Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

EY: 2020 Brazil Insurance Outlook

Article Synopsis :

Powerful forces are driving trends in the insurance market within Brazil.

 The Digital Insurer reviews EY’s Report on 2020 Brazil Insurance Outlook

Brazil offers great growth potential

Interest rate and exchange rate volatility is limiting growth while inflation and unemployment continue to creep up.

Regulation is upping the ante

The industry is facing new pressures from IFRS17, risk based capital requirements for health insurance, public pension reforms and within a context of inefficient legacy systems.

The market is ripe for digital transformation, as almost half (45.6%) the population now uses a smartphone and has embraced digital channels.

And there is plenty of opportunity. Life has only a 2.1% market penetration, while non life is as low as 1.8%.

The digital roadmap

Customer centricity must therefore be a priority, but business models need to be optimised if this is to be possible.

The number of insurtechs that have launched in Brazil in order to service this demand has increased five fold over the past three years.

While insurers are seeking to expand their digital reach, the broker channel remains dominant in P&C. Trust is high among consumers, yet loyalty is easily swayed based on more attractive charges, terms and policy features.

Disruption may come from pay per use insurance, as alternative digital channels are likely to attract consumers. Motor, extended warranty and commercial are the three primary products. Technology is transforming motor which is highly competitive, while high retail commissions are leading to some players leaving the warranty market. Commercial, particularly or SMEs looks strong for growth.

A new approach

In order to make the most of digital transformation, insurers are looking to innovate in the non-life sector, particularly in connected insurance in motor, home and health.

On demand affinity insurance offers potential for limited duration cover products and the formation of risk pools through peer to peer insurance.

Bancassurance dominates the distribution of savings products, but digital channels are emerging. The individual life risk market has grown 19% in the past three years, while credit Life has grown by 10%.

The path to success

Insurers in Brazil must transform their businesses if they are to succeed in these areas.

Digital transformation must be embraced and implemented as a source of both cost reduction and driving growth.

Legacy systems and processes must be left behind if data quality is to be improved to increase analytics and reduce costs.

Finally, they must focus on new products that customers really want and make them available through their preferred channels, i.e. digital.

Link to Full Article:: click here

Digital Insurer's Comments

Brazil is experiencing the same demands that come from a consumer base that has adopted digital devices and likes the immediacy and personalisation they offer.

Insurers will have to navigate the choppy waters of regulation and the volatile macroeconomic environment.

But even here, great opportunities exist to expand their reach and increase penetration in a largely uncovered market.

Link to Source:: click here

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in