A Insurtech Fintech Forum Association of Portugal / FIF Portugal (FIF) organised its 1st Seminar on 4 June, dedicated to a topic that needs to be reflected on in order to improve the adequacy of society's response to citizens in the post-retirement age group, as well as to study the positive and negative impacts of innovation on the quality of life in these phases.
Entitled "Live Longevity with Quality - Innovation in health, the financial system and housing"took place in the Auditorium of the Abreu AdvogadosThe event was practically packed, given the topicality and interest of the challenges and opportunities involved.
The decision to choose this theme for the 1st Seminar organised by FIF Portugal was unanimous among its members, due to the fact that it addresses FIF's three areas of focus: Insurance, Banking/Payments and Health, and due to its current relevance.
We have valuable testimonies and insights to reflect on the great changes that mark these times.
As he said Miriam Nicolau da CostaFIF's Chairman of the Board in his opening speech, "we shouldn't postpone wide-ranging discussions on how to act today to ensure a better future in old age! With so much buzz and multiple perplexities in various geographies, we absolutely must not get distracted - not as citizens, and certainly not as managers. This is a fast-growing fringe of society that already accounts for 34% of our population. The ageing of the population and its repercussions on the risks to the sustainability of the national pension system, the increase in the average age of life, the low birth rate, the emigration of our young people (although there is a certain counterpoint in terms of accentuated immigration), diverting their contribution to the national pension system and leaving their seniors increasingly on their own, are all rapidly changing variables, interrelated and drawing up new scenarios to which no one can be unaware.
Valdemar Duartedirector general of Ageas Pensions, key note speaker with an important opening presentation "Ageing in Portugal: Challenges and Projections, the pillars of pension funding"*. He showed projections that demonstrate the fragility of the current pension system and predictions that we could reach 2050 with only 1.5 active contributors for each pensioner, which is frightening and could lead to a sharp reduction in the value of pensions. As is already the case in practically all European countries, incentives for supplementary pensions and private pension funds should not be postponed and he put forward an important set of warnings and suggestions, the presentation of which we will share on our website. Incumbent financial institutions, insurtechs and fintechs can also contribute new solutions.
*(Presentation available to FIF Portugal members)
Today, the 55+ represent more than 1/3 of our population (and already 46% of those who vote in elections!), a proportion that is growing rapidly, with lives that are getting longer, but increasingly lonely - indicators emphasised by the Carolina Delgado (Ageas Group) - and detailing the difficulties experienced in the relationship with the financial sector that brought us Natália Nunes (Coordinator of the Financial Protection Office of DECO - Portuguese Association for Consumer Protection): very low literacy (financial and digital), many scams, particularly sought after by people in great economic difficulty.
For a framework given life voice by Organisations serving this important segment, João Paulo MatosChairman of FIF's Advisory Board and a member of its Insurtech group, moderated the event. round table 1, alluding to innovation in Housing, Autonomy and Community for this segment.
How Dr Anabela Paixão from APRE! Pensioners' Association said that if the government has a Ministry dedicated to Youth, doesn't it make more and more sense to have a government department, at Secretary of State level, dedicated to the "Elderly" who already represent ¼ of the population? He also emphasised the importance of local responses that allow older people to remain in their homes and/or communities, promoting autonomy and avoiding isolation. In this context, APRe! has advocated the creation of a National System for Promoting the Rights of Older People, with a support network at local government level, with judicial representation, Social Security, the National Health Service, the security forces and, possibly, other organisations that provide proximity services to this population.
We recall that banks, payment card companies and insurance intermediaries, with their proximity to the end customer, could play a much more important role here than they already do today, especially in financial literacy. With regard to digital education for seniors, the following project was mentioned #EuSouDigitalThe programme, launched in 2017, attracted junior volunteers to provide training.
A 55+In his speech to the European Parliament, he showed the importance of social inclusion solutions that increase the happiness and extra income of senior citizens: Flavia Bravodirector general, explained that this association "puts" the talents of its members on the market for occasional work, a very interesting contribution to the fight against "#idadism".
Pedro Almeida Cruzfounder of the project Empathia, came to explain that, in addition to #coliving The concept introduced by his startup allows the senior community to opt for the "#ageing in place", financed by the sale of their own home, without them having to stop living in it. This model, now presented in an innovative way to the market, is based on a right in rem provided for in the Civil Code - the reservation of usufruct for life - and therefore offers total security to those who opt for this solution.
*(Luis Téllez de Meneses recalled that in times gone by, it was the tribe/family that took care of the elders and today there is a certain inversion...he said Marta Graça FerreiraChairman of the Board of Directors of REAL VIDA InsuranceThis was corroborated by DECO: 70% of the seniors who use its helpline are homeowners!).
The needs of Assistance to seniors that particularise advancing age, in many cases with loss of mobility or cognitive abilities, is another major unavoidable prism and was a particular theme of the round table 2, moderated by Nuno SapateiroHe is also Chairman of the General Meeting of FIF and a member of its Insurtech group, as well as a Partner at Abreu Advogados.
O current number of formal carers is clearly insufficient for the needs, as are the homes, particularly those for overnight stays and in the big cities. It's a tragedy and prices are also very inflated, but in itself it's a business opportunity and a drive to develop innovations in digital assistance and connectivity that link seniors, measurement sensors/WiFi, carers, family members and clinicians.
This is the case with SioslifeSioslife is a leading digital platform in the field of ageing, with a presence in hundreds of homes in Portugal and Spain. Based on the premise that the home will be the new care centre, Sioslife works to ensure that people maintain their autonomy, safety and connection to families, friends and services. Its solution integrates formal and informal care, promotes socialisation and allows for more efficient remote monitoring, with a proven impact on reducing operating costs and improving the quality of life of older adults, as the CEO of this interesting start-up explained to us, Jorge Oliveira.
The revolution implies innovation across the entire ecosystem "providers, insurers, reinsurers", as he emphasised João Horta e CostaCCO of Europ Assistance. Among the existing covers with increasing use, we highlight the home delivery of medicines, video consultations and psychological support, video troubleshooting in home assistance, something that has been very well received by seniors.
Natália Nunes of DECO In his speech, he presented a very rich characterisation of the 55+ who ask the Financial Protection Office for support and the difficulties they experience, both in financial terms and in understanding financial solutions. She also mentioned that they complain about expensive insurance, which is difficult to understand, and that they are very unaware of the solutions that exist.
In the 3rd round table, moderated by Paulo Bracons, Chairman of FIF's Supervisory Board and a member of its Insurtech group, there was also talk of the innovation needed in the company. SOLUTIONS available in the world of insurance and banking and their disseminationThis in itself seems to merit new approaches to efficiently and clearly reach seniors who are much more in the digital world than you might think, even though around 50% are still absent.
The CEO of Real Vida Seguros, S.A., Marta Graça Ferreira, presented a video summarising the #Harvard who has followed and is still following a diverse and broad range of people for decades to try to scientifically correlate the reason for their Health and Happiness in the #silverAge. One of the main conclusions was that HAPPINESS, AND EVEN HEALTH, AT THE END OF LIFE, ARE DIRECTLY INDEXED TO GOOD RELATIONSHIPS THROUGHOUT LIFE, IN PRIVATE LIFE AND IN THE COMMUNITY. He then emphasised the importance of tailoring responses more and more to a LIFE CENTRIC logic and building on an integrated vision with a mix of Health, Accident, Life, Assistance and Savings cover.
He also recalled that the term of bank loans and associated life insurance is now up to 85 years old, e que para alternativa aos formatos de seguros de saúde com preços complexos para os mais velhos (alguns hoje já vitalícios), o setor tem soluções de seguros de saúde com acesso a redes de prestadores que no caso da Real Vida permitem consultas com um copagamento fixo de 20 euros a por um prémio mensal bastante acessível.
The main highlights were today's transforming axes for a life insurance companyThis is due not only to the significant increase in longevity, but also to the transfer of wealth between generations, even among the middle classes, who culturally in Portugal own property. In these cases, Real Vida's Pension Funds are the investment option when senior clients decide to "turn their home into their retirement" when they sell the property.
Carolina Delgado, who leads the strategic Ageing initiative at Ageas Group Portugalsaid that understanding customers, their needs, opportunities for personalisation and consequent reformulation of products and services is a path that the Ageas Portugal Group has been taking with a consistent focus on Ageing since 2017. He mentioned several of the insurer's solutions designed specifically for customers who want to protect their future, with the flexibility to adapt the products they have subscribed to (such as Rendimento Flexível for pensioners), to apply the sale value of the first home with exemption on capital gains (Rendimento Flexível Mais Valias product, available for pensioners), as well as health insurance designed to guarantee protection and assistance for older people (Médis Vintage). And why not a personal accident insurance for clients 55+ e with associated services (e.g. laundry), such as the Back 55+? And why not a savings plan to fund health insurance in retirement?
Ana Carvalhodeputy director-general of MGEN Portugalreiterated the need for maior adaptação e focou o caráter inovador de base desta seguradoraIt is the only one with mutualist principles, "an open door for the entire population, without age limits or pre-existing condition checks", and which now incorporates costs with long-term care units. It also testifies to seniors' receptiveness to general and mental health care via video consultations.
Luis Téllez de MenesesDirector of Business Development at Munich Re Madrid e Rodrigo Rueda Moltó from the Madrid Sopra Steria Next, presented the main conclusions of the very interesting study - TELESCOPE REPORT, LEADING THE TRANSFORMATION OF THE SILVER ECONOMY - developed jointly by the two institutions, with the aim of making available to the market a framework for a very detailed and multi-criteria segmentation of silver age, with various ideas launched at the level of solutions.
The innovations in health in the round table 4, moderated by Paulo Padilha member of FIF's Board of Directors and Chairman of its Insurtech group.
Marta Martins, executive director of the new business cluster at CUF - Hospitals and ClinicsMarta said that in view of the pace of potential innovation, the very process/organisation for innovation within organisations needs to be reviewed and adapted. Marta noted several innovations that had already been implemented in customer service, with considerable success, such as:
- In this context, the "Clara, Assistant Ai" which calls the newly-operated patients with a set of questions and reports the answers to the nurses, already highlighting the most urgent/critical situations; all the information is stored in a database allowing statistical work with relevance for later decision-making for improvements;
- Units are monitoring inpatients at home, reducing the rate of infections and increasing comfort (it has even reduced the average length of stay!); they are going to start introducing remote telemonitoring systems for some situations, reducing the need for daily visits.
Ricardo Matias of the startup Kinetikos Health presented the latest solution from Kinetikos Health, capable of remotely quantifying the risk of falls in people over 65 in less than a minute and without using any wearable. Using artificial intelligence and certified as a medical device, the system generates personalised programmes to carry out at home, capable of preventing at least one in four falls.
Jose Bastosco-founder and CEO of knokcare, a company that began with the concept of health services on demand e evoluiu para um modelo de clínica de saúde digital, suportada por vídeo consultas médicas, sendo hoje o maior operador em Portugal e estando já internacionalizada. Também no seu caso, os dados anonimizados, recolhidos pelos médicos ou partilhados pelos pacientes no inovador portal de apoio às vídeo consultas, potenciarão a investigação e avanços científicos no conhecimento. Com uma equipa de investigadores e data scientists, a empresa prevê ampliar utilização do AI em vários pontos da jornada dos pacientes e por inerência o respetivo valor. José Bastos reiterou a excelente recetividade dos seniores às vídeo consultas, muito acima de receios iniciais. Na sua opinião, o covid catalisou a aceitação destas tecnologias, e a revolução da longevidade favorecem-nas, até porque não acredita que o número e a dispersão geográfica de médicos para consultas presenciais será sempre insuficiente.
Rodrigo Rueda Moltó Director of Insurance at consultancy firm Sopra Steria, in Madrid, reiterated the remarkable revolution that is taking place worldwide in technological innovations for healthcare and emphasised the importance of using startups in SaaS mode. He also emphasised the importance of co-creation and the integration of different value propositions in the SuperApp.
In the opening and closing speeches, Miriam Nicolau da CostaThe President of FIF's Board of Directors emphasised that with regard to ideas and potential for innovation in health, insurtech pitches around the world today mostly involve cases applicable to health, healhtech, and in general, for the insurance, banking, payment and health sectors, almost 100% new applications of AI.
He stressed that FIF's mission is to study and debate disruption, seeking to nurture innovations, supporting them in their strategy and operationalisation and bringing them closer to incumbents and national and international investors. E encouraged entrepreneurs by emphasising that the level of appetite for new, sustainable and "exciting" technological solutions is high in many quarters:
- Added value for the consumer in accessing services and servicing:
- in terms of speed and transparency and support for literacy in the subscription of financial services and access to healthcare;
- facilitating and speeding up enquiries, changes/withdrawals, participating in and monitoring claims, medical examination reports, uploading health data
- in dissemination, particularly with concepts of affinity;
– In price improvement and comfort and healthand productivity for insurers:
- innovation in earlier diagnosis with meta data/AI resources
- innovation in apps for recovery or slowing down the progression of cognitive and motor diseases, linked to clinicians and physiotherapists
- for innovation in fall prevention
- ...
He also emphasised that the technological disruption we are experiencing today, with the growing scope of AI, implies a lot of ethical reflection, management of new risks and impacts on the world of work, but brings with it an exciting new world that could help a lot with current literacy difficulties and improve quality of life. And on the subject of social and ethical responsibility, which must go hand in hand with innovation, he quoted an extract from Dan Brown's book Origin:
"Human beings are evolving into something different. We are becoming a hybrid species, a fusion of biology and technology. The same tools that currently live outside our bodies - smartphones, hearing aids, reading glasses, most pharmaceutical products - in the centre of fifty years will be incorporated into our bodies to such an extent that we will no longer be able to be considered 'Homo Sapiens'."
"May our philosophies always accompany our technologies, may our compassion always accompany our powers. And may love, not fear, be the engine of change."
May greatness always be as heavy as responsibility and ethics.
We invite everyone to consult the FIF Portugal. We need curious members like us. As a non-profit and non-subsidised association, we only exist with the contribution of our Members:
- We are convinced of the usefulness of our mission, with the ultimate aim of promoting ethics and sustainability in innovation in Portugal, improving literacy and sustainable response to consumers, as well as the productivity of institutions.
- We are facing a society with new contours and living through an "industrial revolution" with impacts that challenge our imagination
- It is crucial to encourage reflection and debate in order to ensure the sustainability, ethics and social responsibility of innovations.
Once again, we would like to thank all the speakers for their excellent contribution to the quality of this Seminar, which we have seen recognised by many, and our Associates, in particular our REFERENCE PARTNERS who are currently the Abreu Advogados, a MGEN and PwC Portugal.
We count on your support and support for FIF Portugal, a non-profit organisation.