The Business Year

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Growing profits are underlining Ecuador's insurance market, with a host of local and international firms offering services.

Rafael Suárez

General Manager, Mapfre Atlas

The acquisition was made in 2008 and we were obligated to make Mapfre Atlas follow the same business model that Mapfre uses around the world. Atlas was a very solvent company, but too corporate oriented and too heavily focused on Guayaquil. The challenge was to implement the Mapfre model, which has a more national scope; we are interested in doing business across the country and expanding our product lines, not just in corporate products, but also in individual insurance. We are also working to diversify our sales channels. The main points of sale were our brokers. We have maintained these brokers, and are expanding their numbers, but we also wanted to make agreements with banks and other entities. In terms of corporate culture, we have adopted a code and the staff has gladly accepted the changes, seeing them as beneficial. Ecuador, from an insurance point of view, and considering other economic indices, ranks in the middle of Latin American countries. For a market that is valued at approximately $1.3 billion, there are a lot of insurance companies present.

Juan Fernando Serrano

Executive President, Latino Insurance

Equivida belongs to GrupoFuturo, a holding company. It was launched in the 1970s as an insurance broker. Later, the group gave birth to Seguros Equinoccial, which operated all the insurance lines. In 1994 Grupo Futuro decided to form two new companies. One was Salud S.A., a prepaid healthcare firm; and the second was Equivida, an insurance and reinsurance firm. The latter was geared toward taking care of all types of personal risks, but mainly life and personal accidents insurance. Nowadays, Seguros Equinoccial works only in non-life insurance. Personal life insurance’s share in our portfolio increased from 4% in 2008 to 13% in 2011. We have grown at a rate of 58% every year and expect to end 2012 with a 20% share. Our main target here is the middle class, and there is definitely great potential for growth because economic development has resulted in a middle class with higher purchasing power. However, corporate insurance is still very important for Equivida.

Francisco Proaño

General Manager, Francisco Proaño

Panamericana had been a very conservative company throughout its history. Since I started with the company, Panamericana has changed dramatically. I started working in a more aggressive and commercial way, with the goal of re-entering the market. Currently, we are aiming to provide our brokers with an excellent service at an unbeatable price. We started this program three years ago. The company began working with quality processes in 2012, after one year of study and research. We have undertaken the never-ending project of improving our services, and the company has taken a protagonist stance within the market. Recently, we have decided to make a huge advancement by investing heavily in technology. Something exciting will happen, but it won’t hit the market until late in 2012. We are working on several products. We are not attempting to cover the whole market, and instead emphasize coverage for certain groups. For example, right now we are developing a product that’s a mix between insurance and assistance services for the elderly.

Martha Cristina Tufiño

General Manager, Equivida

The purpose of our services, products, and company is to save time for people that analyze the figures of the insurance market in Ecuador and 18 additional countries in Latin America. We gather published material and the financial records that these countries publish. We then make it available on the internet for our users, which are mainly global and regional insurance companies. We are a niche company that offers a subscription for our services. Over the past decade, we have visited almost every country and insurance company we work with, and our subscribers recognize the value of our newsletter and services. We participate in many insurance association events from year to year, such as the Inter American Federation of Insurers (FIDES) Conference. We have gotten to know the countries, executives, and needs of each country. Over the last couple of years, we have also been generating country reports, as well as a line of business reports related to insurance. Our customers appreciate the way in which we offer an idea of current activity so they can make better decisions.



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