MAPFRE: industry must reinvent itself

Antonio Huertas, chairman and CEO of MAPFRE, has warned that the insurance industry must reinvent itself to survive in a changing world.

Antonio told attendees that to survive and thrive in today’s global world, insurance companies need to reinvent themselves and adapt to the new environments they do business in, and be flexible so they can provide solutions tailored to their clients’ needs.

Antonio highlighted the dizzying changes taking place in society, leading to new consumption habits to which the industry must adapt. He also pointed out the arrival of new players in the industry, including automobile manufacturers and technology and communications companies looking to broker the relationship with the clients. The insurance industry should learn from them, and then make itself indispensable.

‘There are new trends – driverless cars, smart homes, big data – that we have to learn about, analyse and bring under our radar so we can create new business models,’ said Antonio.

He continued, ‘Risk is born, develops and dies. But it is also transformed. And that’s the continuous challenge we’re all facing in our business. The role of the insurance industry is vital in our society and changes with it.’

The message came at the close of the 25th MAPFRE Global Risks International Seminars which saw 500 participants from 30 countries came together for two days in Granada to debate the challenges facing the sector.