More than one hundred representatives of the insurance sector gathered at CATÓLICA-LISBON on October 14, for the conference “Innovation and Transformation in Insurance Companies in Portugal: Stakeholders’ Vision of the Sector”, to discuss the role of innovation and Artificial Intelligence in transforming the insurance industry in Portugal.
The initiative, which brought together associations, supervisory authorities, technology companies, and members of academia, marked the second edition of the event, held within the framework of the executive program “Innovation and Transformation in Insurance”, a strategic initiative by CATÓLICA-LISBON.
In the opening session, the School’s Dean, Filipe Santos, highlighted the relevance of the insurance sector to the national economy, noting that it “represents around 5% of Portugal’s GDP and plays a central role in promoting social well-being, reducing risk, and protecting individuals and businesses.”
Filipe Santos further emphasized that “the insurance sector is deeply aligned with the mission of impact. Everything insurers do aims to reduce risks, increase well-being, and ensure access to essential services such as health and safety. Every time the sector operates more effectively, it directly improves people’s lives. Moreover, insurers have an undeniable economic dimension, with around 60 billion euros in assets under management, which constitute a true driver of investment and development.”
To reinforce dialogue between academia and the market on the impact of new technologies, innovation, and regulation on the sector’s competitiveness, a roundtable discussion was held with the participation of José Galamba de Oliveira, President of the Portuguese Association of Insurers (APS); Nuno Martins, President of the National Association of Insurance Agents and Brokers (APROSE); João Freire de Andrade, President of Portugal Fintech; and Miriam Nicolau da Costa, President of the Insurtech Fintech Portugal Forum (FIF). The discussion was moderated by Paulo Bracons, from CATÓLICA-LISBON, and Nuno Albuquerque e Castro, Partner & Head of Insurance at NTT DATA Portugal.
Throughout the debate, participants emphasized the need to innovate responsibly and to integrate Artificial Intelligence as a supporting tool in the industry. According to José Galamba de Oliveira (APS), “the success of an insurance company lies in its ability to innovate. Innovation is the key word.” He also highlighted the role of new technologies in anticipating and managing climate-related risks, using floods and wildfires as examples: “Climate change is forcing the sector to rethink policies and risk assessment models. Technology and AI help map and anticipate areas of greater vulnerability, making the market more prepared and resilient.”
Nuno Martins (APROSE) underlined the importance of training and professional development for insurance brokers, who act as a vital link between insurers and clients. “We have the responsibility to translate people’s needs into appropriate solutions, ensuring they understand the risks and how to mitigate them. At the same time, we must be demanding with insurers, calling for solutions that respond to real-world needs,” stated the APROSE president.
In his remarks, João Freire de Andrade (Portugal Fintech) addressed the importance of technological integration and noted that resistance to collaboration among entities can both challenge and drive transformation within the sector. “The digital transformation of insurers depends on the ability to foster collaboration between companies, regulators, and technology partners. Innovation arises when there is open communication and a willingness to share models and best practices,” he said.
Miriam Nicolau da Costa (Fórum Insurtech Fintech Portugal) concluded the debate by reinforcing the role of Artificial Intelligence as a “co-pilot” in insurers’ operations. She argued that AI can enhance productivity by “accelerating claims assessment processes” and by improving “the perception of quality among consumers,” contributing to a more efficient and transparent relationship between insurers and clients.
The panel was complemented by an address from Gabriel Bernardino, President of the Insurance and Pension Funds Supervisory Authority (ASF), who shared his perspective on regulatory challenges and opportunities in the sector’s digital transformation. He emphasized the importance of the regulator taking on a catalyst role for innovation in the age of Artificial Intelligence, promoting active dialogue with entities developing new solutions and business models. The session also featured the presentation “How AI Can Help the Insurance Sector – Practical Use Cases”, delivered by Nuno Costal, Strategic Value Principal Director at NTT DATA Portugal, who showcased real-world applications of Artificial Intelligence in risk assessment, product personalization, and operational process optimization, highlighting the potential of these technologies to increase the sector’s efficiency and competitiveness.