Carlos Alberto Montoya President, Asociación Colombiana de Intermediarios de Seguros (ACOIS)

As the insurance intermediary union, ACOIS works to professionalize intermediaries to inspire greater trust from the public and widen the insurance offerings.

BIO Carlos Alberto is an economist and Magister in risk management with 38 years of experience in the insurance sector. He is also a university professor, author of the book Manual de Seguros, and co- author of Riesgo Estratégico. He has written various articles about strategic risk assessment that have been published in national and international publications. Currently, he works as a consultant in matters of risk and strategy and is member of various executive boards. Alberto is the founder of Creamos Ltda Agencia de Seguros and is president of the board of directors of ACOIS. How would you assess the state of Colombia’s insurance sector post-pandemic?

The effects and social dynamics of COVID-19 in Colombia demonstrate that family insurance companies hold a special position in the creation of new business. The pandemic made clear that solutions must be transformed to reach new risks; life insurance and health solutions must adapt and widen their coverage for situations like COVID-19. For example, the automobile market has changed dramatically as a result of the lockdown. It must be redefined with alternatives such as last-mile services. The pandemic has also severely affected insurance business incomes, and security has shifted to more complex scenarios. Finally, the pandemic has also been a catalyst for innovation in operations. Current trends such as cloud computing services, home office, online working lifestyle, privacy, and data protection are here to stay. Fintech and insurtech solutions will present opportunities for the industry.

What are the most important challenges for Colombian insurance intermediaries?

We have serious challenges in the post-pandemic world. We need to be able to respond in new ways to our customers’ expectations. Digital transformation is a permanent trend, a lesson learnt from COVID-19. In addition, 24/7 customer service response capabilities and its implications are driving software development in the industry. Customers have learned to trust digital platforms and approach insurance companies directly. Therefore, our knowledge and experience as insurance intermediaries must be a differentiating factor. Expanding our online services is a necessity. We must also widen our coverage scope by featuring the latest market trends and products. There are new products that we must learn about and skills we must develop to ensure top-notch service.

What opportunities for growth and development do you foresee arising from this year’s events?

There are opportunities to utilize new technologies for product creation and commercialization. The industry is moving toward high-tech, solutions-based services. There are also opportunities linked to the lifestyle changes that resulted from the pandemic. Product innovation will accelerate.

How has ACOIS more broadly adapted to the acceleration of the digital switch in 2020?

ACOIS offers its members digital transformation programs. We encourage companies to embrace digital options such as apps and to develop new web services and software solutions that support management and business needs.

One of the big priorities for insurers is raising the level of penetration so that all Colombians have access to insurance. What is your assessment of this challenge?

Intermediaries are at the center of insurance penetration. The distribution of insurance services is changing; disruptive ideas are not only pushing innovation but also creating new risk exposures for consumers. For example, retailers are extending insurance-type products that are not sanctioned by the regulatory to clients. ACOIS members are certified by the national regulator institution and are recognized for their knowledge and consumer-focused attention. Insurance is not an easy product to understand, and customers can benefit from the expertise intermediaries offer. Users need guidance and support to ensure they understand and reap the benefits of insurance. Blind growth focused on numbers does a disservice to an industry that requires client-focused attention.

What is in store for Colombian insurance intermediaries in 2021 and the coming years?

ACOIS works to professionalize intermediaries. As the insurance intermediary union, we promote new law requirements that result in greater safety for the public. Our focus is on the profession rather than on being a commercialization channel. As the industry grows, the insurance intermediary business must prove its added value, namely knowledge on risk management and commitment to the client.