Unlocking Opportunities in the Latin America Insurance Market

This article sheds light on what we learned from two exclusive events in Latin America held in April 2024, along with the challenges and opportunities present in the insurance market.

These events helped our experts better understand the needs of insurers and reinsurers, connect with our clients & partners, and demonstrate how our solutions enable insurance companies to effectively address actuarial challenges.

Addactis participated in the Auto Insurance Summit tailored for the Latin American market in April 2024 in Miami. It was an exclusive gathering of over 50 senior executives and 15 leading experts.

Our experts Alejandro Garrido and Eduardo Laguna with Elsa Costa, managing director at EBM

Our experts were pleased to be part of this two-day convention full of enlightening discussions, networking opportunities, and industry updates in Mexico City.

Camille Sardin, Eduardo Laguna and Antoine Chopy at AMIS 2024

Among the most outstanding challenges is the need to constantly innovate to understand the changing needs of the insured. In this regard, digitalization plays a crucial role in facilitating access to and management of insurance in an increasingly connected world.

It is also essential to analyze the climatic (Hurricane Otis), technological and demographic (increased longevity) factors that influence the growth of risks. Being aware of these trends allows us to offer appropriate solutions and address emerging challenges.

We understand that people look to insurance as a tool to manage everyday risks. As such, insurers have a key role to play in providing peace of mind and security in the face of these new risks.

At Addactis, we are committed to helping companies turn this complexity into opportunities by offering innovative products tailored to the changing needs of our clients.

The industry is constantly evolving, and companies need to be prepared to adapt to this change. Many companies are still facing challenges in terms of the speed of their digital transformation.

This is where Addactis can make a significant contribution to helping our clients maximize the potential of information and new technologies.

We recognize that the challenge remains to meet the needs of both traditional customers and new digital users who increasingly demand customized solutions. At Addactis, we continue to work in this direction, maintaining a customer-centric approach and continually adapting to their changing needs.

On the other hand, in each Latin American country, insurance regulations vary in scope and complexity.
From more traditional regulations to the adoption of international standards such as Solvency II and IFRS 17, each jurisdiction faces specific challenges in their implementation and compliance process. For example, in Mexico, regulation has focused on strengthening the solvency and transparency of the sector.

In this context, Addactis emerges as a strategic partner that understands the regulatory complexities of each Latin American market.

With its global expertise and a cutting-edge range of solutions, Addactis offers specialized tools that help insurers navigate the constantly evolving regulatory landscape.

With over 30 years of experience in the insurance industry, Addactis offers a variety of solutions to insurers and reinsurers as a valuable asset to address their current challenges and effectively meet regulatory standards.

During those events, our experts shed light on how our solutions enable insurance companies to effectively tackle actuarial challenges.

• IFRS 17 Expertise: Gain insights to navigate the intricate landscape of the IFRS 17 standard.
• Reserving Process Optimization: Streamline your reserving process to achieve efficiency and accuracy.
• Pricing and Underwriting Strategy: Explore strategies to enhance your pricing and underwriting practices.
• Compliance with Solvency II: Ensure compliance with Solvency II regulations.