Competitive Market

Seguros Vivir arrived in Panama from the Dominican Republic. Why did you decide to come to Panama?

Grupo Humano is the leader and largest insurance company in the Dominican market. Humano started operations back in 2001 providing exclusively health and life insurance coverage. In 2018 general risk insurance was included in the portfolio. In order to diversify their operations, in 2011 the group decided to enter in the Central American market starting in El Salvador with the brand Aseguradora Vivir. Two years later we started insurance and reinsurance operations in Panama, our country base for VIVIR. Making Panama our headquarters was a strategic decision, considering market attractiveness, growth and stability of the country. Furthermore, Panama has a lot of similarities with the Dominican Republic market, allowing us to benefit from our primary experience and knowledge.

What is the relation between the international expansion project and Panama?

Panama is a very important market considering its economic growth. We found potential opportunities for developing our business model and offering our varied insurance plans in the market.

What steps are you taking to differentiate your products from those in the market?

Since our start, we focused our value proposition in service as well as offering a complete health and life portfolio for business and individuals. Panama is a very competitive market, with 23 insurance companies offering all kinds of plans, and these keep us more committed and evolving to achieve our goals. We believe that the key factors are customer service, our relationship with the insurance brokers and innovation.

What premium products do you offer to broaden your client portfolio?

We have a portfolio of products focused on different segments, with a specific mix designed for both high-income and low-income individuals and for business as well. We have premium packages for managers and executives that cover all services across the world, without the need for reimbursement. We have launched our mobile application to provide a better and more agile service for our customers.

What is the company’s long-term outlook?

We are focused on the corporate segment, as we have experienced major growth over recent years. In fact, we want to grow in the life and corporate segments as well as seeking other opportunities to ensure growth.

What are your main targets in Panama?

We are working to improve our service platform, upgrading our portfolio with new benefits and coverage, strengthening our commercial structure and focusing on corporate accounts.