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Case Study

RIMAC: How a Peruvian insurance company is scaling AI

By Amit M. Joshi and Ivy Buche

18 pages

December 2022

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Reference: IMD-7-2405

Fernando Rios, CEO of RIMAC Seguros y Reaseguros (RIMAC), a leading insurance company in Peru, had been driving an intensive digital transformation at the company since 2018. By modernizing its IT infrastructure and support applications across critical business units, Fernando sought to deliver a superior customer experience through faster response times, enhanced security, and improved business continuity and resiliency, especially throughout the pandemic. By 2022, the company had built a strong foundation from which to scale up its advanced analytics and AI capabilities to enhance its value propositions beyond insurance and focus on delivering well-being. This was in line with its newly articulated corporate purpose, “We protect your world; we promote your well-being.” Two questions remained uppermost in Fernando’s mind: How can RIMAC accelerate the democratization of the benefits of AI and advanced data analytics? / How will AI capabilities drive the company’s well-being agenda in the next three years?

Learning Objective

Identify the stages of scaling AI
Realize the value of quick successes in the scale-up process
Analyze options for appropriate organizational structures
Understand the importance of shared KPIs between the business lines, IT and data functions
Discuss how scaling can enable change in business models

Keywords

Digital Transformation, Advanced Analytics, Artificial Intelligence, Scaling, Data-driven Decision Making, Center of Excellence, Insurance, Well-being, Emerging Market

Settings

South America, Peru
RIMAC Seguros y Reaseguros, Finance and Insurance, Insurance
2018-2022

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

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