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Innovation and Digital Transformation at Renta Nacional Seguros: An Interview with Felipe Breyer and Osvaldo Castillo

27 June 2024 · By Ana Navarrina

In this interview, Felipe Breyer, commercial manager, and Osvaldo Castillo, manager of vehicle claims and management control at Renta Nacional Seguros Generales, share their vision of the digital transformation and innovation in the company. With more than 40 years of experience in Chile, Renta Nacional stands out for its focus on technology and proximity to its clients. From digitalization projects to the implementation of advanced tools such as Visual Intelligence, the executives explain how the company adapts to a constantly changing market and positions itself at the forefront of the insurance industry. They also address the importance of choosing the right technology partners and how collaboration with Bdeo is transforming its claims management.

The commitment to technology

Renta Nacional is a well-established company with more than 40 years of experience in Chile. How would you summarize its commitment to technology over the years? Has it been progressive or has it gone from 0 to 100? Which departments have led the way? (Felipe Breyer)

A: Since 2021 we have been undergoing a digital transformation process that not only changes the type of communication, but also the way in which we relate and interact with others. This company values closeness and direct contact as the most important value in our interactions, differentiating us from the rest and making us the most developed Chilean insurance company in recent years. With this as a central focus, technological innovation processes are always centered on the people -internal users- and on a business model centered around the client's needs. We prioritize providing each of our business partners with the technological tools that will adapt to their business models, therefore, brokers can directly use our platforms, those who need API or web service integrations can directly integrate it to their systems, as well as others that use platforms that group brokers together. In each of these instances, we will be delivering our solutions.

Recent technological projects

Thinking about the latest technological innovation projects you have underway, with what objective have they been initiated? What do you expect to obtain from them? If you wish, you can give some examples of such projects (Felipe Breyer).

As part of the digitalization process, we have worked hard to add more tools to our platforms that allow our brokers to self-manage, which provides speed and flexibility. For example, as part of this we have been incorporating online issuance quotation systems, online renewals and discount models that allow the broker to obtain better conditions according to his profile. As a company we take this as something dynamic, that never stops, our web is alive, that is to say, there is a long term development plan, since needs change and we cannot rest in delivering more and more tools.

Policyholder claims

What kind of process are policyholders demanding? Are they looking for a more digital process? How are they adapting to these new demands? (Felipe Breyer)

As in most companies, our clients also demand more agile and personalized processes. Digital transformation is currently a priority for the insurance industry, especially in a client-focused business model where technology is fundamental in improving processes, service times, and delivery of excellent service. This is key to remaining competitive in this highly competitive market.

One example is the Compulsory Personal Accident Insurance (SOAP). The entry of new sales channels, increased competition, and integrations with municipalities have allowed sales in recent years to be mostly digital, especially in personal lines. Marketing strategies have also evolved to be 100% digital, aimed at driving traffic to websites, building customer loyalty, and establishing more direct relationships.

As a multi-channel and multi-product company, we are prepared and have invested in providing our business partners with the flexibility and commercial tools they need to develop their business effectively.

Competition and market innovation

Is the market very competitive in terms of innovation? What is the key to staying at the forefront of innovation? How do you keep abreast of the latest developments? (Felipe Breyer)

Innovation is fundamental in a competitive market. To be at the forefront, a competitor must develop new products or services, processes or business models, improve existing ones, or seek new alternatives, taking into account the trends in the insurance market. In this sense, it is essential that companies adapt quickly to changes, and even anticipate them to take advantage of opportunities for improvement. Such as the one currently offered by digital transformation and AI to become more efficient, improve the customer experience, automate processes and make decisions based on data.

Choosing the right technology partner

Sometimes when technology companies propose a project to an insurance company, there is a lack of realism and good adaptation to their processes. For you, what are the clues that a technology company is going to be a good partner to count on? (Osvaldo Castillo) 

A: The choice of a good partner is key to the success of a project, so it must have, in addition to technical knowledge, experience in the insurance industry to understand the particularities and challenges that exist in this market, to be able to deliver a customized solution in an area that, in general, is traditional. In addition, it is essential to have a customer-centric mindset; it should not only be focused on the technical aspects, but should also provide comprehensive advice and support in the digital transformation process. Likewise, the technological solution must improve the end customer experience, so it should have knowledge of the latest trends in AI and how to apply them to improve processes and customer experience, as well as experience in implementing sustainable technology that delivers efficient support and fluid communication. Finally, cybersecurity is crucial, so you must ensure the security of data and systems.

Future of claims management

How do you see the claims management of the future? How do you want to transform it? What friction points can technologies such as Visual Intelligence solve? (Osvaldo Castillo)

We believe the future holds radical changes, for example, moving from the combustion car to the electric car. There are additions to their already known benefits, such as collecting information from their users. This indicates that in the near future, we will have professional experts in gathering and processing this data, which will be pivotal in case of an accident. We must react proactively to these changes and address this need gradually, for this is a transition that will make a difference in the market. We cannot be left behind, indeed, it is an opportunity for our differentiation strategy. The use of Big Data, AI, and others, is a necessary part of our day to day.

Partnership with Bdeo

Why did you choose Bdeo as your technology partner? (Osvaldo Castillo)

Because Bdeo operates in a global market, spanning more than 50 countries, including Europe and LATAM. Their vision provides us with expertise that we lack, along with a cutting-edge AI tool for image scanning. This tool simplifies processes, adapts to our needs, and most importantly, empathizes with users, allowing us to enhance our customers' experience, which is fundamental for us. Bdeo also has proven strengths in cyber security, fraud prevention, and georeferencing, among other areas.. 

Would you like to explore our solutions in action? Request your demo today.

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