What the company and the consumer gain from the recent decision to build a public cloud with no connection to the existing ecosystem?
The creation of a digital ecosystem in the public cloud allows us to change the way we work, to be more agile in meeting the needs of our customers and in responding to our business partners and mediators, while remaining competitive, while creating an environment more dynamic working environment for everyone. This transformation requires everyone to adapt in the short and medium term, but in the long term, we will see how our work becomes its most efficient version, obtaining more time and resources to dedicate ourselves to giving the best of ourselves to our strategic partners. and subsequently to our customers. As soon as the maturity of capacities and business lines is reached, as well as service to customers and agents, the estimated growth will always be in double digits.
For their part, consumers now have a fully customizable offer, adjusted to their needs, since all the coverage of our products becomes optional. That is, customers will be able to build insurance tailored to their needs, choosing what they want to include in their protection.
Aren't bugs expected in the migration?
When you embark on a journey like this, where the mindset is to take risks and learn and correct quickly, mistakes appear. The difference is that our ability to resolve them quickly is substantially greater. In addition, Liberty has long experience in migration, all over the world, as we have a very experienced team at a global level, we create strong partnerships with entities that have even more years of experience than we do, and we have an agile ecosystem that gives us allows you to correct deviations much more quickly. If we can promise perfection, that clearly nobody can, but we can promise careful planning, a robust strategy and the best possible execution, that clearly.
What investment has been made and where are the great technological innovations?
The creation of this digital ecosystem is our biggest investment in recent years. It is a new business model, which we are implementing based on the creation of our own technological ecosystem in the public cloud. This ecosystem is and will give us greater agility in the design of new risk coverages, so that we can offer more time to analyze the needs of each client. They will be able to build insurance for you, choosing what they want to include in their protection. We invested in cloud-based technology, modular and completely oriented to API's. Thus allowing the technology to evolve whenever necessary and according to the innovation that will appear frequently. All of this with PaaS, SaaS evolutions on a monthly basis and in a transparent manner, thus avoiding past practices of having to invest time and resources to evolve solutions, creating great impact on the business.
In addition, we have moved from product or policy creation processes that can take up to a year to be implemented, to a model for creating customizable modular roofs, which can be made available to the customer in just 48 hours.
Is the security of the system living in the cloud 100%?
Yes. On the one hand, the data that is living in the cloud is safeguarded with external certifications (eg Verizon) through practices and technology that ensure high levels of security; on the other hand, we use practices instituted by Amazon Web Services (AWS), which is collaborating with Liberty on this project and which certifies that the data is protected. In addition to these measures, platforms are in accordance with GDPR standards and their guidelines.
How the language barrier, currency conversion, different regulatory environments are overcome and regulatory requirements and the need to control money laundering?
This new infrastructure will eliminate existing systems and data centers. Based on the concept of network modularity, we have moved from a greenfield to a complete solution, in which products and services can be launched without restrictions on language, currency, geography or specific context of each market. These will facilitate a simpler operating model, especially in relation to low touch and touch products.
What is the Portuguese regulator's reaction to this initiative?
The insurance market has evolved digitally in recent years, as well as other industries, especially to respond to the needs of customers, in an omnichannel environment, so that we can communicate in an increasingly simple, fast and effective way between all parties - insurance, mediators and customers. At Liberty, we are taking advantage of the digital transformation to reinforce our position as an innovative, revolutionary and pioneer company in the way we offer insurance and respond to trends, being present where the customer needs us, from any channel. We want to be among the 10 largest insurance companies in Europe.