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Fifth International Insurance Industry Conference

Published 14 agosto 2018

The Fifth International Insurance Industry Conference (CIIA, its Spanish acronym) took place in Chile last April. The message provided by José Manuel Camposano, President of the Chilean Insurance Association at the CIIA, was that the industry is “facing new times of modernisation”.

The majority of those present at the conference agreed that the insurance industry must advance to create a new culture of innovation, challenge and opportunity. This would allow it to better connect with its clients. The insurance industry should also be prepared to act quickly and creatively within timelines to avoid being left behind. As a result, the industry is making significant changes to invest in insurance products that are cheaper and increasingly customised to each insured's needs. For this reason, insurance companies are encouraged to implement high-tech processes to ensure that they are able to offer fast and intelligent solutions.

Related to this objective of better-addressing insureds' needs, some companies in the Chilean market have started to offer car insurance with premiums that are dependent on the distance travelled by the cars. In this way, an insured that does not drive often (or far) can reduce its monthly expenditure by paying a cheaper premium.

These challenges are turning the Chilean insurer market into the most developed market in Latin America. According to the Herfindahl index, the local market is highly competitive, with around 68 operating insurance companies.

Click here to to read the Spanish article

Authors

Guillermo Amunátegui Errázuriz

Guillermo Amunátegui Errázuriz

Santiago de Chile

+56 2 2207 4455

Key Contacts

Guillermo Amunátegui Errázuriz

Guillermo Amunátegui Errázuriz

Santiago de Chile

+56 2 2207 4455

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