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The insurtech ecosystem in Spain in 2023: keys, difficulties and challenges

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The insurance industry It has experienced a great digital transformation in recent years that has allowed it to evolve and grow by leaps and bounds. However, many wonder about the future of the insurtech industry. 2023 will come clearly marked due to the technological commitment of the different players in the marketwhere both investors and consumers demand innovation and it is expected to materialize through the creation of alliances, especially with the traditional sector, and the commitment to Technologys based on the Internet of Things (IoT), cybersecurity, predictive analysis and intelligence artificial

Given this scenario, it seems clear that the future is going through digitization, which allows improving the relationship with the customer by making them feel more supported and protected, reduces risks and costs, optimizes processes and increases profits. As indicated by wefox, new Technologys improve the reputation of the sector by satisfying customer demand with agility, precision and speed through cross-selling, without losing sight of the human side, offering the products that best meet the needs and lifestyle of the insured.

Seeing the direction in which the world is moving, increasingly digital, wefox experts highlight the main keys, challenges and difficulties in Spain for 2023:

The exponential growth of investments in Insurtech companies

Insurtech investment is at a boom, globally exceeding 9.3 billion euros in 2021, 38% more than the previous year (global report ‘Insurtech Global Outlook 2022’). And, it is that, despite the impact of the pandemic, this sector has been strengthened over the last two years in which the number of investment operations has not stopped growing, as well as the acquisition and merger, which makes clear the high interest of investors in this type of company.

The value of innovation and technology at the forefront

One of the great advantages that insurtechs have is that they were born with technology integrated into their DNA and can carry out successful technological developments simpler way. For example, Big Data is the main key for this type of company, since it considerably favors business operations by offering more detailed information on consumer behavior and consumption habits. Taking into account the moment of change, everything points to the fact that by 2023 the trends that investors will be most interested in are the Internet of Things (IoT), cybersecurity, predictive analysis and artificial intelligence. .

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In this sense, AI represents a great advance when it comes to increasing customer satisfaction by being able to consider them a priority throughout the process without having to exhaust the resources of insurers. For this reason, it is increasingly considered more important to invest in artificial intelligence since with this type of technology it is possible to attend to each and every one of the needs of customers with the speed and frequency they desire.

Change in customer behavior due to the appearance of new needs

With the advent of digital transformation, it has been possible to appreciate a change in the way consumers act, generating new needs: saving time, better prices, product differentiation, personalization and access to a greater range of options. Artificial intelligence, the internet of things, cloud systems or big data are just some of the new methods through which companies can learn more about their customers and better adapt to their needs.

And it is that, in the specific case of insurtechs, what customers will value most are the experiences obtained, the ease of doing things, the immediacy and, above all, customization. This produces a feeling of security and protection, knowing that at any time and in a simple way, through a computer, mobile phone or tablet, they will have a professional on the other side to assist them and offer them an exceptional customer experience.

There is still a certain difference between the European and Spanish markets

The development of insurtech companies has not occurred equally in all European markets. In the case of Spain, it is true that the growth of this sector is booming, but there is still a long way to go since there is still a gap between the Spanish and European markets. One of the great handicaps of this situation refers to investment in insurtechs, which in Spain barely represents 0.214% of the world total.

According to the AEFI, Spain is in a good position, ready to give the definitive changeIn fact, 13% of Spanish insurtechs are already present in international markets. However, to continue growing and reach the competitive level of the European market, Spanish technology companies must face two key challenges: integration with insurance companies and return of value and essence to insurance seeking the quality of the customer experience. .

Alliances between traditional insurers and Insurtechs to reach customers more effectively

The impact of recent years has shown the insurance sector that it needs and must adapt to digitization in order to modernize and improve the industry. In addition, with the increasing emergence of more mature insurtech companies, there has been an increased use of cloud storage, AI and data analytics in the sector, which has allowed them to move from being mere intermediaries to becoming companies of fully insurance, leading the way in the evolution of the insurance industry.

However, although this insurance sector is one of the most traditional, the line between life insurers and insurtechs is blurring. it is becoming more common see how beneficial alliances are produced between these two models in order to offer the client a more efficient service by combining the experience of a sector with many years, together with the high technology of the newest. Looking to 2023, it is expected that this type of alliances and collaborations will happen more frequently, thus allowing the technological transformation of the entire industry.

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FI Group contributes to the launch of the third NextGenerationEU Guide

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The third edition of the report has already been published “NextGenerationEU Guide, for the industry to better understand and take advantage of its opportunities”. As usual, it has been published by the EAIC (European Association of Innovation Consultants), of which FI Group is a part.

The report, which once again included the participation of the FI Group, explains how each of the 24 European countries distributes the almost 326 billion European aid granted in their National Recovery and Resilience Plans.

The latest update of the report highlights the maximum financial contribution that corresponds to each Member State, calculated taking into account the growth in real GDP in 2020 and the accumulated growth in real GDP in the period 2020-2021.

Most Member States saw their maximum financial contribution in the aid component of their Recovery plans decrease, due to changes in the calculations made in June 2022, based on real GDP growth data. The only countries that saw their funds increased were Czech Republic, Germany, Spain, Italy, Austria Y Portugal.

Main updates and news reported by Member States

  • The implementation of the Recovery and Resilience Plans is in full swing: calls have been launched to receive proposals, projects are being evaluated and aid agreements are being signed.
  • Member States have started work on the review of plans, following the decision made on June 30, 2022 on the final distribution of funds; some of the new plans are still being evaluated (for example: more funds in Lithuania to boost energy independence, renewable energy and cybersecurity).
  • The report also highlights the main calls for proposals launched in each of the 24 Member States (for digitization, innovation, circular economy, etc.), both those active right now and those planned soon.
  • Some of the Member States (Finland for example) have already distributed all the funds allocated to them in their Recovery and Resilience Plans.

Alejandro Álvarez, Grants Director at FI Group, as well as a member of the EAIC Board and coordinator of this report, highlights that it is a unique initiative at a European level. “We have been following the development of the Recovery and Resilience Plans since the start of the negotiations and have managed to offer comprehensive information on the opportunities that are emerging across Europe. Building on the success of this pioneering initiative, we are looking to broaden the focus of the report to provide an even more valuable overview of the opportunities for all key players in the industry.” explains Alvarez.

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Bring Your Own License is now part of the Nutanix on OVHcloud portfolio

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OVHcloud has recently included the option to use Bring Your Own License or BYOL in its portfolio of Nutanix on OVHcloud solutions.

The Nutanix users they can now bring their existing Nutanix Cloud Platform licenses to dedicated OVHcloud Hosted Private Cloud infrastructures, making it easier for them to transition to the cloud. OVHcloud, which recently received the Nutanix EMEA Service Provider of the Year award, continues to expand its offer of Nutanix on OVHcloud solutions with the addition of the BYOL offer to complement the existing pack offer.

Existing Nutanix customers and partners can now bring their Nutanix Cloud Platform licenses to Nutanix-certified High Grade HCI Intel dedicated servers, benefiting from license portability and application migration transparency. Customers’ Nutanix hyper-converged environment (HCI) is pre-installed in just hours and ready to use with their custom infrastructure.

The Nutanix on OVHcloud solution enables a faster migration of on-premises applications to the cloud, while benefiting from OVHcloud infrastructures. With a low carbon footprint and best-in-class PUE and WUE indices, the OVHcloud infrastructure stands out for its global sustainability, thanks to a circular group approach that allows for maximum optimization of the server’s life cycle. In addition, OVHcloud data centers meet high data protection and security standards.

“We are delighted to continue our strong partnership with Nutanix, addressing new use cases and providing new business opportunities for our ecosystem partners”says Sylvain Rouri, Chief Sales Officer at OVHcloud.

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User needs

This new offering allows OVHcloud to meet the needs of users, covering seasonal peaks in infrastructure demand and developing disaster recovery plans (DRPs), all while providing a cost-effective solution. Like the Nutanix on OVHcloud bundle offer, the BYOL offer consists of 27 variants of dedicated servers and Nutanix High Grade HCI certified servers based on Intel processors and includes inbound and outbound traffic, helping to improve OPEX for significant savings compared to non-hyperconverged infrastructure as a service (IaaS).

“As a company, we continually demonstrate the power of strong partnerships. OVHcloud already has an excellent understanding of our technology with its existing Nutanix on OVHcloud solution. For this reason, it makes sense for us to expand our relationship to include a BYOL offering.”says Dom Poloniecki, Worldwide Sales Chief of Staff and Head of Sales Strategy & Operations at Nutanix. “The real winners here are our common customers and partners who are looking for cost-effective ways to scale to an OPEX model in the cloud, but who, to date, have not yet made the switch from an on-premises environment. With OVHcloud and Nutanix, they have the best of both worlds.”

The Nutanix on OVHcloud solution is a scalable and ready HCI platform to use that is offered both as a pack and BYOL, and is based on a dedicated Hosted Private Cloud OVHcloud infrastructure certified by Nutanix. It is now available online in EMEA and Canada, with data centers located in Canada, France, Germany and the UK.

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How to choose hosting and domain for my website

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The digitization in small and medium-sized companies it is no longer just a trend, but a necessity. And the first step for those who continue to lag behind is the creation of a website. But where to start? Part of the aid from European funds is destined to the development of this type of tools where, in addition to an innovative design, you will need a good hostingso that everything works perfectly.

The hosting provider: what should you demand?

The hosting provider is something like the home where your website is cared for and protected. Therefore, it must be reliable and secure, but for businesses with less budget, it also cheap. Your digital project must also have a domain, the obtaining of which falls within the responsibilities of this provider. If all these concepts are new to you, don’t worry, here we help you with some tips:

  1. That the hosting is hosted in Spain. This will allow you minimize costs but without having to give up offering your visitors a good user experience. When you have your data in the country, all the traffic you have from here (the vast majority) will enjoy minimal latency, and optimal loading times, they will not have to wait several seconds for the web page to load, and they will not experience very marked delays when interacting with her.
  2. That he Technical support is in Spanish and with 24/7 coverage: If you run a small business or a personal project, you know that work and problems can arise at any time. Having support in your own language and that is available will always help you a lot in your project.
  3. Servers with NVMe SSD drives: this is essential for your project to load faster and for it to offer the level of performance that your users deserve.
  4. Hacking and cyberattack prevention services: essential for your website to be safe and protected.
  5. Flexibility and scalability: The hosting you choose should give you the possibility of adapting it to your needs, and to the changes that occur in your project. If your idea is to grow, it is essential that the hosting do it with you.
  6. Possibility to try it for free: This is important because it will allow you to discover if the hosting you have chosen is really the right one for you, and without you having to spend a penny.

An example of hosting that meets all these requirements is Axarnet which, for a price starting at 2.49 euros, has all the features described above. Also, you can try it for free for a month without having to enter any payment method. It will also allow you to register your domain for free in annual contracts, and you will enjoy a Let’s Encrypt SSL certificate at no cost.

In the event that you already have a domain, you can always transfer it to Axarnet hosting and in a very simple way. What are you waiting for to have your own web showcase?

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