What the first day of #eila2024 left: more than 900 attendees
The organizers of the Evolución Insurtech Latam, InsurteChile, were very pleased with the progress of the events first day. Their anticipated attendance for the first day of the event (they projected 600 people) achieved a 150% turnout, with 900 registered.
Gabriel Arce spoke with Rodrigo Labbé, president of Insurtechile and co-founder of Jooycar, about the initial achievements of the event and perspectives for the future of the industry at the Latin America level.
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A Promising Start.
We are surprised, we are fascinated, we are genuinely enthusiastic about the audience's response to Evolution Insurtech Latam 2024. We had hoped to target 600 attendees, but we have exceeded expectations with more than 900 people present.
Rodrigo Labbé, Chairman of the Board of InsurtechChile.
"We see that people are very engaged, they are really hooked, so we truly see that we are starting off on the right foot," added the CEO of Jooycar.
Event Purpose: Accelerate the transformation of the industry.
According to Labbé, the purpose of the event is intrinsically linked to the mission of Insurtechile: to accelerate the social impact of insurance through technology.
"The purpose is related to accelerating the social impact of insurance, in terms of coverage, generating resilience, etcetera, through technology. The belief is that this can be achieved through collaboration between the Insurtech world and the insurance world," he explained.
The event aims to bring together the entire ecosystem in a space where connections are facilitated and relevant topics can be discussed through panels and conferences; a context in which Labbé assured that it can help boost collaboration in the industry.
Beyond Assistance.
When asked about how they would measure the success of the event, Labbé pointed out that, while attendance is an important indicator, the real success lies in the connections that are established and how these transform into new businesses and technologies.
"An important measure of success is that these connections turn into new businesses, into new technologies, and that they ultimately translate into being able to offer insurance with greater added value and that can reach more people," he detailed.
The state of the art of the insurance industry in Latin America.
Labbé offered a clear view of the current state of the insurance industry in Chile and Latin America. According to him, although Chile is in a relatively good position in terms of insurance penetration in the region, there is still much to be done to reach the levels observed in Europe and the United States.
"The penetration of insurance within the middle strata of the population is still quite low," he affirmed. However, Labbé sees a great opportunity in new technologies, such as embedded distribution and the use of artificial intelligence (AI) to reduce costs and improve coverage.
"We are in a moment where we believe there is a significant awareness of this, where there are new technologies, where the world of insurance is undergoing renewal," he pointed out.
In addition, he highlighted the crucial role of regulation in this renewal process, mentioning that in Chile as well as in other countries in the region, significant steps are being taken towards an Open Insurance system, which could transform the competitiveness of the industry.
The irruption of artificial intelligence in the insurance industry.
AI has forcefully disrupted the insurance industry, and Labbé does not hesitate to emphasize its transformative potential. "The sale of insurance is a complex sale, it's a consultative sale... If AI can take a role in facilitating distribution and, above all, facilitating people's understanding of what they are buying, it can undoubtedly play a key role in that larger distribution", he explained.
A concrete example is the use of Generative AI by Compara Online, which has facilitated insurance sales using bots instead of people, significantly increasing sales. This type of innovation is what Labbé hopes to see more of in the near future, as they could help grow the insurance industry in the region.
What is Jooycar Up To: Innovation in Vehicle Insurance.
On the other hand, as co-founder of Jooycar, Labbé also spoke about the company's role in the transformation of vehicle insurance. Jooycar uses IoT technology to allow insurance companies to identify driving styles and reward good drivers, thereby encouraging safer behavior behind the wheel.
"Our most popular product is the per kilometer insurance, which is already available in various insurance companies in Chile, Peru, and Mexico, and we will soon be launching with new insurance companies," Labbé shared.
This approach not only seeks to reduce costs for drivers who drive safely, but also aims to change the role of auto insurance, focusing on risk prevention rather than simply covering it when an accident occurs.
In that vein and looking towards the future, Labbé hopes that Jooycar and other innovations in the insurance industry will contribute to a paradigm shift. ""I hope that in five years we have changed the role of car insurance, moving from a role focused on repairing the risk to one oriented towards preventing it"," he expressed.
