Impact of AI in Brazil’s property insurance

Insurtech Story Podcast

Oct 24 2023 • 20 mins

Artificial intelligence (AI) is reshaping Brazil's property insurance sector, offering advantages to insurers and policyholders. AI enhances risk assessment by analyzing diverse data, from location details to claims history. It enables personalized pricing, ensuring fairer premiums. Additionally, AI aids in fraud detection, identifying suspicious patterns in claims. Chatbots and virtual assistants enhance customer service, while IoT devices like fire sensors prevent losses. Automation expedites claims processing, boosting customer satisfaction. AI's data analysis capabilities help insurers identify trends, refining underwriting strategies. The future entails a data-centric approach, IoT integration, climate change considerations, and tailored policies to meet evolving customer demands, amid a competitive market landscape. Adapting to these trends will be crucial for insurers in Brazil.

Points of discussion:

1. How is artificial intelligence revolutionising the property insurance sector in Brazil, and what specific benefits does it offer to both insurers and policyholders?

2. Could you elaborate on the role of IoT in property insurance underwriting? How does it enable real-time risk assessment and what impact does it have on policyholder behaviour and pricing adjustments?

3. What are the key trends and changes shaping the future of property insurance underwriting in Brazil?

Speaker Bio: Hermes Brancaliao, is the Head of Property & Energy Underwriting – Brazil Market at Swiss Re. Hermes has over 25 years of experience in the insurance sector, where he specializes in Property and Casualty, particularly in Large Risks and the Medium Market. He holds a degree in Production Engineering, an MBA in Business Management from FGV and UCI-University of California Irvine, and a Master's in General Administration from Uninove. His career includes roles at prominent companies such as Real Seguros, HSBC Bamerindus Seguros, Yasuda Seguros, and Itaú XL Seguros. Since 2013, he served as the Head of Property & Energy Underwriting at Swiss Re Corporate Solutions Brazil. Additionally, he has shared his expertise as a professor in insurance postgraduate courses. Besides, he is also the author of a book which is on - Major Risks Property Insurance.