The 10 trends in the insurance sector for 2017 (1st part)

Posted by media on February 21, 2017 at 9:00 AM

The financial dimension of the insurance sector makes it belong to the financial sector; however, in a way it also competes with the latter when considering the extent of the disruption created because of the arrival of new technologies and new companies in both sectors, called fintech and insurtech startups.

In this sense, and although the financial sector got a late start, the insurance sector is slowly advancing to the same level as the first one in terms of global investment volume. According to data from CB Insights, the volume of investments from venture capital funds in insurtech startups in 2016 reached the figure of $1,620 million.

Aware of this boom, Capgemini, one of the world leaders in consulting, technology and outsourcing, recently published a report that considers the top ten trends in the insurance sector for 2017.

In this first post we will delve into five of these trends that will profoundly transform the insurance industry globally.  

This post is also available in Spanish.

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Topics: Finance & Insurance

Which digital tools best contribute to improving the efficiency of a finance department?

Posted by media on September 8, 2016 at 9:00 AM

In one of our posts last week, we examined the new strategic role of the Chief Financial Officer (CFO), as well as the need for this role to become more actively involved in all the decision-making related to digital transformation.

The CFO’s job implies a fair number of challenges, among which is leading the digitization of his/her own department. Given that we live in a digital world, it’s imperative for a CFO to be up-to-date on any new trends, solutions or tools to best automate a company’s administrative tasks.

At the end of the day, more automation equals greater efficiency and more free hours that the financial team can devote to tasks that have a direct impact on a company’s key performance indicators (KPIs). In this post, we review three tools that every finance department should use to instantly and easily achieve a much more fluid working process.

This post is also available in Spanish.

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Topics: Finance & Insurance

What strategy should large insurance companies adopt in the face of the insurtech boom?

Posted by media on July 26, 2016 at 9:00 AM

It seems that nothing can halt the digital transformation currently taking place in all sectors, driven primarily by companies who have dared to question the status quo while taking advantage of new technologies to create easy-to-use digital solutions perfectly adapted to consumer needs.

Although disruption in the insurance sector has hit somewhat later than in other industries, the changes ushered in by insurtech companies are well underway and progressing rapidly. Every day, new companies are bidding for a share of the insurance pie - a market that back in 2014 was valued at an estimated 3.8 trillion, according to McKinsey.

Faced with this avalanche of new digital competitors, what strategy should large insurance companies adopt in order to enjoy the benefits and mitigate the risks posed by insurtech?

This post is also available in Spanish.

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Topics: Finance & Insurance

Key benefits of advanced eSignatures for insurance brokers

Posted by media on July 19, 2016 at 9:00 AM

Despite living in times of such fundamental change, the main role of insurance mediators - besides being expert advisors - is essentially a commercial one. Insurance brokerages facilitate relations between insurance companies and customers, thanks in great part to their highly personalized customer service.

Therefore, the biggest factor for having successful relations with policyholders runners is trust. The mediator is the person who explains, interprets and advises clients on the specific options that best suit their needs. Today, the most pressing need is for brokers to forge relationships of trust with their customers in a digital environment - and this in itself naturally creates its fair share of challenges.

On this subject, it is important for brokerages to make advanced electronic signatures available to their customers. Why?

This post is also available in Spanish.

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Topics: Finance & Insurance

IEB publishes global ranking of competitors in the financial sector

Posted by media on July 14, 2016 at 9:00 AM

Spanish Institute of Stock Market Studies IEB - an affiliate of Complutense University and sponsored by the Madrid Stock Exchange - has recently published its third Annual Ranking of Competitors in the Financial Sector.

The list, compiled by IEB’s Research Department under Rodrigo Garcia de la Cruz, Director of Innovation and Financial Technology, aims to "identify, study and assess the threat of each of the fifteen biggest financial competitors in the sector" worldwide.

In this post we have summarized the report with an overview of the exciting new developments taking place within the finance industry.

This post is also available in Spanish.

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Topics: Finance & Insurance

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