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Carlos Sánchez

COLOMBIA - Finance

Insuring growth

President, BMI


Carlos Sánchez has a specialization in business administration from Universidad del Rosario. He studied marketing at Politécnico Grancolombiano and has other studies from Pontificia Universidad Javeriana and Universidad de Burgos. His 18-year career has seen him work in leading multinational firms in the sector such as Liberty, Generali, Willis Towers, and Watson, as well as serving as VP of business development for Metlife Colombia.

BMI is banking on Colombia's GDP growth, growing middle class, and share of individual life policies to make Colombia BMI's largest market.

What has Colombia represented in your portfolio of operations?
Launched at the end of 2018, Colombia is one of our newest and most exciting offices, given that Colombia inspired the BMI Companies’ founder to set up his own company. Our outlook on the market is positive; Colombia has one of the best growth trajectories in the region. The country is also politically stable, with a growing middle class and share of individual life policies with respect to GDP, providing a huge opportunity to penetrate the local market. In a few years, we expect our operations here will represent the biggest market for BMI. Currently, our largest market is Ecuador, where we now have three local offices: Cuenca, Guayaquil, and Quito.

After different alliances, how have users managed to expand their range of insurance service options?
We are constantly working to improve the experience of our customers. This translates into strategic alliances that allow focusing on greater insight and greater knowledge. How do we do it? A fundamental pillar is collaborative synergies to complement services based on each company’s know-how and specialty. We are looking for business partners to jointly leverage sales with the single purpose of strengthening the value proposition. There are ways to penetrate the market and expand the knowledge of our products. Another equally important way is through continued training of advisors on our products. Finally, our suppliers become a strategic ally, as they are responsible for service to our customers. This means that well-made agreements, constant monitoring, and supervision are fundamental pieces in guaranteeing our valued products.

How do you plan to launch new products in the individual life and health segment?
In 2019, BMI Colombia launched different products, including Universal Individual Life — NOVA. The Superintendencia Financiera de Colombia was also authorized for the new life group product, and we adapted the individual health product to the local market with local coverage to meet customers’ needs. Before creating entirely new products, it is important to look at current BMI products and see how they can be revised for the Colombian market. Our focus has to be on improving processes to achieve the best response and quality for our sellers and customers. We are constantly looking for new opportunities for this market, and when we do, we implement them immediately once they have been deemed viable by our technical and marketing departments.

What is your percentage breakdown between personal and corporate policies?
For us, the individual and corporate market are completely different, but they complement each other, strategically speaking. Currently, our corporate participation is greater than the individual. The individual segment tends to have a slower growth trajectory than the corporate one. In the medium term, it will balance out.

When it comes to premium and corporate services, how do you ensure you attract the right customers and future partnerships?
We have clear product segmentation, and we know exactly what the profile of our clients is, both individual and corporate. These profiles are constantly transmitted to our salesforce. Meanwhile, all our strategic clients go through a strict filter and risk analysis process, ensuring they are in line with our company standards.

After a direct investment of USD28 million, how have you managed to increase direct job generation? How does this contribute to actions of corporate social responsibility?
As a young and growing company in the Colombian market, we have increased our direct job placements by at least 70%. Our human resources department continues searching for additional personnel, as demand continues to increase due to our commercial sales growth. As the salesforce grows, we continue to hire in the operational and administrative departments to best support our personnel in the commercial areas. Today, we have more than 300 independent consultants with whom we have delivered excellent insurance plans.



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