The Future of the Insurance Industry

The current and future development of the insurance industry will depend on the ability of the industry to be relevant, deliver solutions and strengthen itself, beyond the traditional environment, particularly in Colombia and Latin America.

The future of the industry is in the development of accesses that have, affinity and relevance, which is why understanding current demographic changes and those that are to come are some of the essential aspects to get out of the traditional adaptation of the insurance and its distribution by socioeconomic strats. This translates into not tinting clients with the same insurance but according to the reality of each one.

Thanks to the above, the low penetration of the insurance marketing will be allowed to increase. Measuring the value of the premiums, in 2017 it was 2,85% of the GDP in Colombia, far from the average of Latin America (3.2%) and 9% of the countries of the Organization for Economic Cooperation and Development (Chile and Mexico being some of them).

The Insurance Industry and Communication

Internet communications are becoming increasingly important in people’s lives. The insurance industry sector has begun to understand that the future lies in how it works online.

In this way, new platforms and models of insurance industries have emerged, which have decided to jump once and for all to the digital platform to enter the era of networks and reach more people around the world and thus, regardless of distance geographic, be closer to your customers.

New skills and changes

New industries understand that people today love possibility to customize your insurance according to your needs, so the future is inoffer fully customizable and non-standardized plans.

Likewise, other sectors such as banking now offer insurance plans, so that the change is mandatory for traditional insurance industries that still fear change if you don’t want to be left behind seeing how the competencies cover the whole market.

For all this, the future of the insurance industries seems to be very dynamic for the first once in history and full of many changes.

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