Luis Cabezas-Klaere, Superintendent of Companies, Securities and Insurance, took part in the Summit Insurance event organized by Forbes Ecuador. The gathering brought together leading figures from Ecuador’s insurance sector to discuss the challenges and opportunities facing the industry amid increasing digitalization and competition.
The event featured discussions on topics such as digital transformation, prevention strategies, financial education, international insurance products, mental health considerations, strategic use of data, and the proposal to form a cluster aimed at driving sector development. The Superintendency presented its perspective on structural market challenges and ways to build a more transparent and user-focused insurance system.
During the main panel discussion, Cabezas-Klaere highlighted the need to strengthen a culture of prevention among citizens and to promote broader access to insurance in Ecuador. He stated: “It is key to promote a culture around insurance among people. The concept of protection must be instilled in individuals. We must stop seeing insurance as an expense and understand it as an investment,” said the superintendent.
Cabezas-Klaere also emphasized that insurers should offer clear and understandable products. He suggested innovation in how coverage details and contract conditions are communicated by using digital tools such as explanatory audiovisual content and simple language.
He further noted that brokers should act as strategic advisors rather than just salespeople. He underscored the importance of making policy compliance more transparent so that citizens can know and trust that insurers respond promptly when claims arise.
Through its participation, the Superintendency contributed to analyzing structural challenges in Ecuador’s insurance market while supporting proposals for expanding coverage, modernizing value propositions, and building public trust in the system.
