Only one out of ten galicians who died in 2015 had a life insurance policy
On Tuesday July 5 the “Desayuna con Inade-A Coruña (Breakfast with Inade-A Coruña)” event was visited by Miguel Ángel Vazquez, Head of the Department of Analysis and Studies of the Business Association for Insurance (UNESPA), who presented the main findings of the Spanish Insurance Social Report 2015 and the report on burglaries in Galician households conducted by the organization.
The speaker was presented by the Chairman of the Galician Federation of Municipalities and Provinces (FEGAMP), Alfredo Garcia, who reported on the opening of the negotiations that the organization has established with Fundación INADE (INADE Foundation).
During his speech, Miguel Ángel Vázquez stressed that “Insurance is very proud of its claims ratio and we have a lot to tell and explain. This is why the outreach work entailed by the Spanish Insurance Social Report is important.” Specifically, he highlighted that “in Galicia the insurance industry solved 2.5 million problems in 2015”, which allows us to state that it is the most effective service platform in Spain.
Regarding the analysis of the penetration of the various lines of insurance in the community, the representative of UNESPA provided as information that “83 percent of Galician homes has taken out automobile insurance.” However, he clarified that “insurance is slightly underrepresented, especially in the case of health insurance” because, as Miguel Ángel Vázquez explained, “it’s a largely urban phenomenon.”
The presentation of the report on “Burglaries in homes: Galicia”, which uses 450,000 insured households distributed throughout the autonomous community as reference as well as 1,900 incidents that took place in 2014, yielded several interesting facts for the industry and society. It thus became clear that summer is the favorite time for burglars to act in Galicia, with Monday and Wednesday being the preferred days for these burglaries. Faced with this issue, Miguel Ángel Vázquez maintained that “theft is a constant reality; thefts occur every day. It’s an issue to constantly think about”.
Client knowledge: the key to business in the 21st century
The “Desayuna con Inade-A Coruña” event addressed the implementation of Big Data to the business world and the revolution that it has entailed in all markets.
On Tuesday July 12 the information platform “Desayuna con Inade-A Coruña” was visited by Juan José Casado Quintero, Corporate Director of Data and Analytics at Sanitas, who addressed the application of Big Data to the business world and the revolution it has entailed in all markets, focusing on analyzing the objective of capturing, processing, storing, analyzing and displaying data.
Prior to his statement, the president of the Spanish Association for Artificial Intelligence and Professor of Computer Science and Artificial Intelligence of the UDC, Amparo Alonso, presented some lines of thought on the subject, stating that “without information and without knowledge, data is just noise.” Therefore, he insisted that “adding value to society and companies is essential for data analytics” and predicted that “one of the professions of the future is a data scientist.”
Meanwhile, Juan José Casado showed attendees the huge amount of data available today, because, according to him, “in 2016 every six months as much information is generated as in the rest of human history up until then.” The speaker recalled the importance of the digital transformation in the world and that it entails “the deconstruction of reality and its conversion into “ones and zeroes”, its demonetization and democratization, thus generating large amounts of data, with 80 percent of information being unstructured.” This brings a difficulty, because “man is not prepared to think exponentially, which is how technology evolves.”
According to Juan José Casado, “analytical revolution was led by personalization, because its beginnings went through the objective of improving the client’s experience.” Thus, he said that “content personalization based on Big Data is revolutionizing all industries, with client knowledge being the key business of the 21st century”.
In this regard, at enterprise level, the speaker concluded that “Big Data allows us to differentiate ourselves from our competitors and it’s a business opportunity”.
Adolfo Campos, director of fundación INADE at the inauguration of plan inicia
“Thanks to your knowledge, our companies are better protected, and this is great news for Galicia”
The 40 students in the first class of the “Plan Inicia GERENCIARYS: Course on Risk and Insurance Management” of the Fundación Inade-UDC Chair began the academic phase of the course on September 9, which will run until December. The Dean of the Faculty of Law, José Manuel Busto; Fundación Inade Director, Adolfo Campos; and the Director of the Chair and the course, Fernando Peña, took part in the opening event.
In the academic phase of the plan, students will learn techniques and will acquire the skills required by Risk Management and Insurance professionals by attending classes with a strongly interactive nature. The students will undertake internships in risk management departments of Galician companies in January. As part of evaluating the activity, they must submit work to progress on the development of a risk and insurance management program for SMEs.
The faculty is composed of highly qualified, experienced professionals in their fields, and with extensive teaching experience. Successfully completing this training involves accreditation by the Xunta de Galicia as Group B training of insurance intermediaries. In addition, the best student of this first class will be invited to visit Lloyd’s headquarters in London.
The main objective of Plan Inicia is to strengthen knowledge in risk and insurance management of the people making up the productive fabric by training future risk managers on risks and specialized insurance intermediaries and reinsurance brokers.
Millennials and insurance in Spain
The Inade Forum commemorates Financial Literacy Day by hosting the official presentation of the report by Icea and Fundación MAPFRE.
Six out of ten millennials believe that saving is the best option to deal with an unexpected situation and more than half believe they will have to save to top up their retirement. Only 15 percent are confident that the state pension will be sufficient.
As part of the celebration of “Financial Literacy Day”, Fundación Inade presented nationally, on the morning of October 5, the study “Millennials and insurance in Spain”, prepared by ICEA (Cooperative Research between Insurance Companies and Pension Funds), in collaboration with Fundación MAPFRE.
The presentation of the report held at the Faculty of Economics and Business in A Coruña was carried out by César Quevedo, Assistant Manager of the Insurance and Social Protection Area at Fundación MAPFRE and Elvira de la Cruz, Manager of the Consultancy Area at ICEA, who accompanied Anxo Calvo, Dean of the Faculty of Economics and Business of the UDC, Fernando Peña, Director of the Fundación Inade – UDC Chair and Adolfo Campos, director of Fundación Inade.
The study highlights that nearly nine out of ten “millennials” (young people between 18 and 33 years old) believe that insurance is necessary and it is a good way to ensure peace of mind. In addition, the report highlights the view on savings, insurance and retirement of the youths, students, workers and the unemployed in this generation, who account for 17.6 percent of the population in Spain.
The work also confirms that the trend in the level of assurance of this generation increases as age, responsibility and acquisition of goods increases. The step from 23 to 30 years old is the period in which the most products are taken out, doubling the average number of insurance policies from 0.7 to 1.4.
For this generation, saving is the best option to deal with a possible situation of risk. More than half rely on their individual ability to save and have that money when that time comes, but only 15 percent are confident that the state pension that is generated throughout their working years is going to be enough.