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AM BestTV: Spanish Insurers Turn to Technology to Enhance, Reach and Control Costs, Says Senior Financial Analyst

April 1, 2019

OLDWICK, N.J.--(BUSINESS WIRE)--Apr 1, 2019--In this episode of AM BestTV, Jessica Botelho, senior financial analyst, AM Best, said insurers in Spain are using technology to combat limited growth opportunities in domestic markets and political risk in Latin America. Click on http://www.ambest.com/v.asp?v=spanishtechtrends319 to view the entire program.

Botelho addressed the issue of what is the motivation for companies needing to invest in technology.

“Spanish insurers are finding that there is limited growth in both their domestic and foreign markets,” said Botelho. “Domestically, insurers are faced with tight margins and lower investment returns due to the persistent low-interest rate environment…. In Latin America, there has been some increase in political and economic tensions, which has really made insurers more cautious in their growth plans there.”

Botelho also highlighted how technology is driving sales.

“Insurers are able to collect quite a lot of information on their consumers, and they are using that information to create new products. They are tailoring products in such a way to better service their customers, as well as enhance the customer experience. Another way that technology is being used is internally through the streamlining process, streamlining the functions and creating efficiencies through the use of artificial intelligence and machine learning,” she said.

To access a copy of this special report, titled, “Spanish Insurers Utilise New Technology, but Traditional Distribution Methods Dominate,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=282925.

Recent episodes of AM BestTV include:

  • Converging Forces Drive Mergers &Acquisitions for Insurers in CIS Region, Says AM Best Senior Financial Analyst: Valeria Ermakova, senior financial analyst, AM Best, said business costs, bank consolidation and increased regulatory scrutiny have furthered mergers and acquisitions among insurers in the Commonwealth of Independent States: http://www.ambest.com/v.asp?v=cis_english319.
  • Insurers in Western Europe Look to Mergers and Acquisitions for Growth, Says AM Best Managing Director: Greg Carter, managing director, analytics, AM Best, said most rated insurers in Western Europe carry a stable outlook, but face challenges to grow faster than the mature markets they serve: http://www.ambest.com/v.asp?v=westerneurope319.
  • Blockchain Already a Presence in Captive Insurance Sector, Says Captive Panel: A panel of captive insurance experts at the Captive Insurance Companies Association (CICA) 2019 International Conference, discuss the ways blockchain technology potentially can help companies better manage captive-insured risks: http://www.ambest.com/v.asp?v=cica3319.
  • ‘A Black Eye for the Industry’: Spirit Commercial Auto RRG Insolvency Talk of CICA: The placement of Nevada-based Spirit Commercial Auto Risk Retention Group into permanent receivership and how it might impact the alternative risk transfer market was the preferred topic of discussion at the CICA conference: http://www.ambest.com/v.asp?v=cica19.

AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes athttp://www.ambest.com/multimedia/ambtvsignup.html. ViewAMBestTV episodes athttp://www.ambest.tv.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visitwww.ambest.comfor more information.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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