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Federico Pronzati

Regional Director, Solunion

Emanuel Abadía

Country Manager, Marsh Panama

These companies are working on initiatives to better advise clients on the myriad benefits of insurance and increase the overall sophistication of insurance in the market.
What is your vision on the credit insurance services in Panama?

FEDERICO PRONZATI Today, we are the unique carrier working in credit insurance in Panama. We have a huge market to develop, and we need to work on it. Solunion works together with companies in Panama to support their growth, explain products and their credit risks bringing alternatives that they might have in terms of coverage, and show them the advantages of working protected by credit insurance. Panama is an important country for many reasons, having two main drivers: its location and exports capacity. Our first goal is to support local companies’ growth. We need to understand how market work, which is why we created a specific team based in Panama City. Our second objective, which is no less important, is to help companies’ credit risk decisions Based on our 40 million-plus database of companies worldwide, Solunion is able to advise our policyholders about their clients’ financial capabilities. Our risk expertise on the ground help us to support our risk decisions with local knowledge.
What factors differentiate Marsh from its competitors?

EMANUEL ABADÍA Among its main advantages, Marsh has extensive know-how. We have many years of experience and knowledge of different industries. The new types of businesses coming to Panama are all positive for Marsh. For example, a few years ago there was no wind energy in Panama, no solar energy, or cyber attacks. There are many new risks and opportunities coming to the country, and Marsh’s know-how in other countries makes it easy for us to help our clients. Marsh also has a large amount of data on claims that have happened in different types of industries, and that helps us better advise clients on the coverages they have to contract and the areas they have to be careful about not only on the subject of insurance, but also on the subject of our own risks. These are our main competitive advantages: our know-how and the data we have from all the businesses we manage around the world.

How are you working to expand your portfolio?

FP Solunion Panama works for the entire Central America and Dominican Republic. Here, we issue our policies through MAPFRE, which is one of our shareholders in the joint venture, together with Allianz Trade. We can issue policies in seven countries, and we cover the entire Central American region plus the Dominican Republic. Half of the portfolio of the region belongs to Panama, but we also have Costa Rica, Dominican Republic, and Guatemala as the second layer of markets. We have plenty of sectors, supporting multinationals, and SMEs. We work from agribusiness to IT and business solutions related to whatever you can consider: paper, food, household appliance, and so on and so forth. Over the years, there have been new business trends and needs, and we work to support these developments. We believe we can grow together with our customers, by providing solutions to industries and sectors, from a credit risk point of view.

What strategy are you following to position Marsh as the main player in the country?

EA Our strategy has always been to share knowledge; we recently held a webinar in conjunction with the Chamber of Commerce on public-private partnerships (PPPs). Although that law was passed in Panama for some years now, the country has not yet developed PPP projects, although they are common in other countries. Marsh has extensive know-how of such insurance and the risks involved, and our initiative with the chamber of commerce was a complete success. That is how we want to position ourselves. We do many activities with clients and through the media. That is how we can share our know-how. We like to help and advise people and look for companies that require our assistance for a solution that they require at that time. Even the communications we have internally at Marsh are wide-ranging; we receive news every day, prepared by Marsh from all over the world, and they provide important updates on developments in the insurance sector. We manage a large amount of internal information, and that is important for our collaborators as well, so that they can also share it with their clients and prospects.

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