Insurers that invest in technology record growth of 40% on average
Insurance companies that invest in technology to digitize processes and generate innovation grow faster than their peers that still use legacy systems. A survey carried out by i4pro, together with its client portfolio, which includes approximately 40 Brazilian insurance companies, showed that these companies registered an average growth of around 40% in the first quarter of the year. In the same period, according to data from Susep’s Monthly Summary (Superintendence of Private Insurance), the supervised insurance market grew 15.4%, raising a total of R$82.14 billion.
The sector’s digitalization continues at an accelerated pace, driven by the regulator and by the companies themselves in the quest to reduce administrative expenses and improve margins. In this scenario, technology companies see a niche to thrive. i4pro, for example, had revenue of BRL 69 million in 2021, with more than 30 million items insured on the platform and BRL 9 billion in premiums issued. The company grew 140% in the last five years, with an average of more than 20% growth per year.
In the Oil sector alone, the i4pro platform transacted BRL 1.1 billion in insurance premiums in 2021, which corresponds to a growth of 29.2% compared to 2020. In the Susep report, the same sector presented a growth of 24.6% compared to the previous year.
In the rural sector, the platform transacted BRL 1.7 billion in premiums, 46.3% more than in 2020, while the overall growth of the segment was 39.3%. In Group Life insurance premiums (Pessoas Coletivo), the company transacted a value 12.3% higher than that recorded in 2020, against 9.4% of general growth in the sector.
“Companies in the sector have realized that technology solutions give traction to business and that specialized companies reduce the time to market in the implementation and migration of systems”, comments Rafael Araújo, CEO of i4pro. “We act as facilitators and partners for our customers. We combine technology with business knowledge, innovation and the best talent. We have expertise in insurance and create agile, simplified solutions that work from end to end for all products and services in the insurance market”.