In the fifth episode of Hacking Insurance, our host Rodrigo Alfonso talks with Federico Suarez, SVP of Open Banking Exchange and Founder of Aluna Partners, and Marisol Sanchez, President of AIM (Insurtech Association of Mexico) and Co-founder of Clupp.
Hacking Insurance is a podcast where you can learn about the latest digital trends in the insurance and insurtech world with industry leaders. Our host, Rodrigo Alfonso, is co-founder of Sekure, the LATAM market’s embedded insurance distribution network. Throughout the episodes, Rodrigo will talk with guests about technology, innovation, and the impact of Insurtech on insurance.
The critical relationship between collaboration and regulation
At the Insurtech Association of Mexico, Marisol works to foster innovation in the industry and collaboration among industry members in Latin America. In addition, through her startup Clupp, she built an innovative insurance product for low-risk drivers, which is tailored to the customer’s needs.
On the other hand, Federico has worked for more than 25 years in the capital markets sector in Latin America, made his career at Citibank, and today he is part of Open Banking Exchange and Aluna Partners. His mission, through his work at Open Banking Exchange, is to support the development of Open Finance in Latin America.
In this episode, Marisol and Federico talk to Rodrigo about some fundamental issues in the insurance sector: regulation, collaboration, and the relationship between the two. The world of financial institutions has always been competitive, but the ecosystem is going through a transformation thanks to the rise of insurtech, the pandemic as an accelerator for digitalization, and the creation of new Open Finance rules.
As Federico explains, fragmentation is the principal enemy of innovation. The banking sector has already shown progress in collaboration and regulation, which is how in Mexico the Fintech Law was launched in 2018. The insurance sector does not yet have such a breakthrough, and regulatory actors are still working with many diverse interests.
For innovation to do its job, Marisol and Federico believe that it is essential that the different actors sit down to collaborate, to close trust gaps, and together present agreements and solutions to the regulatory entities. Listen to this episode to get an in-depth understanding of Marisol and Federico’s analysis of the industry and where they believe it should be heading.
Outline of this episode:
- [00:45] – Introduction to Marisol Sánchez
- [04:10] – Introduction to Federico Suarez
- [08:10] – Impact of the Fintech Law in Mexico
- [15:54] – Open Finance and collaboration
- [23:45] – The relationship between AIM and insurers
- [31:59] – Relationship between AIM and the Fintech Association of Mexico
- [37:45] – What are the big challenges of the industry according to Federico
- [46:30] – Clupp’s key to success
- [53:00] – Federico’s recommendations for entrepreneurs
Resources and people mentioned:
Very useful information, all help to increase insurance penetration in LATAM region is more than welcome