Our CEO of Reinsurance in Brazil, Adriano Oka, is in the Intelligent Insurer talking all about how we stand out from the competition and our ambitious plans for the future.
This article first featured in Intelligent Insurer.
Broker Oneglobal expects to deliver a breakeven result in Brazil, after gaining its licence in January 2023, according to Adriano Oka, CEO Oneglobal Reinsurance Brazil.
But there are obstacles to expansion into the Brazilian market, he warns, including the main obstacle of strong competition.
“Competing against enormous brands is a huge challenge but we have been doing well delivering technical value, expertise, and full transparency,” says Oka.
“We have been differentiating ourselves with our expertise.” Adriano Oka, Oneglobal
He adds: “The large number of global brokers licensed in Brazil has made competition increasingly difficult. We have been differentiating ourselves with our expertise and qualified consultancy service to our clients.”
Despite this obstacle, Oka is confident that Oneglobal can deliver, noting that the reaction of clients and the market to the “ambitious project” has been very good.
“In a few months we plan to release our full business plan for the next few years. It is important to say that when we mention our intention to invest in new businesses areas, we are definitely thinking of talented people to deliver high quality service,” he says.
A focus on energy
Oneglobal is very focused on the energy and marine industry and financial lines in Brazil.
According to Oka, the energy industry, in particular renewables and oil and gas, will continue to be Oneglobal’s target for the next five years, but the company will invest in other areas including rural insurance and treaty. Financial solutions is also a sector being considered.
On other challenges facing the company, Oka cites the lack of capacity and increased rates for certain types of risk, which the broker has been trying to resolve with the overseas market.
“The insurance market is becoming more sophisticated.”
Oka adds: “We believe the insurance market is becoming more sophisticated and the clients are buying coverages with more care and knowledge looking for the best protection. This is demanding greater technical capacity from the entire market.”
Although there is an array of challenges, Oka notes that there are great opportunities for a global company such as Oneglobal.
He concludes: “Politics, economics and legal instability are always a challenge for companies in Brazil. But as I mentioned, we have been seeing high levels of investment in the energy sector.
“The insurance market is demanding innovative solutions and technology and we are prepared to offer it to our clients and partners.”