What are the most significant cases or transactions that your legal team has recently been involved in?

The purchase of QBE LBA Insurance in Argentina by Zurich Argentina is one of the recent milestones led by my legal team. It has been a very enriching experience. The process covers operational aspects, policies and consolidation of the legal and accounting structure, and the continuity and negotiation of major insurance distribution agreements, among other matters.

Likewise, the Covid-19 lockdown also impacted the legal insurance market as a whole. In Zurich we had offered solutions that allowed us to operate in a safe digital environment. Such is the implementation of remote board meetings having 100% digital quorum and the amendment of bylaws to this new reality. The implementation of digital signatures, and the creation of a local governance system to track and verify the correct operation of all legal processes through remote work, were all implemented. Some of these measures were a consequence of the maturity of certain regulators (corporate regulator) that will remain in force since they have facilitated the operation among absent people or located in different places.

Which recent political, economic or regulatory changes have impacted the company and the team the most?

The most recent regulatory changes that impacted the insurance industry and represented a challenge for legal management was the Central Bank’s regulatory changes, as they required: an understanding of the limitations for claims settlement; external payment requirements for certain customer profiles; and regulatory changes related to consumer rights, which for example required the creation of regret and unsubscribe buttons on web pages, and other measures that continue to be analysed. These regulatory changes, with customer centricity focus, required alignment of regulatory criteria with insurance chambers and the legal market in general, demanding constant dialogue and calibration of opinions to answer customer concerns, or even handle administrative or judicial claims on a state of the art way.

If you had to give advice to an aspiring in-house lawyer or general counsel, what would it be and why?

First of all, it is important that the in-house counsel understands that they must become a strategic partner of the line of business, which is why they must understand the core of the business and contribute in the decision making process. Definitely, the lawyer must leave their comfort zone, learn to think with the head of a manager and provide solutions that provide corporate coherence to the business plan in general, in order to improve the business operating profit, with an efficient risk allocating method.

This goal must be developed with integrity, sharing the company’s values and correctly addressing risks. The value of integrity inspires confidence in the team and colleagues across areas. Leaders also need to operate with curiosity and a resilient spirit; this will allows us to face challenges and set long-term goals, not only of our own but also of the company.