Insurance and reinsurance market, as it is today, will no longer exist in the future. New technology and changes in consumer behavior pose challenges to one of the most traditional sectors in economy. Thinking on such transformation, IRB Brasil RE presented two projects being developed by it during Expo ABGR – the largest event on risk management in Latin America, gathering more than 3 thousand people yesterday and today (November 13th), in São Paulo. One of them focus on speeding claim payments and the other one, on making the insurance price even more accurate.
Called Falcon and Cat Hazard, these solutions are based on block chain technology and social network monitoring respectively. They are ideas born during a pioneer program gathering students from different areas and professionals working in the sector, and their scenario is the innovation laboratory of a university in Rio. Since 2018, Insurtech Innovation Program, an open innovation partnership with Mongeral Aegon and PUC-Rio, structured more than 40 solutions proposed for more than 80 participants.
“Insurtech and its projects are an example of our ability to generate innovation. We look for differences when developing better services, as we sell services to our customers instead of products. Many companies are most of the time focused on developing a portfolio and the customer experience is forgotten. IRB is focused on the complete support to customers and not only on the product, adopting, in addition to innovation, a customer-centered approach”, highlights IRB’s Strategy and Innovation officer, Lucas Mello.
Falcon’s proposal is managing parametric insurance through block chain and, thus, speeding the payment of claims, making insurers routine easier. The system uses block chain smart contracts to store data, and it can be adapted to any product paying indemnities through parameters, such as rural insurance. The platform automatically receives parameter values, validates contract information, detects claims and notifies the insurer.
The other project, called Cat Hazard, intends to monitor catastrophic events through social networks. The scanning performed by the system identifies the amount of words related to phenomena such as hurricanes and its place, assuring more accuracy and allowing the use of such data in risk analysis. The platform allows for both verifying the history of events in certain areas and real-time alerts on possible catastrophes, speeding claim confirmation.
