From 15 to 17 February, Thomas Rettenwander, Business Development Manager at bsurance, participated in one of the most significant insurance conferences in Spain, the Semana del Seguro 2022.
The event took place in Madrid and was attended by more than 3,000 participants from over 700 companies, including renowned leaders of the insurance industry, InsurTech startups, insurance companies and brokers, tech giants, and 300+ speakers, sharing their ideas with the audience through several forums and business spaces.
Scroll down to read the main takeaways from the event!
Our main takeaways
1. ESG/Sustainability as a major focus, not just a trend, in 2022 and beyond
One of the main topics discussed in several forums was the role of the insurance sector as a social actor and sustainability as a major focus of the industry. Sustainability, social responsibility and support for environmental and social challenges have become essential focus points for the insurance industry.
By implementing measures that provide easier access to insurance, sustainable investments, creating products with a better fit to consumers and a higher focus on environmental and social security, the insurance sector can become a catalyst for progress and growth.
One of the keynote speakers, Quique Huerta, Global Employee Experience Officer at Liberty Mutual Insurance, mentioned that “progress happens when people feel secure. It is impossible to look to the future with security if the environment is not sustainable.”
2. Phygital customer experience and the need for digital innovation
It is no secret that the world is rapidly changing and that the insurance industry is changing with it. With the onset of the pandemic, players in the insurance industry have been able to adapt to change by leveraging digitalisation. The appearance of InsurTechs as facilitators of digital transformation processes has allowed the insurance industry to evolve, innovate, and keep up to date.
By acknowledging that customers can be present in both physical and digital channels at the same time, industry players are reshaping their offer to a “phygital” customer experience. The focus is on providing omnichannel sales and services and reaching consumers with a customer-centric, instead of a product-centric approach.
To achieve this switch, digitalisation efforts are essential to increase efficiency and create a customer experience in which a fast response to customer needs and increased trust are the priority.
3. Ecosystems and partnerships as growth opportunity for incumbents
The need to understand and interact with consumers through personalised offerings are one of today´s main challenges for the insurance industry.
Victor J. Pizzaro, Head of Insurance at Octavio Engea, underlines this with some statistical data – seventy percent of customers expect to find multi-channel solutions when searching for insurance. However, to offer personalised and well-targeted offerings, the carriers must understand their consumers first.
Of course, technology is the core of convergence and experience personalisation within the industry. According to the insights presented, almost fifty percent of insurers are willing to work and develop solutions and new products with the help of ecosystems, showing carrier eagerness to build up partnerships.
One panel consisting of industry leaders Israel Escacho, Director of Marketing and Clients at SegurCaixa Adeslas; Carlos Villanueva, COO of MAPFRE Global Risks; and Carlos Ranz, Director of Digital Transformation and Operational Excellence at Santalucia, unanimously concluded: “Today, digital transformation is a must, making sure insurance is accessible, simple, and connected to 21st-century customer needs”. We can’t sit and relax. We need to use this unprecedented opportunity.
The participation in the Semana del Seguro 2022 enabled us to obtain great insights, regarding a highly anticipated shift in the insurance industry and trends towards a more sustainable, customer-oriented, and digital approach.
As Thomas Rettenwander concluded ”This event really showed that the industry has picked up on important market needs like customer centricity, sustainability, partnerships and digital distribution models like embedded insurance. Incumbents demonstrated the will to act upon them, and we´re ready to support their efforts!”
Want to learn more about our participation in this event? Contact Thomas Rettenwander, our Business Development Manager via LinkedIn.