Former Lloyd’s Mexico manager outlines tech benefits
Gabriel Anguiano, the former Mexico country manager at Lloyd’s, spoke to Intelligent Insurer to outline the benefits that technology can bring to the insurance and reinsurance industries.
Anguiano, who is now the head of strategy and business development, Latin America at Probitas Syndicate 1492, cautioned that the industry is not making enough use of existing technologies, never mind new technologies.
He will be presenting “Insurance innovation: products, processes and collaboration” at the FIDES conference on Wednesday, November 15 at 9am.
On some fronts, such as the sharing of information, re/insurers are stuck in the past, said Anguiano, but on others, re/insurers in Latin America are more advanced than many people in Europe/US appreciate.
Insurers can use technology to get closer to younger generations, said the strategy head.
“Technology is a common talking point, and it could be used to make insurance more appealing, easier to understand, more transparent and hence more attractive to the younger, more technology savvy clients,” added Anguiano.
Latin American reinsurers can benefit from innovation by sharing information across the supply chain more efficiently.
He explained that the supply chain is long—insurance agent-insurance company-local reinsurance broker-sometimes a wholesale reinsurance broker in Miami or London-reinsurers—and multiple parties are asking for the same information.
Anguiano went on to say that efforts are currently being duplicated, but that there’s a lot of potential to contribute the information in a more streamlined manner, with “more reliability on the source of the information”.
“Can blockchain technology be used to track the creation of the information needed for placing reinsurance in a reliable manner?” he questioned.
Probitas is opening a Latin America reinsurance hub, based in Mexico City, with property and casualty underwriters with local authority.
This makes it the first Lloyd’s syndicate to have a presence in Mexico, claimed Anguiano.
In his previous role at Lloyd’s, Anguiano opened the Lloyd’s representative office in Mexico in 2015.
Probitas is also reinforcing its teams in the region and London and plans to offer more multi-class products across the world, in those markets where it has a licence to offer insurance, as well as in those such as Latin America where it can only offer reinsurance.
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