities to address complex challenges. Mirenchu del Valle stated, "Some of these challenges cannot be addressed solely from the public or private sphere; collaboration from both is necessary." This collaborative approach is seen as essential for developing comprehensive solutions to pressing issues such as climate change and longevity.

Regulatory Simplification

There is a growing call for simplifying regulations within the heavily regulated insurance sector. Mirenchu del Valle remarked, "That there is talk of simplification in such a regulated sector as ours is fantastic news." This emphasis on reducing unnecessary administrative burdens is viewed as crucial for fostering innovation and enabling insurers to respond more effectively to market demands.

Focus on Customer-Centric Models

The need for a customer-centric approach is becoming increasingly clear. Diego López Abellán articulated this perspective, stating, "The future of insurance is not something to wait for; it is something to build, and it starts today." Insurers are recognizing the necessity to evolve their business models to better meet the specific needs and expectations of their customers.

Managing Cyber Risks

The dual role of insurance in addressing cyber risks was a significant topic of discussion. José Antonio Fernández de Pinto emphasized the importance of both self-protection and providing coverage for clients against cyber incidents. This highlights the need for insurers to adopt ethical and transparent AI practices to effectively manage these risks.

Societal Trends Impacting Insurance

Key societal trends are shaping the insurance landscape. Javier Carrascal identified the "cost of distrust," stating, "This makes us distrust everything. The challenge is to convey to the customer that they are safe." Additionally, the trends of the "economy of impatience" and "social revitalization" were discussed as significant factors influencing customer behavior and expectations.

Sustainability and Risk Management

Sustainability is becoming a central theme in the insurance sector. Industry leaders recognized the role of insurance in risk management and mitigation, particularly in the face of environmental challenges. The discussions highlighted the need for insurers to adapt to these challenges and contribute to sustainability efforts.

The end of Day 1 was crowned by the Miami Insurtech Advocates (MIA) Hub Get Together, an informal after office gathering, designed for the Insurtech ecosystem to come together and foster insurance innovation through personal connections. This event encouraged attendees to meet with friends and peers to catch up and explore ways to elevate the insurance industry to new heights. Whether it was a (re)insurer looking to innovate through technology, an Insurtech startup, a technology or service provider, or simply passionate about the industry, this was a great opportunity to connect, share ideas, and create new opportunities.

Key Trends from Day 2

The second day of the Insurance Week was marked by a vibrant exchange of ideas and innovations, particularly at the Lloyd's Meeting Point, where 21 underwriting agencies showcased their offerings and insights into the London market. A significant trend was the push for greater accessibility in health insurance, as highlighted by Aura Seguros. Josep Muñoz, the company's Director of Mediator Channel, emphasized their mission to “execute private healthcare for everyone.” With only 30% of the Spanish population currently insured, Aura aims to reach the remaining 70%, particularly targeting middle and low-income individuals, the elderly, and those with pre-existing conditions. This initiative is underscored by Xavier Sánchez, Director of Health, who stated, “We want to change the perception that health insurance is unaffordable.” Their new product offers affordable plans with no waiting periods, unlimited visits, and additional services like telemedicine and dental coverage, aiming to redefine private healthcare access.

Another critical theme was the importance of crisis management and prevention, as underscored by Mobius Group and Groupe Saretec. Fernando Pérez Granero, CEO of Mobius, remarked, “Disasters know no borders and are worsening with climate change.” Dominique Delmas, President of Groupe Saretec, highlighted the economic rationale behind prevention, stating that “every euro invested in prevention can save between 3 and 7 euros in damages.” This was illustrated through case studies, including the 2001 fertilizer factory explosion in Toulouse, where a committee of experts facilitated rapid recovery and minimized legal conflicts, showcasing effective crisis management.

The role of brokers in health insurance was also emphasized during Axa's session. Mar Romero, Director of Distribution, articulated that “brokers are crucial in adding value to health insurance.” The discussions explored how artificial intelligence (AI) can enhance the insurance landscape, with Victor Maojo García from the Polytechnic University of Madrid explaining how AI can streamline processes and improve customer experiences. Axa reported a 7.4% increase in premium contracts for 2024, with expectations of an 8.5% rise in 2025, indicating a growing recognition of the value of private health insurance.

Technological transformation within the insurance industry was another focal point. Raúl Fernández Villota from Charles Taylor Insurtech noted that “70% to 80% of insurers use legacy systems,” which hampers innovation. Lautaro Mon emphasized the need for a modern architecture to facilitate digitalization and improve user experience. The introduction of modular systems and APIs was discussed as a way to enhance product offerings and reduce time-to-market, ultimately leading to greater efficiency.

Furthermore, Zurich Seguros highlighted the urgent need to attract younger talent to the insurance sector. Rosa de Oña, Director of Distribution and Connectivity, pointed out that only 9% of licensed professionals are under 40. In response, the company is implementing mentoring programs and initiatives to promote emotional well-being among youth, such as the "Avanza" program, which offers training and networking opportunities for young insurance mediators, aiming to empower the next generation in the industry.

Finally, the integration of AI and data analytics emerged as a recurring theme. Companies like Akur8 and Capgemini discussed how AI can optimize pricing and enhance customer interactions. Christopher Rivas from Akur8 stated, “AI is essential for optimizing segmentation and adjusting prices to real risks.” Their technology has enabled insurers to improve risk management and pricing strategies, ensuring long-term sustainability in the health insurance sector.

Key Trends from Day 3

The final day of the Insurance Week featured the XXIII National Meeting of Brokers and Brokerage Firms, a pivotal event that brought together key stakeholders to discuss the future of the insurance sector. Hosted by Ami Bondía, the meeting addressed various aspects crucial for the management of professional mediators, emphasizing the need for action in a rapidly changing environment.

Susana Pérez, General Director of INESE, opened the event by highlighting the significant presence of brokers during the week and referencing the theme of the day, “Time for Change.” This theme resonated throughout the discussions, particularly in the context of the evolving landscape of mediation. Félix Tarradellas, an Insurance Advisor, reminded attendees of their essential role in fostering solidarity within the community, urging brokers to consider both the elderly and the youth in their strategies.

Carme Castro, CEO of Kainova, focused on the importance of leadership, defining it as “turning an idea into a project and working to make it a reality.” She emphasized the need for a disruptive leadership style, providing insights into the skills necessary to achieve this. Castro underscored that talent is “the most valuable resource in the 21st century,” reinforcing the idea that effective leadership is critical for navigating the complexities of the insurance market.

The regulatory landscape was also a focal point, with Ana García Barona, Head of Regulation I at the DGSFP, discussing upcoming changes for 2025. She highlighted modifications to the law regarding motor vehicle liability insurance, which will introduce new terms such as Personal Light Vehicles (including electric scooters) that will require mandatory insurance. Additionally, she noted enhancements in data protection and the supervision of insurers' solvency, aimed at reducing regulatory fragmentation and improving system efficiency.

In a session dedicated to growth strategies in a constantly evolving insurance sector, José María Pérez, Partner at Consilior Ingenium, emphasized that “the key to continued growth is action.” This call to action resonated with the audience, reinforcing the need for proactive measures in the face of industry changes.

The day also featured the XXII GEMA Awards, which recognize excellence in the management of brokerage firms. Francisco Betés, President of IMAF, shared positive insights from the “Economic and Financial Study of Spanish Brokerages,” revealing that commissions for brokerages grew by 10.5% and profits increased by 27% in 2023. These figures reflect a robust moment for mediation, highlighting the sector's resilience and potential for further growth.

The awards ceremony recognized several outstanding firms, including Marsh for International Brokerages, Telefónica Correduría de Seguros for Group Brokerages, and Terranea Correduría de Seguros for Internet Brokerages. The recognition of these firms underscores the importance of innovation and adaptability in the brokerage landscape.

In a session led by Asitur, Javier Sirvent, Technology Evangelist, asserted that “artificial intelligence is the new oxygen: invisible but vital for business survival.” He emphasized the rapid technological advancements over the past year, positioning AI as a catalyst for change. Sirvent warned that companies unprepared for this technological shift risk obsolescence, urging them to embrace digital transformation swiftly.

Raúl Soriano from Symplia discussed the practical applications of AI in optimizing business processes, highlighting technologies like RAG (Response Augmentation Generation) and MoEs (Mixture of Experts) that enhance efficiency and responsiveness in customer interactions. The integration of AI across various operational areas, from customer service to claims management, is becoming increasingly essential for insurers.

The impact of the Digital Operational Resilience Act (DORA) on the insurance sector was another critical topic. Álvaro Blanco, Country Manager of Formalize, stressed the necessity of adapting to DORA to enhance resilience against cyber threats. Jesús Yáñez, Cybersecurity Partner at Écija, echoed this sentiment, emphasizing that DORA is not merely bureaucratic but a vital framework for ensuring security in an increasingly digital landscape.

The day concluded with a session from Munich Re, focusing on the rising frequency of extraordinary climate events. José María Galván, Senior Client Manager, reported that global losses from natural disasters reached $320 billion in 2024, with only $140 billion insured. This highlights the urgent need for the insurance sector to adapt to climate risks and enhance preventive measures.

Please reach out if interested in knowing more about the topics covered here.