AXA, Santander and Santalucía accelerate the shift of insurance towards prevention

The insurance industry is undergoing a significant transformation, moving away from simple economic compensation for accidents and towards becoming a continuous companion throughout the client's life. This shift is driven by the need to address rapidly changing demographic, climatic, and technological environments. At the XVII Encuentro Financiero Expansi�n-KPMG, executives from AXA, Santander Seguros, and Santalucía agreed on the urgency of evolving the traditional model to focus on prevention and ongoing client support.

Olga Sánchez, Deputy General Manager of AXA, emphasized the importance of working in anticipation, protection, and post-incident support. The traditional payment scheme is no longer sufficient. "Before, we had to focus on prevention; during is protection and after is support," she said, arguing that the mission of insurance is to ensure clients return to normalcy.

While artificial intelligence is gaining importance in data management, Sánchez clarified that trust will not be replaced. "Confidence will not be replaced," she stressed.

Iñaki Peralta, Deputy General Manager of Santander Seguros, echoed this sentiment, stating that the industry is at a pivotal moment to reinvent itself and surprise. The mission is to accompany people and companies during difficult times, appealing to the desire to help society prosper. He particularly focused on health and retirement, urging the sector to reinvest profits in innovation for better solutions.

Rodrigo Fernández-Avello, General Director of Life and Pensions at Santalucía, highlighted the need for long-term answers in a population that is increasingly long-lived. The transformation is not just about indemnification but about accompanying the client. "We have an opportunity, but also a duty to respond to the gap in protection after retirement to complement the public system," he noted.

The industry's transformation responds not only to corporate decisions but also to the changing expectations of a digitally savvy customer. Today, policyholders compare insurers not just with competitors but with the immediacy and ease of use they experience with major technology giants. As Sánchez put it, "The customer no longer compares prices, they compare experience."

To meet this demand, insurers must provide services that match these dynamics. The adoption of technologies like generative artificial intelligence is accelerating within organizational structures, but this requires a cultural shift. "Technology should serve to simplify the product," Peralta argued. Rather than using technology for the sake of it, "one must be a neurosurgeon," he said.