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?

Phenomena such as FinTech and in our case, Insurance Technology (InSurTech), are challenges. However, at Bupa Mexico, we focus on three main strategies to remain competitive. Firstly, we have and will be investing in digital transformation to continue to be recognised as the most digital company in the health industry. We invested more than 22 million in our first Bupa Mexico´s App, which allows our customers to access video consultations with doctors all the time, find available medical providers in their area, manage their insurance policy, and measure their vital signs using artificial intelligence, among other functionalities.  Secondly, unparallel service and satisfied customers is the best way to compete against any trend or phenomenon.  Lastly, offering the best and most innovative products in the market allows us to stay relevant and increase our market share.

The legal team acts as a partner to the business during these actions to ensure successful delivery. We advise the business on the best way to implement each strategy. At Bupa we call that “Run and Change”!

In what ways do you see the in-house legal role evolving in your region over the next few years?

LegalTech gained space with the Covid lockdown. Tools such as digital signatures, contract management systems, and specialised legal e-learning platforms have become more available. Nonetheless, they are still not as commonly used in Mexico as they are in other jurisdictions. New generations of lawyers are undoubtedly pushing for a more profound transformation of the legal profession. In-house teams will have no choice but to join this movement. At Bupa Mexico, we are taking steps towards this by training our staff in tech and transformation trends. We have set the objective of making 100% of our contracts and corporate governance documents paperless by 2025, which is in line with Bupa’s ambition to become a Net Zero emissions business by 2040.

What are the most significant cases or transactions that your legal team has recently been involved in?

There were several significant transactions. The successful acquisition and integration of VetMedica, one of the largest health administrators in Mexico, with over 80,000 customers and a network of over 6,000 doctors and pharmacies, and more than 600 clinics and hospitals in Mexico. Also, the negotiation and implementation of a reinsurance agreement with BBVA (Banco Bilbao Vizcaya Argentaria) to support an outpatient product aimed to provide everyday medical coverage for less than a dollar a day for the 33 million Mexicans who currently do not have access to medical insurance or public health services. Lastly, the negotiation and implementation of a strategic partnership with HDI Seguros, a top multi-line insurance company. This will allow Bupa to offer financial protection to more Mexicans and distribute its products thru HDI’s robust agent network.