How can innovation and new technology contribute to the insurance and reinsurance market to overcome the challenges after covid-19 pandemic? Finding answers to this question is the mission of the first cycle of Insurtech Innovation Program 2020 – a partnership including IRB Brasil RE, MAF Seguros and PUC-Rio -, and whose goal is to structure seven projects up to July, focused on prospecting and sales.
“Facing this highly uncertain and volatile moment brought by the new coronavirus, our open innovation program is one more initiative looking for solutions, products and alternatives to contribute to overcoming the crisis challenges. Focusing on the digital transformation of the industry and our customers, we will be prepared for the moment after the crisis”, explains IRB Brasil RE’s Strategy and Innovation officer, Lucas Mello, who is also part of the crisis office created by the reinsurer in April in order to monitor the market and structure actions that present answers to the pandemic.
After an immersion period to understand how the sector works, the 20 university students selected by Insurtech in February and the professionals from both the companies gather daily, aiming at developing products and solutions based on technologies, such as block chain, machine learning, artificial intelligence, internet of things and virtual and augmented reality. Due to the social distancing measures, the meetings are held 100% online and use PUC-Rio’s distance education methodology.
The third edition of Insurtech Innovation Program takes place up to January next year, with plans of producing 21 projects up to such date in three different cycles. The initiative, launched in 2018, is multidisciplinary and has already encompassed more than 60 students from different degrees, such as business administration, engineering, industrial drawing, social communication, actuarial sciences and psychology, from universities such as PUC-Rio, UFRJ, UniRio and UFF. Four solutions structured by the program are already being developed and implemented in both companies.