At the end of 2022, Open Insurance will take effect. This brings some challenges and opportunities for both insurers and new market entrants. The data must be used intelligently to offer new products and services to insurance, open supplementary pension and capitalization consumers that allow the sharing of their information between different bodies accredited by Susep. With this, it will be possible to offer innovative products and services that meet the real needs of its customers. This should make the competition for customer retention fierce.
Companies need to adapt to this new moment, leaving ready-made portfolios aside, as the tendency is for consumers to only hire insurance that meets their needs. Big data will be of fundamental importance, as the data will help when offering the right product to each customer, in addition to enabling personalization. In addition, with data available to other insurers and the imminent possibility of losing the client to another company, agility and assertiveness should set the tone for this new moment.
But it won’t just be the insurance market that will be impacted. The use of smart technologies by companies should become increasingly significant, as this ensures more agility to processes. “Technology is a strong ally of companies in this regard, as it is able, through artificial intelligence and in real time, to study the profile of consumers and offer them products and services in line with current needs. Only with technology is it possible to offer the right product, at the right time and through the right channel”, says the director of insurance and health at Pegasystems, Leandro Felix.
Although it seems easy, choosing the right technology is also one of the challenges of this journey, as poorly made investments in IT can result in significant financial losses, as shown in the Pegasystems survey, carried out with 750 IT leaders from 10 countries in the Americas. , Europe and Asia-Pacific. The study shows that 58% of respondents lost between US$1 million and US$10 million (USD) in the last 5 years by choosing inadequate IT solutions. Only 12% reported that all of their IT investments have paid off in the last 5 years.
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