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A Forward-Looking Perspective

By Gonzalo Geijo, Chief Commercial Officer of Charles Taylor

The end of the year is a key moment for reflection—a time to assess the goals set and the milestones achieved. For Charles Taylor, 2024 has been a year of steady growth and consolidation, strengthening our position as leaders in technological solutions for the insurance market in Latin America.

Our participation in major events across the region has been a testament to this commitment. Engaging with markets such as Mexico, Colombia, Chile, and Argentina, each encounter has served as a platform to get closer to our clients, listen to their needs, and develop tailored solutions. Proximity to our strategic partners has been crucial to understanding the dynamics of a rapidly evolving market that increasingly demands greater digitalization and agility.

Global Expansion and Achievements

This year, we set two ambitious expansion goals:

Entering the United States, a strategic and highly competitive market. Our presence at InsureTech Connect (ITC) in Las Vegas allowed us to position our InHub platform as a cutting-edge tool addressing global needs in product innovation, time-to-market acceleration across the entire sales cycle, digital distribution, third-party integration, and enhanced user experience.
Strengthening our presence in Spain. We actively participated in key events such as Insurance Week in Madrid, where we showcased how our solutions are accelerating digital transformation in the European market.

This focus has not only opened up new opportunities but also enabled us to solidify tangible success stories.

Adapting to a Changing Landscape

The insurance market is undergoing a phase of rapid transformation. The demand for end-to-end digital processes has rendered lengthy and costly system renewal projects obsolete. Today, modular, scalable, and adaptable solutions enable quick and efficient implementation to meet the demands of both clients and regulators. According to a McKinsey study, insurers adopting digital technologies can reduce costs by up to 25% while significantly increasing customer satisfaction.

In this context, our InHub platform has been designed with a forward-thinking vision:

Agility to adapt to technological and social changes.
Connectivity to quickly integrate with third-party systems.
Scalability to meet the growing demands of internal and external clients.

Building the Future of Insurance

The challenges faced by the market—technological, environmental, social, and regulatory—require not only immediate responses but also solid and experienced strategies. With over 140 years of history, Charles Taylor combines tradition and modernity to support insurers, brokers, and other intermediaries in their modernization and adaptation processes.

The future of insurance is not coming—it is already here. Digitalization, artificial intelligence, and process automation are fundamental pillars for addressing the challenges of the coming years and building greater resilience within the industry.

Our invitation is clear: let us continue walking this path of innovation and growth together.

Generative AI: Investments and Optimism Remain Strong

After the initial wave of enthusiasm for generative AI, skepticism began to surface, with analysts and investors asking: Where is the return on investment? Which applications are best suited for generative AI? Is this another bubble?

In this context, global consulting firm Bain & Company has just published updated data from the third quarter of 2024 from its regular survey of company executives on AI (Bain Generative AI Survey). The good news is that most companies disagree with the skepticism. They continue to invest in generative AI, increasing the number of pilot programs and production implementations, with high levels of satisfaction regarding this powerful technology. In fact, it remains one of the top three priorities for 51% of surveyed executives, two percentage points higher than the previous measurement. For 75% of them, generative AI is a priority due to its potentially disruptive impact on their industries, reducing costs and improving products.

According to the report, companies that have adopted the technology have made significant progress in key areas such as software development, IT, marketing, product design, and operations optimization. In fact, more than half claim that generative AI has already created business value for their company.

In the specific case of the insurance market, it is estimated that generative AI could reduce non-life insurance claim expenses by 20% to 25% globally and total losses by up to 50%, equating to global economic benefits of over $100 billion.

Despite these achievements, barriers persist. Data readiness and the lack of skills to manage generative AI tools are cited as the main challenges. However, investments in this technology have grown significantly compared to the previous quarter, demonstrating a sustained commitment to overcoming obstacles and maximizing the transformative benefits of generative AI in business.