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Duarte Abreu, THink Future

The challenges of insurtechs, the digital transformation process, and much more with Duarte Abreu, CEO of Think Future

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[FH]: What is the problem you are addressing at Think Future and how do you solve it?

[DA]: Technological advances accelerate at an increasingly rapid pace and with an increasing impact on consumption habits and access to information. The insurance sector is traditionally guided by a large bureaucratic burden, complexity and little capacity for personalization. Digital transformation represents a huge challenge for all players in the insurance sector as it requires the change of paradigms, changes in infrastructure, investment and the need to acquire technological knowledge that drives this change. It is in this context that Think Future dedicates all its expertise developing state-of-the-art solutions focused on mitigation processes, simulation underwriting and claims participation thus providing the insurance market with the tools necessary for a rapid digital transformation, thus reducing the cost and effort required for the transition process.

[FH]: How do you see the Portuguese insurtech market? Do you believe that Insurtech is still a thing of the future or is it already present in people’s lives today?

[DA]: The panorama of insurtechs in Portugal has been gradually evolving in recent years, leveraged by the needs of the pandemic, with a relevant bet on the part of insurers, mediators and reinsurers who understand the importance and role of Insurtechs in the evolutionary and transformation process. The solutions developed by insurtechs are increasingly present and already represent a significant share of the channels used by customers who already use digital channels for the management, consultation or subscription of services. We believe that this implementation will continue to be increasingly evident in the near future and should represent the main business channel for the insurance sector.

[FH]: What were the key challenges that you encountered when establishing Think Future?

[DA]: Initially we felt some reluctance on the part of the insurance sector in accepting the change and believing in the capacity of insurtechs as a key strategic partner in the digital transformation process. We have gradually seen a change in this paradigm and a greater openness on the part of the sector that sees in partnerships with insurtechs an assertive response to the challenges inherent in transformation.

[FH]: What is your company culture like, and how does it influence your success?

[DA]: Think Future has in its essence a highly motivated team that shares the same purpose and passion for innovation, from the beginning we bet on a hiring model that goes through a training process where we identify the profiles that best suit the needs of the company, and that regardless of their knowledge or skills find a place where they can develop and evolve through the acquisition of new skills and knowledge. It is with this culture of closeness very much based on self-management that we have achieved the objectives we have set, overcoming the challenges we face and that we translate into disruptive and innovative solutions that respond to the needs of the market and the process of digital transformation. This is our DNA.

[FH]: What do you see happening next to Think Future?

[DA]: In the near future we will continue to focus on our expansion strategy for other geographies, taking our solutions to other markets, establishing new partnerships that will enable us to increase our distribution channels. At the same time we are already working on the next layer of solutions for the insurance market.

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