(Expansion) – For some years, digital inclusion has caused a series of changes in the behavior and demands of customers and new technologies have impacted all sectors almost equally; The insurance industry has not escaped all this evolution either.
Just as in the financial sector, mainly banks, fintech (technological companies that traditionally offer banking products) have emerged, the insurance industry has also witnessed the birth of companies called Insurtech (a word in English that unites Insurance and Technology) and a number of websites and online products have also sprung up offering insurance of all kinds.
That is why when someone asks me if it is better to take out insurance online or through an insurance agent, the first thing I try to identify is the person’s profile, I do it this way because now the changes we are experiencing are also redefining customer experience through multiple innovations.
For example, if the person who asks me is a young man who has started working and who is looking to buy life insurance, insure his car, his dog, his apartment or any other product that interests him, he may want to do it online and for that there are many options in the market and pages that can give you a good service. That is where the Insurtech have emerged as one of the best options to take out insurance.
On the contrary, if you are a mature person who has a family and who plans to ensure your life, your family, your children’s education, above all, or if what you are looking for is a plan for the future (retirement, home or for another reason), then perhaps what you need is an advisor to give you longer-term options and help you set priorities.
With this I do not mean that the young person is not thinking about their assets and loved ones, or that the mature person cannot consult the different insurance options that are on the market, but the contracting of insurance depends a lot on the objectives and the future plans of each person and then yes, the options are presented indistinctly.
And that’s the good thing, because now, and despite the fact that only one in four Mexicans has contracted insurance, the options are greater, it’s not just the traditional insurance companies, but now there are companies that offer products indistinctly. from different companies and that is what all this technological change has brought about: an expansion of the product offering and perhaps a better service in the insurance industry.
The offer is now wide. There are insurances as specific as pet insurance, climate change insurance, art insurance and endless products that can be adjusted to all types of consumers. Now the challenge is to see which are the best options and who can more efficiently meet the needs of each of those interested in taking out insurance.
Personally, I believe that all these innovations will bring a great benefit to consumers, because although it is true that the culture of insurance is still low in Mexico, little by little we will see how a greater offer is made available to the consuming public and perhaps also We can talk about financial inclusion in insurance, where we all understand the importance of being insured or insuring our assets at an affordable and responsible cost.
Editor’s note: Octavio Careaga is an actuary graduated from the Autonomous Technological Institute of Mexico and has more than 30 years of experience in the insurance and reinsurance sector in Mexico. He is passionate about American football and currently serves as Director of THB Mexico and the Latin America region. Follow him on . The opinions published in this column belong exclusively to the author.
