Thursday, December 8

Algorithm and data, the key of Qualia Seguros to break through in the local market

Like a good part of the sectors of the economy, the insurance market is beginning to take the first steps within a stage of changes hand in hand with digitization. The company, whose main shareholder is the Petersen Group, is leading the turnaround in an area that seeks to renew itself based on data systematization and automation.

Hand in hand with a 100% online system, Qualia works without branches or intermediaries and has a wide and diverse portfolio from which they offer home, notebook, handbag, ATM, accident, life, bicycle and pet insurance. . “We are the spearhead. We are first in the field because there is no offer of this characteristic in the Argentine market “, considered the CEO, Diego Gentile, in dialogue with Ámbito.

The main strength of the insurtech lies in its structure. It is a totally digital company that allows the client to self-manage their insurance. However, the insured can choose to interact with a member of the team if they have difficulties in solving their doubts or problems.

“We have fully automated experiences, with our instant claims model, where you start the process in our app, upload the documentation, the information is validated and we make an offer right then and there, without going through a human. Even situations in which, because they are more serious, such as a house fire or the death of a relative, we have a more humane proposal where a person who attends you and follows your topic participates. So you have a super automated and personalized model and a humanized one ”, Gentile clarifies.

Within the insurance market, the company’s positioning is simple: create products that adapt to the experiences that customers seek. Following that mantra, they develop insurance that is designed for the client, thinking about the needs that they manifest. “The customer is first in the product development process. The first thing we do is ask cyclists what they would like to have in bicycle insurance. We ask those who have pets about what they would like to have in insurance. That is our design process “Gentile said.

Following this topic, the company is undergoing a change that goes against what is happening in the market. On the one hand, they do not have intermediaries, which allows them to reduce costs. On the other, they do not offer compulsory insurance. “Within the insurance market, companies are all obsessed with mandatory insurance. All are dedicated to car, motorcycle or life insurance … compulsory insurance. 80% or more of the market premiums are focused on this type of insurance where there is a lot of competition. In Qualia we do not make any compulsory insurance ”, he pointed out.

Far from being negative for the company, the fact of focusing on other types of proposals allows them to have a closer approach to the customer and a high degree of adaptation of their products, which gives them the opportunity to keep up with the need. of its users. In this way, they can have more effective and quick responses, and at the same time increase the confidence of their policyholders.

For Gentile this also represents “a great challenge”, because it requires being attentive to user requirements, but at the same time allows them to innovate. “To develop insurance that people choose to buy and choose to have for the fact that they are beneficial for them, that they are useful and that they generate tangibility.”

The issue of the intactibility of insurance is one of the problems least addressed by the sector. The insured pays a value for a product and meanwhile does not have any benefit if accidents do not occur. In this sense, Gentile stated that the company seeks to prevent the client from asking the question: “What am I paying for?”

“We want to avoid that question, generating different types of insurance usability. That is not just the moment when you have a problem. What we want is to accompany our clients, even if nothing bad happens to them. Give them a benefit, with discounts in different places and recommendations. Being there present at other times, not just when they have a problem, “said Gentile.

The digitization of society in recent years allows companies like Qualia to take advantage of this advantage to convince future clients to cross the path from traditional firms to companies. insurtech. However, mistrust in the branchless and 100% digital model is still present in the business and is something they must deal with on a day-to-day basis.

“That mistrust and another are what we deal with today as a digital company. We work to build trust by dint of customer service, being at the customer’s side, asking how they are, “he explained and gave an example:” If you look at the Google reviews of our company today, it gives 3.1. It’s low, but a week ago it was at 2.6. What we did was tell our clients that if they had a good review, please rate us, because those who qualified were the ones who wanted to do fraud and we stopped them ”.

As highlighted, currently the levels of customer loyalty or NPS (Net Promoter Score, for its acronym in English) “gives us more than 7, that is, much higher than the maximum number in the United States”, Gentile valued .

Regarding the tools used during the insurance approval process, the executive stressed that it is “based on data.” Through the DNI and using a statistical model, the system, which was developed especially for the company, performs a scoring to find out if the client is within the required parameters. “According to that, he offers you the insurance you want, or he does not offer it,” he explained.

At the same time, when the user is managing a payment claim, the system uses a probabilistic fraud model to define if it is paid automatically, if it is not paid or if it is necessary for a person to intervene to perform an analysis. The client’s evaluation is based on the payment history with the company itself and with the insurance market in general. “Financial behavior is reviewed as if it were the treatment of a loan,” Gentile said.

Currently the company works in the provinces of Cordoba, Santa Fe Y Between rivers. “Until the middle of last year we were a company known as insurance banking. In July we launched the current brand and we are deepening that process, “he said.

For the mid-year launch, the company invested $ 3 million with the short-term goal of taking off at the federal level. “We do not have a definite date yet. We want to be better prepared to move forward in Buenos Aires and the City. We are taking great care of the details so that the experience is impeccable. It could be in March, April or May, but the idea is to do it around that date, “he said.

Regarding the volume of clients they work with today, the company has more than one million clients. “We work with about six banks that have a large portfolio. We also have about 300 thousand sales per year. We move very hard, ”Gentile said.

PAG32-safe bici imag_opt.jpeg

Change. Mobility habits are showing a strong transformation due to costs and the pandemic. The bicycle, the chosen one.

Regarding the most demanded products, the first is home insurance, which, at the same time, is the most complex. It is followed by life insurance, which is term, that is, when the person dies, the heirs receive the contracted amount. “In addition, we have purse theft insurance, which due to the current context is quite common. And a year ago there was a lot of demand for bicycle insurance, due to the pandemic, ”Gentile said.

Based on this latest product, in addition to pet insurance, the company aspires to gain space within little-explored terrain. “In the country, probably 90% of the cars are insured, but the number of bicycles is almost nil. The same with pets ”, compared the executive.

Both products allow the user to have different benefits. In the case of pets, cats and dogs can be insured for a maximum period of 10 years. Among the benefits, the client can reimburse all of the veterinary expenses that are due to the animal’s illness, or due to an accident. In addition, you get a 50% refund on purchases of vaccines, pipette, bath, hairdresser and castration. In the case of bicycles, the insurance pays for theft or total destruction, anywhere in the world.

At the end, the executive remarked that the estimates of growth rates in the provinces in which they work are at their maximum level, so the path is to expand. “We can grow towards 1,600,000 policies, but the real growth is towards the rest of the country. We believe that we can make it very strong and in a three-year horizon reach double the level of policies that we have, in a scheme in which we really begin to be seen as a disruptive insurance company, generating policies where there are none, in markets really virgins “, he expressed.

The insurance world is currently at half its potential, according to Gentile, so future expectations are very good. Hence the task of stomping in a sector that still has a low level of digitization. “In a baseline scenario, the market could double, with a maximum of tripling, reaching the highest levels such as Chile and Colombia,” predicted the CEO.