We are the insurance broker in Colombia with the most relationships with top global insurance companies; out of 100 top brokers, we work with close to 65. We belong to various networks that cluster a certain group of firms. 2017 has been an excellent year for us. The major reason for our success is that we are independent. We are not linked to any of the three largest brokers in the world. From a service perspective, we are focused on providing the best services to our clients. In addition, our good standards and excellent business practices allow us to make decisions faster. We have an interesting year ahead; the growing middle class will become an important player in the insurance market. We are going to open offices in other cities and establish other mechanisms to service our clients, by specifically providing alternative services in addition to the ones we currently offer.
Country Manager, Lloyd’s
We want to be present locally and consolidate the relationships between Lloyd’s market and local markets in the region. Having a presence in Colombia is extremely important for us because Lloyd’s representative office was established only two years ago, while the other international players have been present here for several years. Colombia’s market is heavily underinsured due to two reasons: low income and a cultural barrier due to lack of education. The company has produced great results; Lloyd’s 1H2017 results showed a profit of GBP1.22 billion. There were losses in 2H2017 due to the hurricanes and the Mexican earthquake, but we will continue to focus on maintaining strong underwriting discipline. Over the next year, we want to improve our relationships with the market and collaborate with governments to close the under-insurance gap.
Managing Director, Ana Patricia Giraldo Moreno
Fifty years ago, the insurance market in Colombia was not an attractive business; however, people with strong social skills were drawn to the sector. Over time we transitioned from an informal, relationship-based business model to a formal, specialized, value added one. Another important change we made was to move from an insurance procurement focus to a risk management focus. We were the pioneers in introducing enterprise risk management, business continuity, crisis management, liability exposure analysis, strategic risk assessment, and so on. Since our main clients are within the industrial sector, we launched a global industry-focused strategy in 2017. The insurance industry as a whole has major flaws that impact penetration levels. The first thing we need to do is educate people and redesign the way we market insurance. In terms of future prospects, we see the concern that business people have regarding the election. It is a major year and the concerns of normal Colombians are reflected in our operations.
President, Previsora de Seguros
One of our recent major achievement has been receiving AAA grading for the third consecutive year. In 2017, we had a new structure approved that will allow us to be more modern and dynamic. We have also developed agricultural insurance as well as an insurance that insures buildings built over 10 years ago. In 2017, our profits amounted to COP39 billion (USD14.04 million), with investments of over COP87 billion (USD31.3 million). For our 2017-2021 strategic plan, we are focusing on five main fronts: strengthening the state market; developing the SME market; increasing our focus on clients; technology and digital transformation; increasing efficiency; and creating a new area of customer service culture. Our 2018 goal is to improve our accident ratio for the automobile and compulsory traffic accident insurance areas. Equally important, we want to work more on alliances, even with companies in the same sector to reach new niches that we may not be able to tap into on our own.
QBE is a global property and casualty insurer and reinsurer. In 2005, because of the divestiture of non-core assets from the government, it found a way to enter the Colombian market. From 2014 onward, we moved from that federative model to a more centralized, global company. It was challenging because the Colombian market has a good mix of local and international competition. What sets us apart is our tailored customer value proposition relying on the three pillars of experience, service, and culture. We want to have a go-to-market strategy where we are fast and efficient, jettisoning any parts of the service chain that add no value. Looking at the Colombian market, we are witnessing a shift in 2018. We want to focus on the specialty lines in the corporate arena, as well as more tailored products for small- and medium-sized enterprises. We want to provide the added services so risk management can be a value-creating tool for our clients.
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