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Juan David Correa

President, Protección

Miguel Largacha Martí­nez

President, Porvenir

Private pension funds in Colombia are adapting CSR practices to target new clients and implementing innovative technology to reach more clients.

What strategies help the company become more appealing to certain age groups?
JUAN DAVID CORREA As Protección is a platform to build dreams on, our goal is to support people to achieve those dreams. Many clients have been part of Protección since they were young. As such, they usually cover their family with Protección as well. Protección is a company that supports all young people in Colombia to make decisions and build their future through our experience. Our platform gathers over 7 million Colombians who are building a future through savings and investment decisions, including both employees and entrepreneurs.

MIGUEL LARGACHA MARTÍNEZ Our social responsibility programs are particularly aimed at older adults. We constantly create initiatives for the elderly and look for ways to improve the quality of life of our pensioners and the vulnerable at that stage of life. To increase the scope of our activities, we have developed different tactics to understand their needs. In 2018, we developed a study with the support of the National Consulting Center of Colombia, which allowed us to prioritize dimensions we could address under our CSR program. In 2019, we also graduated the first generation of entrepreneurial pensioners in partnership with Universidad del Rosario. Additionally, we visited 600 senior citizens in nine nursing homes with 167 volunteers.

What innovative tools are you implementing?
JDC Many services are linked to the technology of Industry 4.0, and Medellí­n is one of the few places in the world where this is paramount. As the customer is key, we have to use technology to obtain a better understanding of clients to build that platform of dreams. As such, we have a service called Protección Child that helps families provide education for their children. We do this through alliances to ensure that the education of the child is guaranteed, even if the parents die. We have another product called Always Active. Today, humans are living for longer periods. Today, at 60 years of age, one might continue working and feel active, so Always Active is a product for those who would like to continue working or work less when they become older. These are just some of the innovative products we have launched recently.

MLM Digitalization has been essential for the progress of the pension and severance industry in Colombia. The payment of mandatory pensions, as well as severance payments, were integrated into Colombia’s social security program recently. This integration has been supported by digital channels that facilitate the accountability of employers and entrepreneurs with tracking and follow up. Currently, we provide 95% of our services through digital platforms, thus ensuring the sustainability of our business. Through digital transformation, we can offer value to different type of customers and, moreover, support our clients in all stages of life. We launched a communication strategy, Avancemos Juntos (Advancing Together), through which we invited our affiliates to take advantage of our solutions.

How do the new trends in the workplace impact your products?
JDC The new working trends are a reality. Every day, we have more independent workers, and we are focusing on them. We have a platform providing services specifically for companies, as well as products geared toward younger people who work independently. We have close to 30 portfolios that hold assets at a local and global level. We manage balanced portfolios to provide services to our clients and a broad variety of products into which they have collectively invested COP100 trillion. Furthermore, 40% of this global portfolio is invested abroad in pursuit of greater returns.

Why is Colombia important for Porvenir?
MLM Colombia is the most important asset for Porvenir. If Colombia is doing well, we are doing well. From the COP154 million under management, more than 70% is invested in Colombia, supporting the public and private sector. For us, it is essential that Colombia does well in its industries and as a country. Colombia was part of the 10% of countries that had a higher growth rate in 2019 than in 2018. We see this as recognition of Colombia as a safe investment destination. Portfolio investment has been triggered, along with capital investment. Colombia has the attention of the world and is fully present.



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