The figure impacts: 45,000 million dollars. It is what could move the insurance industry in Argentina in the coming years, where more than 180 companies already operate. This projection is what they bring from Nation insurance, while adding that this market volume today is limited to just one third of that total.It is precisely that potential that attracts several peso players and capitals of different nationalities, including Asians. As iProUP advanced, People's Insurance Company of China (PICC), the most important firm in the eastern country, has already announced its arrival in these lands. To this incursion are added numerous advances, such as the Whertein Group, which acquired the firm Trust and operates under the name of Expert Insurance. Or that of the most valuable company in the country, Mercado Libre, which plans its landing.With the emergence of new players in the insurtech category, traditional organizations were forced to innovate to be closer to the client and improve their experiences, something similar to what is happening within the banking ecosystem."We are constantly wanting to innovate. We know that in order to compete, it is necessary to join. Customers demand more and more and we must be prepared," Jorge Amadeo, IT director of La Caja, tells iProUP. And he adds that the challenge is to "leave behind old paradigms" of a traditional industry and adapt to the new agile methodologies and cultural changes that this type of transformation requires.With an investment of US $ 8 million for this year in terms of technology and several projects in the portfolio, La Caja is committed to digitizing key processes of its commercial strategy to integrate large volumes of data and create different forms of interaction with users.24-7 insuranceIn this direction, La Caja proposes tools aimed at traveling a smarter path to digitalization. As one of the pillars, it launched the 100% online auto insurance contracting service, where the inspection of the vehicle is carried out through photographs through the web.This digital policy can be contracted from the official site and the whole process is done in just 8 minutes (from the quotation to the issuance). Until recently, customers with 0km cars could access the service but, in the segment used, the thing was different: the process had to be completed with the inspection of the vehicle at a branch or the inspector's visit at the insured's home."In a few minutes, the client can have their policy (7x24 service). For now, the photos are analyzed by our experts but we aim to have these images analyzed in the future automatically and with the use of artificial intelligence," says Amadeo. iProUP.From this platform, the insured looking for "simplicity in the purchase" can find the conditions to obtain their insurance or request an agent. "You have to think about omnichannel and consistency in all attention channels," he says.With the improvements implemented, the user can upload photos of the front, back and side views of the vehicle to the La Caja website. That image load generates the direct issuance of the policy."Consumer trends are changing. Especially with the entry into the market of new generations of digital natives. For La Caja it is central to guarantee an innovative service adapted to the new times, prioritizing the practicality and connectivity that governs the current world," he says. iProUP Fernanda Balbuena, head of web sales at La Caja.Virtual assistanceUnder the same premise, the firm introduced Letizia, its own assistant based on the use of artificial intelligence (AI). Using Watson technology from IBM, the chatbot deals with sales and after-sales tasks, the resolution of queries and, if necessary, a guide job for those interested in accessing the online quote or require an advisor.The development is already working as a tool integrated into the attention channel on Facebook. And now it will be implemented in others such as WhatsApp, the mobile application and the company's website, among others.Iván Ferrando, director of marketing and external communication at La Caja, tells iProUP: "Consumer trends have been altering, especially as new generations enter the market. We have added challenges in terms of digital transformation and Letizia is a great AI bet to improve our service. "Amadeo highlights that there is a trend towards digital that is growing at an accelerated pace and that is reflected in the greater use of the apps and the Internet. "This obliges us to evolve day by day. Therefore, we are making a strong commitment to digitalization, generating an innovative and more holistic experience", he completes.What comes is to integrate the virtual assistant with the repository of digital documents (more than 60 million files) so that the user can talk directly with the bot and ask, for example, a copy of the policy, a proof of payment or other issues that you require.They also want their AI to have the ability to recognize the seriousness of the claims and quote how much the repair costs so they can make an automatic offer to the insured. "A crash is already a negative experience in itself, so we aim to make everything that comes next easier and eliminate any shaking," he adds.Predictive modelsThe combination of Big Data, machine learning and artificial intelligence allows us to glimpse what is coming. Combined with these technologies, La Caja thinks of the "next frontier": it is testing in a closed circuit of selected customers, a kind of "black box" that is installed to the vehicles and collects information on the driving style.Thus, the company has the possibility to adapt its insurance service offer depending on the user's risk profile and behavior. "We want to bring this same experience to customers' phones. They will be able to do this same behavior management and recognition with only one app," he explains.Thanks to the analysis of data and the personalized profile of the person, La Caja aims to work proactively to provide increasingly complex and tailored services. "Today, with the amount of information you have of a customer you can be pleasantly surprised," he adds.Compared to other industries, where this type of model already works, Amadeo expresses that "consumption can be predicted, which opens up a giant horizon".Industry ChallengesAs in other areas, innovation often clashes with regulatory problems. The bureaucratic obstacles and current legislation prevent traditional companies from pivoting quickly to adapt to market needs.For Amadeo, the road is clear: "It is an industry that was handled in the same way for decades, with the same rules of the game. But that is no longer going: you have to shorten the times and absorb technology as quickly as possible" .In his vision, there are many cultural aspects to be modified, which include people and processes, as well as continuing to invest in new business models, including "turn on and off" services, such as those that are already beginning to appear in some competitors to pay only when service is required and not full time."We are analyzing these types of proposals. We understand that the world is moving towards a service model where people are less and less cars and where they only want to pay for what they use," Amadeo completes.Finally, it states that regulation is the main challenge, both for insurance companies, auditing entities, technology companies and users."We have to generate an ecosystem that works. Technology, if good, is going to be used the same, even if they try to ban it. That's why companies have to understand what users need and keep pace with the transformation," he concludes.