Luk Vandestede
General Manager Mexico, Bupa Global Latin America
The possibility of continued growth goes in line with financial education. Today, financial companies, no matter if they are banks or insurance companies, have been much more proactive in creating awareness on the fact that insurance products are not an expense but a necessary investment, one which ultimately helps an individual avoid patrimonial loss. The factors for growth in the coming years, for Bupa specifically, are the upcoming generations. One of the areas where Bupa is relevant, and successful in Mexico and globally, is that we have a clear mission; we promote longer, healthier, and happier lives, and provide major medical insurance locally, and internationally, such is the case for Bupa Global major medical insurance. The average age of our customers is a little over 40, but we now need to look into the individuals under the age of 40, and digital tools represent an important way to talk to this segment of the population. Financial education, focusing on important issues such as health, being present in the new generation’s lives, and speaking their same language are all important factors. Around 30% of people are under the age of 21 and this gives us a glimpse of the estimated 20 million people that will turn 21 in the coming years, giving us a great glimpse of the potential that is out there for Bupa.
Javier RodrÃÂguez Della Vecchia
Director General, Javier RodrÃÂguez Della Vecchia
When we started in Mexico, the penetration of the insurance market, according to the GDP, was 1.8%. Today, we have 2.4% penetration, demonstrating the growth of insurance. For Zurich, what we pursue currently in Mexico is to bring knowledge to the market and to make Mexicans aware of the risks they have in the country. We want them to learn how to mitigate these risks for them and their families. For Zurich, Mexico was a good opportunity to come to Latin America and to Mexico. In the last eight to 10 years, more than 60 million people have gone from poverty to entering the middle class. This country is growing fast in terms of people with purchasing power. We are trying to show Mexicans how to mitigate risks related to the economy, climate factors, and crime. Zurich was active in international business and international companies with insurance needs for many countries at the same time. However, we did not have products and distribution channels for retail. Considering this huge growth of the middle class, the best tool to prevent this entry-level middle class from returning to poverty is insurance. We started with six branches in the country and fewer than 100 independent agents working for Zurich. In 2017, we will finish with over 80 branches in the country and close to 5,000 agents.
Francisco Oliveros
Director General, Francisco Oliveros
Sura makes a great effort to recognize and cater to the uniqueness of every market, though all under the same company DNA. The company has relentless focus on internal talent and its people as well as its clients. It does not only look at quarterly results, but has a solid long-term vision, preparing the future of the company, preparing for innovations in markets, in economics, in technology, and so on. The Mexican market is the second largest in Latin America, while also being one of the least- penetrated markets; there is a great deal of potential to grow. We have focused on what we believe is the most important fields and products for this market. Insurance companies have to work together to change people’s perceptions, attitudes, and knowledge of insurance. That is what we need to focus on now, and when market penetration is up and insurance is where it needs to be, we can be concerned about market share and how we perform relative to our rivals. Also, there are few agents, only three agents per 10,000 people. Importing the SURA model out of Colombia, we seek to make the insurance business more appealing, especially for younger people. We need to be more aligned with market needs and generate not products but solutions. Regulations, meanwhile, also need to be up to date.
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