As a new year begins, companies everywhere are taking stock after a widely challenging 2020. In the 10 months since the pandemic was declared, the world saw countries order nationwide lockdowns, close borders, send millions of staff home, and roll out a raft of other crisis management contingencies to keep people safe from the coronavirus. The cost of these contingencies has been felt in varying ways, and the focus has turned firmly to recovery and to making 2021 the year to reflect, rebuild and restore.

Some countries have been hit harder than others, with Spain put under a nationwide curfew in October in an effort to stem the worsening outbreak after the country witnessed an early second wave. For 2020 as a whole, analysts believe the economic downturn in Spain is likely to be the worst of all the eurozone countries, with considerable work still to be done. The outlook for the Spanish insurance sector is similarly challenging, and there is a pressing need for incumbents to review operational efficiencies and examine the way technologies are deployed across the organisation.

At RNA Analytics, we are uniquely placed to support the local market in the local language, having built a specialist team in Iberia over the past two years. Our team is led by finance specialists and actuaries with deep experience of international insurance markets and regulation, who are committed to helping clients with even the most complex implementations, adding value by offering support and responding to any technical issues they may have, or carrying out specific consulting projects in model amendment or improvement.

And because all companies are unique, our approach is too. José Fabrellas, our highly experienced and specialist Consultant spends much of his time talking to the C-suite about the best end-to-end solution to their distinct challenges. Dominating much of the agenda are pressures related to regulation, namely IFRS 17. A recent addition to the Spain team includes Estefania Gomez, our Junior Consultant who is supporting a number of clients with IFRS 17 implementations and other regulatory requirements.

Meanwhile, Matthieu Soulas is our Head of Consulting in Spain, and as a full qualified actuary with many years’ experience in the field, he has been focused on bespoke projects for our south European customers and is instrumental in the coordination of the RNA's Spanish team.

Javier Alvarez is deeply experienced in financial sector technology, a background which grows more relevant as use of technology advances across insurance. And Manuel Montes is a senior consultant who ensures our focus is as much about IT and technical consulting as it is about actuarial. This is so important as insurers (and so many other companies) move towards cloud computing and cloud-based solutions. This is one of the trends that we have seen even before the pandemic was declared. When combined with our powerful actuarial tools, the cloud offers insurers of all sizes access to previously unattainable computational power, and provides a shared environment for remote teams to continue to work together.

Looking forward

In Spain, December saw the rate of confirmed coronavirus infections hit its lowest level since August, according to Health Ministry data, offering a sign of recovery after a difficult period for the country. In the meantime, remote work continues, and RNA's Spanish team will be focused on growing its reach in nearby markets in Greece, Turkey, Cyprus, Italy and also other Spanish-speaking countries in Latin America. Work is also underway to reach out to networks in Eastern Europe, and the Middle East and Africa.

As trusted advisors to the insurance market for over 20 years, RNA is committed to investing in both our teams and our partners for the long-term benefit of clients in all our regions - established or emerging - and excited to be on this journey with our latest specialist partners in Spain.