Digital transformation in insurance
There are no EU-wide rules on additional voluntary insurance. Check your policy conditions before traveling abroad, as insurers may apply different rules in different countries. In particular, your insurance could be limited according to time (e.g. up to one month abroad) or distance (e.g. up to 150 km beyond the border of your home country) and exclude some types of risks (e.g. theft) in certain countries.
Motor insurance premiums vary from one EU country to another, mainly due to differences in contract law, risk assessment and indemnity systems, or the complexity and cost of international claims handling.
Car insurance European coverage
DISPUTE RESOLUTION IN THE INSURANCE CONTRACT: SOME PROBLEMS ARISING FROM THE CURRENT SYSTEM AND ITS COEXISTENCE WITH THE CONSUMER REGIME. A PROPOSAL FOR INTERPRETATION AND RECONSTRUCTION.
At this point, the question arises as to which dispute resolution system should be applied to insurance disputes: the one contemplated in the LPDC or the insurance one? Who should make this decision and on the basis of what elements? How has this matter been resolved in practice? And what are the consequences of such a choice?
The question raised is not trivial, since the rights of the insured-consumer only make sense to the extent that they can be enforced, which normally occurs by means of a claim. The recognition of a myriad of substantive rights would be of no use if they lack effective mechanisms to enforce them, which is why several countries have made efforts to improve consumer access to justice,4 either by favoring their judicial protection or by articulating more effective and efficient out-of-court dispute resolution procedures (ADR/MASC), such as mediation or arbitration.5 In this regard, we propose to review this matter, carrying out an exercise of interpretation and a proposed solution to the system provided to resolve these conflicts in Chile.
Insurance trends 2021
The price of life insurance depends on many factors taken into account by the insurer to determine your risk of loss. Age is one of the main characteristics. This is because if we have a considerably high age, the percentage of risk for insurers will increase, thus profits will decrease.
Insurers take into account the age, health and physical condition of individuals to determine the risk of loss. This means that young and healthy clients are the ones who provide them with the money they need to make their profits and cover their expenses.
Insurance companies operate in a similar way to a bank. This is because they receive amounts of money that we pay for their services and in return they provide us with much larger sums. Part of the money they receive is directed to accounts that guarantee the necessary liquidity for customer claims. The other part of the money they use for investments in the market, where they obtain part of their profits.
Innovative insurance in the world 2021
Therefore, at Munich Re we are of the firm opinion that this context provides an opportunity to make definitive progress in digitization and automation in the sector and prepare for the future. A future that is already here and that is today more “VUCA” (volatile, uncertain, complex and ambiguous) than ever.
Ricardo: Focusing on our Southern Europe and Latin America region, we have developed the SARA (Simplified Automated Risk Assessment) automated underwriting solution. With it, we have been able to bring together the best of our medical underwriting capabilities and the best of our underwriting software development expertise. It is the ultimate solution for automated underwriting at the point of sale. And why is that?
Esteban: Of course, it is a major leap in underwriting quality and contracting improvement compared to current processes. It also allows for more advanced data management, which in turn takes on an absolutely strategic relevance.
Carlos: For Munich Re, data is a key element in our strategy. Without analyzing data, we would not be able to improve our underwriting rules, our products or our actuarial studies, among other things. The data management enabled by our automatic underwriting tools helps us to be able to detect trends in certain pathologies and even analyze whether the wording of a question is confusing for policyholders and thus improve the customer experience. Our automatic underwriting clients will have at their disposal a dashboard where they can easily visualize the most relevant information of their underwriting process, which facilitates the analysis and monitoring of key indicators.