The 5 biggest challenges facing the Colombian insurance market in 2025

The event organized by Fasecolda in 2024, held between September 25 and 27, brought together the main players in the insurance industry in Latin America and beyond, offering a space for the exchange of ideas, reflection on current challenges and exploration of future opportunities.

With the presence of professionals, companies and industry experts, the convention served as the ideal scenario to learn about the state of the market and evaluate how technology, sustainability and talent development are shaping the future of insurers.

Bdeo, as a key player in the digital transformation of the industry, had the opportunity to present its latest innovations and contribute to discussions on how technology is positively impacting the sector.

What were the main lessons learned at the Convention? Read on to find out 👇

Innovation and Sustainability: The Future of the Insurance Industry

In a global context marked by the climate crisis, sustainability has become a central issue for all industries, and the insurance sector is no exception. The convention highlighted the critical role that insurers can play in the transition to a more sustainable economy. According to the World Economic Forum's Global Risks Report 2023, climate change is one of the greatest long-term risks facing the world. In response, insurers are taking a more proactive approach, not only in managing risks, but also in implementing strategies to help mitigate these impacts.

Technology plays an essential role in this regard. Digital solutions, such as those offered by Bdeo, allow insurers to decrease their carbon footprint by reducing the need for physical visits to inspect claims, optimizing processes that previously required time and travel. For example, with tools based on Visual Intelligence, Bdeo allows insurers to perform inspections remotely, significantly reducing CO₂ emissions and contributing to the goal of a more sustainable industry.

The use of digital technologies not only reduces operating costs, but also promotes a more efficient use of resources. This ultimately benefits both businesses and the environment, aligning economic growth with sustainability.

Human Talent Development: Training for the Future

In the current environment, beyond training internal talent, it is crucial to recognize the importance of collaborating with experts in artificial intelligence. Technology partners have become strategic allies to implement external solutions, bringing a perspective that complements and enriches the company's internal capabilities. AI, because of its inherent complexity, requires specialists who act as an extension of the team, integrating seamlessly into the industry and accelerating the adoption of new technologies.

It is important to understand that it is not always necessary to build an internal AI expert team. In many cases, the most efficient and strategic approach is to rely on external technology partners who will offer expertise and proven solutions. This collaboration allows insurers to implement advanced tools in a more agile way, leveraging the expertise of those who have already mastered the technology. Modern industry is interconnected, and companies that integrate these processes are better positioned to remain competitive and maximize their potential in a changing environment.

This approach not only facilitates digital transformation, but also reduces the risks and costs associated with trying to develop such a specialized area of expertise in-house. In an ecosystem where all players collaborate as cogs in the same system, AI experts are the key resource to move forward without friction. Insurers that leverage these strategic partners not only boost operational efficiency, but also improve the competitiveness of their businesses, staying ahead in an increasingly demanding market.

IA: From Option to Necessity in the Insurance Sector

The role of artificial intelligence in the insurance industry has rapidly evolved from an attractive option to a strategic necessity.

At Fasecolda 2024, AI was one of the pillars of the discussions. They explored how this technology is transforming both the internal operations of insurers and their interaction with customers. Insurers that adopt AI can offer more agile and transparent services, improving customer satisfaction and responsiveness to rising expectations.

Bdeo presented two innovative solutions that exemplify this technological advance:

• Body Shop Negotiation: This tool facilitates negotiation between body shops and adjusters, enabling faster and more efficient resolution of repairs. By reducing manual processes and streamlining communication, response time is accelerated, improving satisfaction for both customers and industry partners.

• Cash Settlements: This solution offers a simpler and faster experience for customers seeking direct indemnities. Through the digitization of the process, waiting times are reduced and payments are streamlined, generating a much more fluid experience that is closer to the expectations of today's consumers, who demand agility and simplicity.

Insurance Industry Challenges: Changing Consumer Habits and Competition

One of the great challenges facing the insurance industry is the change in consumer habits. Today's customers expect a frictionless digital experience, similar to what they find in other more technologically advanced industries, such as e-commerce or banking.

This shift is forcing insurers to rethink their service offerings and use technology as a catalyst for improving the customer experience. Digitalization not only redefines the relationship with the customer, but also with partners and competitors. Companies that manage to take advantage of technology opportunities can reduce costs, eliminate unnecessary waiting times and offer a service that lives up to modern expectations.

The 2024 International Insurance Convention made it clear that the future of the sector lies in technological innovation, sustainability, the continuous development of human talent and choosing the right technology partner. In this context, Bdeo positions itself as a key player, offering solutions that not only improve operational efficiency, but also contribute to sustainability and customer satisfaction in an increasingly digitalized environment.

Learn more about our innovative solutions!