There are approximately 215M Spanish speakers in Latin America, followed closely by those who speak Portuguese, at 212M. Latin American insurers are not exempt from the challenges faced by Insurtech. Whether creating new products, enhancing the user experience, expanding partner ecosystems or seeking opportunities for embedding products, these companies need the support of technology experts. But if companies outside of Latin America want to effectively compete in this region, a multi-language capable SaaS platform is critical. Here are a few reasons:
Reach a Wider Audience
By offering your SaaS platform in multiple languages, you can reach a wider audience of potential customers. This is particularly important if you are targeting markets where English is not the primary language. According to a study by Common Sense Advisory, 75% of internet users prefer to buy products in their native language, and 60% rarely or never buy from English-only websites.
Increased adoption
If your SaaS platform is used by customers from different countries, offering it in their native language can increase engagement, adoption, and loyalty.
Reduce support requests
Providing your SaaS platform in multiple languages can also reduce support requests from users who don’t speak English fluently. This can save your support team time and resources, allowing them to focus on more complex issues.
Stay competitive
For companies looking to expand their prospect base, offering multi-language capabilities in their SaaS platforms can exponentially increase potential new partners. By not providing this feature, companies can lose business not only to international competitors, but indigenous SaaS platforms as well.
DRC is one of the few insurance technology providers that offer multilingual capabilities, so there is greater flexibility for users who may speak more than one language/speak English as a second language. Offering complex products to a wider range of markets without forcing an English-only option provides a flexible and versatile user experience. The DRC Insurance Platform can support any language, allowing insurers to sell and service their products to those who are more comfortable reviewing complicated documents in their first language. Stop by and see the DRC team at ITC Latin America (ITC LATAM) in Miami from April 24-26, where we are a sponsor and exhibitor. Learn more about DRC’s sponsorship at ITC LATAM at InsureTech Connect Latin America (ITC LATAM) 2023 – DRC (decisionresearch.com).
