COVERED EVERYWHERE
TBY talks to Héctor Martinez, CEO of Willis Colombia, on recent developments, applying its global expertise in Colombia, and the upcoming merger with Towers Watson.
BIOGRAPHY
Héctor Martinez was born in Bogotá. He studied in both Spain and Colombia, graduating with a degree in psychology from Universidad de la Sabana in Bogotá.How has the business of Willis Colombia evolved over the last five years?
Willis Colombia has changed dramatically in many ways. Willis acquired 100% of the operation in Colombia three years ago, which forced us to change some of the ways that we were doing business. We had an excellent base in the country, but we wanted to bring the best of Willis around the world to Colombia. We have many resources globally; we have centers of excellence for different areas in our head offices in London and New York, and we wanted to bring all the tools and knowledge to Colombia. A new process was started by our current CEO when he joined in January 2013; he wanted to create a broker that was closer to the client and one that was not just transactional—a broker that was more analytical. We changed and hired many people in Colombia, and the senior team in the country has an average of two years tenure in the company.
Will you continue to bring new products into Colombia that are already operational in other countries?
We will bring knowledge, but particularly knowledge tailored to the needs of the local companies. A product offered to a client in New York or in Boston will not be the same as a product offered to a client to Bogotá or in Medellín. Companies here are evolving rapidly, and we have to keep evolving even faster, as we cannot afford to lose pace to those companies that 10 or 15 years ago were medium-sized companies in Colombia but are now present in 20 countries.
How has the implementation of new services and products worked in Colombia?
Implementation has been challenging. It is a system that has been used in several Willis offices around the world, but we were going to be the first office in Latin America and the first office that would launch the system in Spanish. We were working with our IT team in London, the regional IT teams in São Paulo and Mexico, and the developer in London with a developing hub in Singapore. It required a great deal of work both from our partners and ourselves. We have had no problems or issues with the launch of the new system and can see that our employees and colleagues are now seeing the benefits of the new system.
What opportunities will the merger with Towers Watson bring to the company in Latin America?
The opportunity is, as our chairman explained, for our clients, as they are the ones who will benefit from this possible merger. It is an ideal merger because we are complementary companies that do not do the same business. The services it provides and the services that we provide will create a stronger force in the risk management and brokering business.
What industries have the best customers in Colombia?
Our client base is mainly corporate, and we are strong in the food, manufacturing, and energy sectors. We are also strong in utilities and work with some of the largest utilities firms in the country: We are their broker and partner in risk management. We have three separate lines of products; affinity, human capital and benefits, and property and casualty. We are growing in all of them but have had the strongest growth in human capital and benefits in 2015
What factors explain why Colombia has the one lowest level of insurance penetration in Latin America?
These rates are the product of a lack of knowledge and the fact that our culture of insurance is still in its infancy. As risk managers, we see one of the reasons is that the people have other needs before buying insurance. Certain levels of society and large companies are able to buy insurance with no problem, but the middle class and below are under protected because they have other priorities.
COVERED EVERYWHERE
TABLE OF CONTENTS
Interview
Bruce Mac Master, President, National Business Association of Colombia (ANDI)
TBY talks to Bruce Mac Master, President of the National Business Association of Colombia (ANDI), on tackling obstacles to competitiveness in the economy, participating in the global value chain, and the impact of the currency devaluation.
read articleFocus: Bank Expansion Abroad
Fortune Favors the Brave
Colombian banks have greatly expanded their operations in Central America in the last decade. The dramatic growth of the middle class and the internationalization of the Colombian economy has propelled growth. The market has shaken the shackles of the large players who used to dominate the market, with smaller institutions expanding and widening their coverage across the region.
read articleInterview
Mauricio De La Mora Rodríguez, Former President, National Hydrocarbons Agency (ANH)
TBY talks to Mauricio De La Mora Rodríguez, Former President of National Hydrocarbons Agency (ANH), on promoting investment, gaining knowledge of offshore activities, and the short-term outlook.
read articleInterview
Eduardo Jaramillo Cuervo, President & CEO, General Electric (GE)
TBY talks to Eduardo Jaramillo Cuervo, President & CEO of General Electric (GE), on the role GE intends to play in developing Colombia's energy value chain and creating a diversified matrix to support the country's energy needs for years to come.
read articleInterview
Adriana Lucia Falla, General Manager, SoftManagement S.A
TBY talks to Adriana Lucia Falla, General Manager of SoftManagement S.A., on the important elements of the company's business, its key strengths compared to its competitors, and the significance of the IT sector in Colombia.
read articleInterview
Juan Martin Caicedo Ferrer, Executive President , Colombian Chamber of Infrastructure (CCI)
TBY talks to Juan Martin Caicedo Ferrer, Executive President of the Colombian Chamber of Infrastructure (CCI), on the future of infrastructure in the country, challenges, and the role of SMEs.
read articleFocus: 4G Generation
Motoring Toward Development
Colombia is looking toward the future and improving its transportation network by renewing road infrastructure, putting an end to the nation's underdevelopment in roads and highways. The government estimates that in the next four years the 4G program will dramatically enhance the Colombian economy, shortening traveling time between cities and, consequently, reducing transportation costs.
read articleFocus: Coffee
Morning Joe
Colombian coffee has an incredible reputation for its aroma, taste, and purity, which is why it is considered one of the best quality coffees in the world. This belief has not changed despite the entrance of huge producing countries such as Ethiopia, Brazil, and Vietnam into the market.
read articleReview: Education
Gold Star For You
In recent decades, Colombia made changes to nearly every level and aspect of its education system and has been exceeding the expected results, putting the country on the right track to achieve the president's goal of becoming the best educated country in the region.
read articleReview: Tourism
It's Not Magic
A reputation for violence had for many years stunted the growth of Colombia's tourism sector. But now that the country has enormously improved its image abroad, there is little to prevent it from becoming one of the most ideal destinations in Latin America.
read article
