A year of challenges and opportunities in Latin America
At this stage, we all know that 2020 has been and still is an unusual and challenging year for all economic sectors around the globe. In Latin America the scenario is no different, even if our COVID-19 curve is trending down while in the northern hemisphere the contamination levels are rising.
Nevertheless, every crisis can also offer opportunities and we can see them in the insurance industry; while we are suffering losses there is continued demand for business protection. More than ever, proximity with customers and a deep understanding of their needs has once again proven essential for our company demanding that we reinvent ourselves to be true to our purpose to make the world more resilient.
Beyond the market conditions changing, we have other key factors impacting the Latin American insurance landscape.
Regulatory changes, although necessary, are also demanding agility and rigor from companies, with several discussions pushing the industry to a new era. In Brazil, for example, SUSEP (the insurance market regulator in the country) has put into public consultation a resolution that should substantially change the large risk segment providing wording flexibility which will surely change the relationship dynamics between carriers, brokers, and customers.
New products and continuous development
Although we cannot control external factors, we continue with the certainty that placing the customer at the center of our decisions is the only possible way to create competitive advantage and increase service levels in a market where solutions are increasingly commoditized.
We have been active on this front in 2020, working on several fronts to deliver the best services and products to our customers, always focusing on the relevance to customer needs, state-of-the-art technology, and deep local knowledge with global expertise.
Risk Engineering Services publications
Our highly qualified team can help our corporate clients manage their risks, with customized risk prevention knowledge. To learn more about our publications access our content in English, Portuguese and, Spanish here: Special COVID-19 – Risks and Trends.
Already a reality in our region, this solution is an instrument that allows intelligent capital allocation and risk transfer solutions, while providing financial security to the company, reducing cash flow volatility, and facilitating access to capital.
Parametric Solutions portfolio
Parametric insurance solutions, which reduces exposure to adverse weather conditions and protects business from the effects of the increasing climate instability, protecting our customers and ensuring the survival and longevity of their businesses.
Alliances in the region
Keep on strengthening and expanding our alliances in the region as we already do with Bradesco Seguros in Brazil and Seguros Confianza in Colombia. Combining the best that each company has to offer to ensure the best experience for our customers. We're better together!
The Latin American region and the future
We look to the future of the insurance market in Latin America with realistic optimism. We are aware of the challenges but confident that we are on the right track. Always having the customer at the center of our decisions, investing in technology and people to efficiently deliver market-leading solutions to our customers and brokers.