Insurance: Trends and Business Evolution

Customers who are guided by immediacy and technology, who are also more focused on travel than buying health or life insurance, force insurers to reinvent their processes to continue increasing their sales.

Tuesday, August 27, 2019

Because the population group known as the "millennials," which is made up of customers who like to keep up with the buying process and are not willing to wait, companies must transform to keep up with their sales pace.

Faced with these challenges, there are technological innovations such as InsurTech. These new technology companies develop for insurance companies "... platforms and applications that compare products, analyze the profile of users, create accesses and simplify procedures for claim and payment of claims, in addition to facilitating online subscription, mean a turn for companies in the field," explains

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Juan Moreno, an economist at Panama's Superintendence of Insurance, said that "... There is potential for the insurance industry to continue to grow thanks to new technologies and other important factors, such as financial technology (InsurTech) that helps improve financial activities, telematic insurance, comparison tools, tools to define purchase, sustainable innovation, and responsibility for the environment."

Another factor that has transformed the industry are the new working models derived from the collaborative economy, since discussions are raised about who should cover accidents in these work spaces.

In this scenario, the insurance market in Panama reports an increase in sales, since in the first five months of 2019 premiums of $643 million were underwritten, surpassing in 4% the $619 million reported in the same period of 2018.

At a Central American level, Fitch Ratings forecasts that the insurance sector will close 2019 with a 6% year-on-year increase, a behavior that would be based on the behavior of the markets of Panama, Costa Rica and Guatemala.

More on this topic

Insurance Market Keeps Rising

January 2019

In the first eleven months of 2018, premiums of $1.378 million were underwritten in Panama, exceeding by 6% the value reported in the same period of 2017.

The latest data from the Superintendence of Insurance and Reinsurance, detail that between the first eleven months of 2017 and the same period of 2018, the value of premiums underwritten went from $1.301 million to $1.378 million.

Costa Rica Insurance: Claims Up 10%

August 2014

As of July claims for payments totaled $284 million, with personal insurance policies having increased the most.

In the case of personal accident insurance, registered insurance companies reported an increase of 13% between July 2013 and March this year. "...Within this category, those that grew the most were those of health and accident insurance, going from $26 million to $28 million. "

Panama: Insurance Sales Up 18%

July 2013

During the first five months of 2013 $97 million worth was sold, predominantly in the categories of car insurance, health and group life policies.

According to Carlos Berguido, director of the Panamanian Association of Insurers (Apadea), the increase is attributed to the immediate responses to claims by owners of insurers, resulting in consumers acquiring more policies, because of the trust inspired by claims being paid quickly.

Panama's Potential in Reinsurance

June 2012

The country aims to position itself as an international or reinsurance hub, where companies meet the needs of other companies in Latin America

The Superintendent of Insurance and Reinsurance, Luis Della Togna, said there is already interest from several companies, including Lloyd's of London, who see opportunities for growth in the region.