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 challenges and opportunities facing the industry as it becomes more digital and competitive.
The agenda included topics such as digitalization, prevention, financial education, international insurance, mental health, strategic use of data, and a proposal to create a cluster to boost sector development. The Superintendency presented its perspective on structural market challenges and ways to build a more transparent and user-oriented insurance system.
During the main panel discussion, Cabezas-Klaere addressed the importance of strengthening a culture of prevention among citizens and expanding access to insurance in Ecuador. He said: “Es clave promover una cultura del tema de seguros en la gente. El criterio de protección hay que inculcar en las personas. Hay que dejar de ver los seguros como un gasto y entenderlos como una inversión.” (It is key to promote an insurance culture among people. The idea of protection must be instilled in individuals. We must stop seeing insurance as an expense and understand it as an investment.)
Cabezas-Klaere also highlighted the need for insurers to offer clear and understandable products. He proposed innovation in communicating coverage details and contractual conditions by using digital tools that help users understand them better—such as explanatory audiovisual content and simple language.
He further emphasized the role of brokers as strategic advisors rather than just salespeople. He stressed the need for transparency regarding policy fulfillment so that citizens can trust insurers will respond promptly when claims arise.
By participating in this forum, the Superintendency contributed to analyzing structural challenges in the insurance market and developing proposals aimed at expanding coverage, modernizing value propositions, and strengthening public confidence in Ecuador’s insurance system.
