The relative sophistication of the market in Ecuador has meant insurance providers have much to be optimistic about and are keen to compete to offer unique and better products.
Ricardo Loaiza
Executive President, Custodia Seguros
Custodia Seguros started 20 years ago with the purpose of protecting families. Our target clients are company managers and executives, and we offer them solutions to protect their families. We never planned to partner with many insurance companies as possible and only focused on working with the best ones. Most of them are multinational, since they are the biggest and care the most about their reputations. Thanks to these strategic alliances, we are able to offer family protection solutions to our clients. We have evolved because we always look for added value, a complement made of legal, tributary, and financial help to show clients why they should buy our product. Our strategy has not changed much over the past 20 years, and we continue to attend the same clientele. This group of clients continues to refer us to more and more people. Our strategy since day one has been to provide solutions for families and sophisticated clients. These people demand many tailored solutions, which is our specialty. We currently rank among the top 20 insurance brokers in Ecuador. For us, the most important thing is to position ourselves with our target clients with our ethics, values, professionalism, and our capacity to provide solutions.
Leopoldo Báez
General Manager, Bupa Ecuador
Bupa has been operating in Ecuador for more than 20 years. It is one of our longest operations in Latin America, and it is strategic because of the country’s characteristics. Healthcare is extremely important for its inhabitants as well as financing private healthcare. Since the beginning, Bupa’s strategy in Ecuador and Latin America overall has been to operate in international medical insurance, ensuring a complete offering for our customers who not only want coverage in their country, but outside of it as well. This was our main strategy in Ecuador in the first 15 years. However, in the last three years, we have begun to focus on expanding. We have launched domestic insurance policies and want to eventually offer access to private healthcare coverage to the whole population of Ecuador. We initially focused on corporate insurance coverage, and the idea is to identify those companies to which we can offer these services to their employees. In return, they will have a provider with international experience and all the know-how that this brings. The second stage, which began in 2022, is the launch of our local individual insurance products. Those who want to contract private healthcare insurance can do so through Bupa.
Adrián Ordoñez
CEO, Adrián Ordoñez
Coface started out as a public company but is now 100% privately owned. Although we are now a private company, our core business has not changed. We still work to guarantee the risk of default through our trade credit insurance products. In other words, we are an insurance company that deals strictly with trade credit insurance. What makes us stand out is our high solvency, since you need to have a minimum amount of capital to do business. We not only have it, but we are also backed by a large multinational such as Coface France. Moreover, we do business in more than 100 countries across the world, which benefits our clients in their foreign trade activities. We help them by advising on default risk, assessing each particular situation, and enabling them to manage the credit and the payment in the country of destination. Ecuador accounts just for 0.4% of Coface’s global portfolio; however, it is one of the countries with higher penetration rate. For example, Chile has a 3% penetration rate, which means 3% of GDP is insured with trade credit insurance. Ecuador has a 2% penetration rate, and we have a great level of performance.
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