In a changing financial landscape, how does the company remain competitive against new phenomena such as fintech and blockchain, and how does the legal team assist with this?
Undeniably, the impact of the digital age is key to defining the insurance business in the future. It forces us to adapt to a new paradigm in the way customers want to buy and be served. It goes beyond offering insurance products and services through social networks. It is about understanding the importance of the client’s opinion, experience, and information throughout the value chain. Nowadays, people are increasingly integrated into the digital sphere. This shapes their mentality to the extent that they share sensitive information.
Therefore, the legal team plays a crucial role, not only to ensure compliance with local law and global policies but to also guarantee the correct and appropriate processing of personal data. It has to make sure that contracts are there to protect the highest interests of those involved. Through the application of technologies such as insurtech, robotics, artificial intelligence, and blockchain, the team’s aim is to mitigate fraud attempts as well as contribute to the success and sustainability of the organisation.
What are the most significant cases or transactions that your legal team has recently been involved in?
During the pandemic, the legal team set in motion mechanisms that allowed business continuity. It was ready to respond to the clients’ demands for concrete and simplified solutions due to the restrictions. It actively participated in the updating of more than 200 contracts and the subscription material that required to be modernized. Furthermore, it has carried out the consultancy of a case that resonated throughout the whole Ecuadorian insurance market.
In what ways do you see the in-house legal role evolving in your region over the next few years?
I am convinced that the organisations that successfully incorporate digital capabilities into their operations are the ones that understand where the future of the market lies. However, Latin America is based on tradition. The legal role is therefore challenging as, to keep up with the clients’ expectations, innovation needs to be kept alive. It is fundamental that a legal figure dares to implement new solutions, be an agent of change, and contribute to the discussion of regulations that adapt to the changing environment as well as dynamising new business models.
Apart from legal matters, has the team worked on other company initiatives?
The team works regularly with compliance and risks. Additionally, it takes part in corporate social responsibilities initiatives promoted by the Zurich Foundation and the Ecuadorian Swiss Chamber of Industries, Commerce and Services, which it also chairs.
