In this article we explore which solutions from these industries have an impact on Govtech and how they are intertwined in a cross-cutting way, generating opportunities to improve the public services of which we are all users.

We have previously explained what Govtech is and why it is a great tool for public transformation. On this occasion, our goal is to continue delving into how other more advanced industries respond to the challenges of public administrations. To this end, we invite to participate in this article great experts in technological innovation in each sector who tell us how their sectors converge with the Govtech space.

Insurtech: Transforming risk management

Innovation in the insurance sector has become increasingly important beyond its impact on private industry. It also plays a fundamental role in the public sphere, more specifically in policies and services related to citizen protection and security.

In this case, Jorge Millán-Astray, Innovation Project Manager and Head of Santalucía Impulsa gives us the keys to this sector and in which areas there is a greater potential for impact:

"The adoption of Insurtech solutions by the public sector can bring many benefits.

Mainly, I would highlight: operational efficiency through the automation of manual processes or administrative tasks, speeding up decision making (contracting, legal processes, etc. ); the improvement of the user experience with the incorporation of new advanced technologies such as video-operation or telemedicine; advanced data analysis, big data and predictive analytics to assess risks more accurately and improve decision-making in claims management; fraud reduction through artificial intelligence and machine learning to identify fraudulent behavior patterns, contributing to fraud detection and prevention in the public sector; cybersecurity, data protection and regulatory compliance, which can be crucial to protect sensitive information and ensure regulatory compliance in the public sector.

Finally, in the area of Deaths, the main application is the traceability of the claim and its corresponding communication and procedures with public administrations".

Within the scope of the Govtech Laboratory of the Provincial Council of Bizkaia, a challenge was launched (Insurance Information) that highlights these needs of the public sector related to the insurance sector. The traceability of applications and documentation related to incidents subject to insurance coverage was sought, allowing an easy and filtered consultation of all the information collected.‍

Fintech: Unlocking Financial Potential

In the Fintech environment, the convergence with Govtech opens new perspectives to optimize the administration of public resources and strengthen transparency in the financial operations of the public sector.

As a reference in this sector, Alberto Cadenas, Government Solutions Director at VISA, who has supported the Govtech Accelerator of Gobe Ventures, gives us his vision and sees a clear space of common opportunity:

"Fintechs play a crucial role in promoting financial inclusion. Using technology, they provide financial services to vulnerable people who may lack access to traditional banking services. Such services have a positive social impact and expand the number of people who can be part of a country's economy.

The solutions offered by Fintechs, such as automated invoicing, expense tracking and real-time expense analysis, help small businesses manage their finances more efficiently. These tools not only save time but also reduce human error and provide valuable information for business growth. These same tools can be applied to the public sector for more efficient and transparent management of public finances".

An example of how these tools have an impact on public finances can be seen in this recently published news item on how the Treasury collaborates with new entities. This is a before and after in the management of collection, where only banks, savings banks and credit cooperatives could provide these services, and that now opens this possibility to any entity that is established by the head of the Ministry of Finance as, for example, payment and electronic money entities.

Mobility: Operational and Efficient Management to Make Cities More Livable. 

Urban mobility and its redefinition is an area of improvement highly related to Govtech.

Some of the most important areas where technological innovation has an impact are Transportation Planning 2.0 and intelligent traffic management, where Govtech solutions integrate real-time data on traffic, events and weather conditions, enabling smoother mobility and reducing travel times.

As Luis Morales, Director of Future of Mobility, a public-private collaboration and innovation platform, points out:

"Our experience after several years working with innovative startups in the field of mobility and smart city is very positive. Their mobility solutions and services, by nature innovative and digital, contribute to the digital transformation of many municipalities and transport authorities, which thus see their digitization process accelerated.

Startups and, in general, companies working in the field of mobility and transport are key players for Local Governments. They allow Local Governments to gain in efficiency and in the provision of new mobility services, and for their part, companies can introduce their solutions and services in cities hand in hand with the administration".

Beyond transportation efficiency, this collaboration seeks to improve the quality of life in our cities, creating more sustainable, accessible and attractive environments for all. Another clear example that highlights the needs of public entities is the challenge that the Ente Vasco de la Energía has been working on together with the startup Wozalabs during 2023.

Attracting startups to improve public services

The most interesting thing of all is that other agents are accompanying along the way, the startups. There are already many that are providing solutions in these industries and all that remains is to take the last step: involve them in improving public services with this collaborative approach, where the public sector not only fosters innovation, but also creates opportunities to address complex challenges and improve people's quality of life.

For the startup ecosystem, these opportunities represent a unique opportunity to explore and unlock the potential of their public value proposition and, ultimately, have a very noticeable impact on the quality of life of citizens, which is the ultimate goal of Govtech.