Seven trends in the insurance market SEGS:

The insurance market confirmed good progress charges in 2022, with collections of R$265.1 billion as much as September, representing a rise of 18.2%, based on knowledge from the non-public insurance watchdog (Susep). The outlook for the sector stays constructive for 2023 and will have innovation-related initiatives as a key driver. See the key trends based on Fabio Dragon, Director of Innovation, CRM and Digital at Grupo Bradesco Seguros.

1 – Personalized providers

We are in an age of personalization. The buyer needs insurance that is smart for his or her life. This requires insurers to have the flexibility to permit this customization, each self-service and when contracting with brokers, who should work to grasp the buyer’s requirement and provide the absolute best answer. In this context, 2023 is the 12 months when insurers ought to use their efforts and knowledge intelligence to information attainable improvements in their merchandise.

Vida Viva Bradesco is an instance of customizable insurance that was even acknowledged with a silver medal at the Innovation in Insurance Awards 2022 introduced by EFMA/Accenture. It was constructed with this alteration strategy in thoughts, shifting from a pre-formatted product to a win-win answer, with the buyer all the time at the middle of the technique. The Life & Pensions product presents 17 covers and 12 advantages.

2 – Behavioral applied sciences

This 12 months, we hope that the new notion of the insurance market will consolidate, shifting from a danger administration place to a prevention place. Insurance is key to society, providing protection that brings peace of thoughts to folks’s lives in all its points. With the enhance in knowledge assortment made attainable by advances in expertise and communication high quality (5G), it should all the time be attainable, with customers’ permission, to make use of this data to behave far more proactively, benefiting the consumer. and insurers

3 – Built-in insurance

Brazil has nice potential to promote insurance. Thus, increasing the answer providing via complementary services and products can be a key development for 2023. With each pre-sale and post-sale ease, the insured could have practicality and security as allies, components which might be at present obtainable. already a actuality, and will probably be strengthened this 12 months.

4 – Digitization of brokers with distant gross sales course of and intensive use of information

An more and more linked world has affected the dynamics of insurance gross sales. Not that the position of the dealer has decreased. this skilled is extraordinarily helpful as a mainstay of insurance gross sales. However, expertise is altering the instruments obtainable for gross sales execution. Thanks to those advances, in 2023 will probably be attainable to additional empower the dealer, who will be capable of seek the advice of and use product and buyer knowledge remotely a lot sooner, permitting, as talked about above, to suggest the proper product to the shopper. simply in time:

5 – Sustainability (ESG)

The ESG agenda is not only one other market development. The public is more and more in understanding how establishments make investments in and monitor points that embody socio-environmental and local weather points, assessing the high quality and transparency of data. It must be famous that the new shopper profile favors really sustainable corporations

The concern of integrating sustainability points into the technique of Grupo Bradesco Seguros will not be new. An instance of this was the dedication we signed in 2012 to the 4 ideas of sustainability in insurance, recognized in English as PSI, in which we turned a member of the Council.

PSI is a voluntary dedication established by UNEP – FI, which stands for Financial Initiative of the United Nations Environment Programme. This is the discussion board devoted to monetary points that may have an effect on the world atmosphere and brings collectively banks, insurance corporations and funding funds. Since we joined PSI, we’ve sought to speed up the improvement of actions that drive sustainable enterprise progress in line with present ideas. In 2022, we took one other step in the direction of growing good ESG practices by becoming a member of the TCFD, the Working Group on Climate Financial Disclosures, which goals to strengthen dedication to the local weather agenda. These and plenty of different actions are a part of the evolution of the Company’s sustainable practices.

6 – Cyber ​​safety

According to the McKinsey & Company consulting agency, cyber assaults on corporations will enhance by 40% in 2022. This led to a 41.5% enhance in demand for cyber insurance in the first months of final 12 months, based on CNseg analysis. In 2023, these numbers tend to extend. That’s why it is vital for corporations and the public to speculate in cyber safety to have an efficient knowledge safety technique in place, with common evaluation of leak prevention techniques and consumer coaching to guard their knowledge, in addition to, after all, hiring insurance. for full cyber safety.

7 – Testing Metaverse

Metaverse has large potential to evolve the insurance business and the market as an entire. First, as a brand new atmosphere the place current and potential insurance shoppers will join and work together with current product branding and distribution alternatives. Another potential considerations the protection of dangers that can emerge or intensify as the metaverse and its accompanying technological universe expands and turns into increasingly more a part of folks’s on a regular basis lives. There continues to be a protracted solution to go in phrases of expertise and accessibility to the normal public to assist the full potential of the metaverse, however actions like Facebook, now Meta, have facilitated fast consumer adoption and progress and progress. the total world, the ecosystem related to this new digital area.

Guidelines which have existed for years in the insurance business are being accelerated, akin to the use of blockchain, digitization of processes, cadastral interoperability, multi-channel relationships, embedded insurance and cyber dangers. When it involves our on-line world dangers, for instance, some insurers round the world are already taking a distinct have a look at the dangers related to social media bullying. This sort of protection must be much more vital in the metaverse, given the diploma of immersion and the potentialities for interplay between completely different customers.

About Grupo Bradesco Seguros

Bradesco Seguros Group, the insurance conglomerate of the Bradesco Organization, operates nationwide in the insurance, capitalization and open supplementary pension segments, working with consultant corporations in the respective sectors: Bradesco Seguros, Bradesco Saúde, Bradesco Vida e Previdência, Bradesco Capitalization and Mediservice. .


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