Last month I had the opportunity to chat with Gabriel Lázaro, Head of Digital for Chubb Overseas General, and with Omar Quiroga, Product Director at Rappi[1]. The topic was “Insurance for the Masses”. Some of the areas where we spent time during our conversation include:
- Insurance has traditionally been offered (and purchased) to the top of the pyramid (in personal and commercial lines). We’ve seen efforts aiming to base of pyramid and to mid-market (SME and mass/retail), but do the masses want insurance? if yes, what type of insurance and value proposition?
- Why is a SuperApp interested in insurance?
- How does a SuperApp make their customers get interested in (and purchase) insurance?
- How important is data to the offering and operating model for this segment? Where are we today and where should we aim?
- How to use data when you depend on business partners that “own” the customer?
- If you depend on partners to sell insurance in the point of interaction, how important is the insurer brand?
- Can an insurer manage the coexistence of an operating model and value proposition created to cater high net worth (top of pyramid) with the one required for the masses?
- What capabilities from the traditional insurer are still relevant in this business model and which are new capabilities you need to incorporate?
Partnerships such as the one established by Chubb and Rappi are the expression of a growing trend of digital partnerships and ecosystems, which was also corroborated by Gabriel who said: "Integrated insurance offers the ability to provide coverage and protections as a native feature within an online or application-based transaction. It has the potential not only to transform the insurance distribution model, but also helps address the global protection gap, making such protection more accessible and affordable for the end consumer."
A session worth watching!
The video below (in Spanish) gives you access to the recorded session. Hope you enjoy it, as I did!
PS: If lost in translation don't hesitate to get in touch and we can get into a conversation in English :)
[1] Rappi is a Colombian multi-vertical company headquartered in Bogotá, Colombia, and with main offices in São Paulo and Mexico City. It was founded in 2015 by Simón Borrero, Sebastian Mejía, Felipe Villamarín and Guillermo Plaza, and today is present in 9 countries (Colombia, Mexico, Costa Rica, Peru, Ecuador, Chile, Argentina, Uruguay and Brazil) and more than 200 cities. Rappi has been defined as the Latin American SuperApp and one of the fastest growing companies in the region
