In this edition of the Vantevo Newsletter, we spoke with Leonardo Fuentes, Managing Partner of VANTEVO CLAIMS ADVISORS CHILE, about his career in the insurance sector, the challenges in managing industrial claims, and the key strategies for companies to handle these events efficiently.
From the 2010 Earthquake Experience to Leading Vantevo in Chile
Leonardo entered the world of claims in 2010 after the devastating 8.8-magnitude earthquake in Chile, which resulted in nearly $8 billion in compensation payments. His role in managing these processes allowed him to identify a gap in policyholder representation within the sector.
“It was an experience that opened my eyes to two major needs: first, the importance of having an independent advisor to defend policyholders’ interests, and second, the lack of specialized professionals advocating for policyholders in the Latin American market.”
Over time, this vision led him to pursue a Master’s degree in Risk Management and Insurance in Spain. Later, in 2020, he met with Roberto Revenga, founder of VANTEVO CLAIMS ADVISORS, and his team. They discussed a critical issue: policyholders often faced structural disadvantages against insurers and adjusters. An independent team could level the playing field and facilitate fair and efficient settlements. This discussion led to the founding of VANTEVO CLAIMS ADVISORS CHILE.
The Value of an Independent Advisor in Industrial Claims
One of Vantevo’s key differentiators is its independence. “Unlike some insurance brokers who offer claims advisory services, we do not design insurance policies, so there is no conflict of interest in our representation,” explains Leonardo.
Another key aspect is the company’s ownership structure: Vantevo is owned by its partners, with no external investors demanding profitability, allowing them to focus on solutions that are truly aligned with policyholders’ interests.
“Our philosophy is clear: we seek out-of-court settlements that are fast and fair. With more than 2,800 claims handled, we have reached settlements in 98% of cases, ensuring companies receive what they are entitled to under their policies.”
Key Challenges in Claims Management in Chile and Latin America
For Leonardo, there are three major challenges in the region:
Greater Knowledge and Education: Many companies are unaware of the actual scope of their policies and only react after a claim occurs. Vantevo works on educating policyholders so they can make informed decisions before facing a catastrophic event.
Cost of Policyholder Advisory Services: In some markets, policy clauses allow insurance to cover services like those offered by Vantevo. “This ensures that policyholders have proper representation without incurring additional costs.”
A Proactive Risk Management Culture: In Latin America, many companies see disaster preparedness as an unnecessary expense. However, a proactive strategy can make a significant difference in operational continuity and financial protection.
Innovation and Trends in Industrial Insurance
The insurance sector is evolving with new tools such as parametric policies, which enable automatic payments when certain predefined criteria are met. “While these solutions have yet to gain traction in Latin America, they represent a significant advancement in claim payment speed,” Leonardo notes.
Another key innovation by Vantevo is the creation of Claims Handling Procedures (PAS), which include documents and training sessions to educate companies on how to respond to claims, from expense classification to governance of the process.
Success Stories and the Profitability of Expert Advisory Services
“Every case we have managed in Chile over the past three years has had a positive impact on our clients,” says Leonardo. In some instances, Vantevo has recovered up to 25% more compensation than what insurers initially offered.
“Our service is a profitable investment. Not only do we help maximize compensation based on the contracted policy, but we also suggest changes in future policy designs to prevent coverage gaps,” he adds.
Key Tips for Asset Protection and Claims Management
For Leonardo, the best advice he can give companies is to prepare before a claim occurs. Some key recommendations include:
✔ Reviewing and optimizing policies with independent advisory services.
✔ Training teams in claims management and key documentation.
✔ Conducting drills and risk analysis to identify vulnerabilities.
✔ Including policy clauses that cover independent advisory services (policyholder advisory fee clause).
Conclusion
The future of claims management in Latin America requires a more proactive, informed, and independent approach. Vantevo positions itself as a strategic partner for companies seeking to optimize their insurance policies and ensure efficient claims management.
“The insurance market works and is a key solution for business continuity. From our standpoint, we help policyholders and brokers obtain the best conditions and outcomes in their policies.”
