Brazil: the new insurance giant

Brazil: the new insurance giant

Chamber Articles Category: Industry News Post Date: 06/14/17 Source: Raconteur By: Alicia Dimas
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A low insurance penetration rate, large market and growing middle class bring new opportunities for insurers investing in the Brazilian market. The development of information and communication technology in the country is also brightening up the outlook for Brazil’s insurance industry, considering it has the fourth highest number of internet users in the world.

“Technology developments have been increasingly meaningful in the Brazilian insurance market. Distribution was mostly affected with product facilities replacing the traditional placing structures, as well as mobile apps that reach brokers and customers in real time,” says Angelo Colombo, chief executive of Allianz Global Corporate and Specialty (AGCS) South America.

Mr Colombo says that on the buyers’ side, technology made the supply chain more efficient, requiring different risk transfer solutions from the insurance market. “In the consumer product development field, the insurtechs have been flourishing quite fast, providing telematics solutions for motor insurance and speeding up claims handling with digitised processes.”

Renato Rodrigues, country manager for Brazil at XL Catlin, says: “One of the technological innovations that changed the Brazilian insurance market the most was the introduction of the digital signature. This brought a profound change to the insurance industry, as insurance policies are now completely paperless.”

Mr Rodrigues adds that insurers in Brazil have a close relationship with their regulator, the Superintendência de Seguros Privados (SUSEP), which facilitates the understanding and approval of any digital changes in the market. Read Full Article