Brazil is the largest insurance market in Latin America, with over 150 insurers, 14 local reinsurers, and more than 100 international reinsurers. Additionally, its vast network of more than 140,000 insurance brokers and 27 reinsurance brokers reflects the complexity and scale of the industry.
Growth in Brazil’s insurance market is also robust. The general insurance industry is forecast to grow at a compound annual growth rate of 7.3%, rising from BRL 242.6 billion ($46.97 billion) in 2022 to BRL 344.9 billion ($68.03 billion) in 2027, according to GlobalData.
The scale and momentum of this growth underline the need for local knowledge, insights, and experience to navigate an evolving market. With a diverse range of regulatory requirements and operational challenges unique to Brazil, the demand for on-the-ground expertise has never been greater.
Tackling Complex Challenges
Among the pressing issues Brazilian insurers face is the challenge of unallocated cash. This persistent concern can tie up significant resources, but solutions are available. By leveraging historical data, adopting robust processes, and employing intelligent tools, the team at Pro Global Brazil is working closely with leading local insurers to systematically address unallocated cash. Unlocking this liquidity is vital for improving financial operations and enabling efficient growth.
Since entering the Brazilian market in 2020 with an initial focus on run-off insurance management, we’ve expanded our offerings to include bespoke automation solutions tailored specifically to local needs. These solutions not only address operational inefficiencies but also increasingly help businesses meet the growing demands for holistic digital transformation and proactive governance.
Automation: The Way Forward
The complexity and technology-driven evolution of Brazil’s insurance landscape is also driving the adoption of intelligent automation. More than 200 insurtech startups have emerged in recent years, transforming the market by addressing inefficiencies such as duplication and manual errors.
At Pro Global, we have embraced this shift, working closely with insurers to design tailored digital services, including advanced robotic process automation solutions.
From claims recovery for legacy treaty contracts to improving underwriting processes, these bespoke solutions are helping insurers navigate the unique challenges of the Brazilian market more efficiently than ever before. In a highly competitive growth market, this efficiency edge in dealing with complex challenges is what matters to Brazil’s leading insurers as they plan for the future.
Further reading: Spotlight on Growth in Brazil Part 2 – Navigating Regulatory Changes
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Meet our expert
Name: Juan Bragadin
Job title: Country Manager (Brazil)
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