If the pandemic brought out anything, it was the fragility of the world around us. The arrival of the health emergency put on the table the need to safeguard everything that revolves around the well-being of any person: health, property and any type of business.
The future is very uncertain and in this sense, the insurance industry has an opportunity of abysmal dimensions on the table right now.
This feeling of being certain will undoubtedly lead the insurance sector to register an exponential demand during the following months, where players such as brokers, finance companies, promoters, automotive dealers and, of course, insurers, will have to find a way to reinvent its services in order to break down the barriers that for decades have held back the contracting of all kinds of insurance in Mexico.
The opportunity in the country is tangible. So far, according to data provided by the Ministry of Finance, they indicate that in the country 25 percent of the population has insurance.
This speaks of the margin of maneuver that companies and other players that work in the sector have, which is driven by a clear intention, derived from the pandemic, to safeguard the future.
At least that is what the findings of the World Insurance Report 2020, prepared by Capgemini, show that after the health emergency, the purchase of life insurance increased by 25 percent; health insurance increased 28.5 percent and general insurance products increased 29 percent.
This trend will only grow and although the growth potential is evident, it is also a reality that companies related to the sector and the insurance companies themselves must create alliance programs that basically consist of jointly developing a series of interaction points between platforms and thus guarantee perfectly synchronized solutions for customers.
The technology game
Embracing this exponential growth will require optimizing the culture around insurance in the country, where according to SAO Insurtech Solutions, a leading company in the field of application development and consulting for the sector, there are three axes on which to work: Promotion of the insurance culture by chambers and associations; Government incentives through tax subsidies for insurance users, and Companies and systems areas that develop software around the customer experience.
This last point is where SAO Insurtech Solutions enters the game with a series of solutions that with a personalized and high-tech approach is capable of empowering players in the sector, a condition that will be necessary to make the opportunity a true engine of new business.
SAO Insurtech Solutions’ contribution to the need to reinforce the insurance culture in Mexico can focus on the following aspects:
- Development of applications focused on customer experience, highly integrated with own and third-party systems, as well as an omnichannel interface.
- Creation of adoption metrics for your platforms and constant monitoring of statistics for continuous improvement.
- Integration of disruptive technologies that pay for an integrated evolution, REST APIs, Microservices, PWA, Qubernetes, Artificial Intelligence.
Together, these axes are capable of supporting the development of specialized and personalized solutions with the capacity to cover the management and resource optimization needs of any insurance company, broker or financial company.
Thus, as mentioned from SAO Insurtech Solutions, “Increasing the insurance culture is vital to increase the penetration of this industry, as well as to allow its sustained growth. At the same time, cultivating society in this regard would also be beneficial to encourage compliance with the laws, although it is not their main purpose, if they help to promote adherence to the legal framework by demanding a series of requirements to grant their coverage “, In this way, “given the above, the professionalization and correct administration of insurance through platforms that bring the offer closer to potential customers, allow managing their coverage and benefits, as well as enable the flexibility of the product, becomes essential.”