First, can you please give us an idea of the sort of work your team has done recently? 

As a synergistic department (working for two companies, an insurer and a pension fund administrator) we have participated in multiple projects to develop both companies, both jointly and separately. 

As far as the pension fund administrator is concerned, we had the opportunity to be part of the creation and development of LISA, the first artificial intelligence with a heart. LISA is the first humanoid in the pension fund manager industry that was created to offer virtual assistance. The idea behind LISA is that users can gain knowledge about the pension system and how important social security is. Using artificial intelligence, a new way to connect with SDSS affiliates and users was created. To achieve this, from the legal and compliance department, an arduous work of review of all legal aspects and regulatory compliance was carried out. These initiatives had to be meticulously evaluated prior to their launch and approved by the regulator. 

In Seguros Crecer, we are pioneers in the launch of the Life Annuity product, which has its origin in social security through Law 87-01 that creates the SS System. In that sense, a Life Annuity consists of a pension modality where, at the time of retirement, the pension fund ceases to be managed by a pension fund administrator and becomes administered by an insurance company, in order to guarantee a monthly income throughout life. The payment of the rent is calculated based on the balance that the person has in his AFP account at the time of retirement, according to their age and sex. Although this modality existed since the creation of the system, no insurer had ventured into the creation of the product, so, in practice, affiliates could not opt for this type of pension.   

We are also currently working on the pilot project of AFP Crecer and Seguros Crecer that aims to implement the first air corridor for sending courier by drones in an urban environment. This initiative arose through our innovation laboratory, which seeks to develop new technologies and applications to contribute to the development of the country. In order to achieve this objective, it is necessary to have the approval of the Dominican Institute of Civil Aviation (IDAD) as well as to study the legal and regulatory risks that may exist and how to mitigate them.  

How do you stay up-to-date with changes in laws and regulations relevant to your organisation’s industry? 

Both entities require a constant review of regulatory changes, however, we have very active regulators in their roles that are always including their supervisees in all possible changes that may arise, as well as in those that have already be applied. 

In order to keep up to date with the changes in the laws and regulations, in principle, I receive through the regulator either in physical or digital format the proposals for modifications to the regulations, which allows me to study the possible impact and how appropriate the suggestions for modification can really be,  opening the window to be able to send my observations and comments. Likewise, we are active participants within the unions of each sector, so we also keep ourselves informed through the sessions held by these. Also, and no less important, considering all the technological tools available that we currently have, another way to keep up to date is to check the social networks of state agencies, as well as their websites, and digital newspapers, including me in the dissemination lists of these bodies.  

Likewise, attending congresses, workshops, conferences and performing certifications that allow me to obtain new knowledge, including the most relevant regulations for both organisations, especially in relation to technology and all the changes that new technological tools bring.