The Business Year

Edwin Astudillo

CEO, ACE Seguros

The company works in different areas of finance and economics, where we have an AAA+ rating qualification of international standard. We also work with organizational plans within the Great Place to Work scheme, and currently rank as the second best company to work for. For us, it is very important to make our employees feel comfortable and appreciated in their workplace, which increases productivity rates and, at the end of the day, we believe that the employees are the ones that take care of the company, and not the other way around. Finally, we are very committed to corporate social responsibility (CSR). We received the highest qualification from the Dutch Global Reportable Initiative (GRI). Therefore, we can proudly say today that we are a comprehensive and integrated company. That’s our business strategy, as we establish close links with society. Our products are transparent and understandable, because we want to knock down old stereotypes regarding the insurance business, such as the proverbial small print. That has helped us to build a distinctive and trustworthy brand in the market. Our business model is very distinctive and we do not view any other insurance company as a competitor, as we believe that we can build a strong community.

Andrés Cordovez Dávalos

General Manager, Seguros Equinoccial

In 2013, we are celebrating our 40th anniversary. In early 1970, Quito experienced a trend toward the development of new business activities little known in the country. In this context, Seguros Generales Equinoccial was established in 1973. Over the years, the company expanded its operations into numerous insurance segments. It became crucial to enter new fields of the insurance industry, without neglecting traditional segments. Duly, the company has been a pioneer in the fields of bonds, risk insurance products for oil companies, and special hazards, among others, becoming a notable industry player in terms of production, financial soundness, and volume of business assets. Seguros Equinoccial has set the benchmark in terms of quality services and a high sense of professionalism in Ecuador’s major cities: Quito, Guayaquil, Cuenca, Manta, Ambato, Ibarra, Riobamba, and Loja. In 1997, the company entered a new era based on an ambitious strategic plan to improve services and create value-added. Having initially worked with Ecuador’s public sector, the focus shifted to the private sector. In terms of individual business growth our main goal was market leadership. We currently have a market share of close to 10%.

Oscar Machado Zuloaga Ayala

President, Oscar Machado Zuloaga Ayala

Ours is a very singular market. Being as small as it is with $1.5 billion in underwriting premiums (three times smaller than Peru and five times smaller than Colombia), 45 insurance companies, and more than 600 retail brokers compete for a piece of the pie. Over the years our clients have grown both knowledgeable and demanding in their request for service and specific solutions for complex risk. We offer a complete range of options that emphasize the financial strength of the insurance issuer and the versatility of the services and coverage offered. Our size and expertise make us attractive for both client and underwriter alike. It’s necessary to underline that our model of claim handling has made a big difference in the market: we follow the whole process of claim adjusting giving the client and the adjustors full advice in the documentation of the claim, and our interpretation of the scope of risks covered by the policy. Once the claim reaches the insurance company there are rarely any misunderstandings remaining. It’s just a matter of fulfilling the promise and paying the claim. We are a corporate broker, and 60% of our income stems from this segment alone. We are focused on engineering, airport infrastructure (brokers to Jose Joqaquin de Olmedo airport in Guayaquil), construction risk, fire lines, cargo, and large sureties and performance bonds.

Javier Cardenas Uribe

Executive President, Seguros Confianza

We were established 27 years ago after seven insurance companies united efforts, along with other key players in the national insurance market foresaw the opportunity of setting up a common company focused on bond insurance. I arrived at Confianza in 1999, at a time when Ecuador was suffering from a severe economic crisis where 15 banks closed down. Seguros Confianza has expanded its activity and presence in the market over the years. Today, we hold a 24% market share in the bond insurance segment, which is highly competitive in Ecuador. Over the past decade, we have also expanded our geographical presence; our headquarters are in Quito, and we have offices in Guayaquil and Cuenca. Our professional business structure and specialization in bond insurance are two of our greatest competitive advantages. We are able to better advise our clients, offering them products and services with added value. We always say that we grow along with our clients, and specialization is key. Diversification, for us, is applied within the segment we operate in. We are focusing our growth on market share in the private companies sub-segment. Today, our main clients are private companies, whereas the main beneficiary of our policies is the state.

Diana Pinilla Rojas

Executive President, AIG Metropolitana

In the case of Ecuador and similar markets, AIG targets individuals with more innovative and competitive products. In Ecuador, we have two main business segments; the commercial line, including the corporate market, multinationals and consumers, or individuals. The company is implementing an aggressive growth strategy for the next five years to increase its corporate and individual client base. Our major project is the implementation of an accelerated growth plan with a core strategy of geographic expansion. Rapidity and efficiency are two of our primary strengths; our main goal is to provide rapid solutions to our clients whenever they are needed. Our future strategy, therefore, aims to bolster our broker network to reach more clients. There is a clear benefit in being part of a leading international insurance organization with the largest network of any insurance company, a presence in 130 countries, and more than 70 million clients. This is especially true in a market where the presence of multinationals in the insurance business has grown considerably in recent years. The company has always been a leading insurance institution in the Ecuadorean market, and my main goal is to double our profits and business volume, and achieve a $130 million turnover in five years’ time. We are on the right path to achieve this.



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