INSURANCE
Insurance companies are forced to provide a wide variety of offerings and focus on customer satisfaction given the small market size.
We are the number-one insurance agency with the largest premium billings for INS. Our target market is not corporations, but mainly individuals. We cater to over 130,000 clients in Costa Rica, mainly individual customers. We have about 130 insurance agents throughout the country and with their experience we ensure our customers receive the best service and advice. Our client profile is different from other insurance intermediaries that cater to large corporations. Indeed, we cover individual clients seeking products like healthcare, home insurance, vehicles, and Riesgos del Trabajo. Our advantage is that Costa Ricans buy insurance through word of the mouth, and we come highly recommended. We are leaders in service and technology, and our human capital has great expertise. Our employees are also in a continuous process of training and learning about the changing needs of the market. We assume risks and objectively explain to our clients why INS offers the best products.
In the initial years, due to the lack of an independent sales force, we worked together with non-traditional insurance distribution channels, providing an experienced and efficient insurance platform to fill market needs for quality low-cost insurance, making coverage available to consumers who traditionally did not have access to insurance products. Since most insurance coverage was already developed, we simplified, packaged, and made it easy and affordable to purchase personal line products. We developed joint ventures with financial institutions such as banks, cooperatives, financing companies, credit cards, and large retail stores for market insurance products. Since Costa Rica has a higher purchasing power compared to most of Central American countries, and from the lack of competition previous to the market opening in 2008, the state-owned insurance company had been passive in this segment, leaving market demand unsatisfied for affordable insurance products.
We are a multiline insurance with over 75% of market share. We are in two fields that are obligatory and that the competition has not entered. We have SMEs, corporations, and individuals. We cover all areas of insurance; half of our business is composed of personal insurance and the other half is general insurance, which includes damages, vehicles, and so forth. We are balanced and consider ourselves a multiline insurer, since we are in all areas of coverage. The business of insurance is based on protection and trust. We pay out around USD2 million every working day for compensations. We speak with solid numbers, and that makes the difference. We are making efforts to improve our service. We are focused on improving service, prices, and financial support; therefore, we have the elements to continue growing and being leaders of this business. We will continue to be the biggest; however, we aim to be the most efficient and provide the best service.
In the last year, the market has grown around 30%. Costa Rica is a small country. We have a saying here that the best market is one's own neighbor. There is more capacity, more equal rates, and lower prices. In addition, SUGESE has pushed hard to increase the level of knowledge for the people of Costa Rica. Costa Rica had a low reserve of income regarding insurance, which is improving every year. People are learning what having coverage really means and where it can be developed, not just for cars, but for health and homes as well. Latin American companies believe strongly in their way of doing things, and when a foreign company comes in, it is tough for them to immediately get on board. This has increased premiums, though not the number of policies. It is important to know how many new policies have been released in a year. SUGESE has compiled all the information right from the start.
INSURANCE
TABLE OF CONTENTS
Interview
Yamileth Astorga, President, Costa Rican Institute of Aqueducts and Sewers (AyA)
TBY talks to Yamileth Astorga, President of the Costa Rican Institute of Aqueducts and Sewers (AyA), on the challenges of providing high-quality potable water and working to prevent a water deficit.
read articleInterview
Luis Carlos Delgado Murillo, President, National Supervisory Council for the Financial System (CONASSIF)
TBY talks to Luis Carlos Delgado Murillo, President of the National Supervisory Council for the Financial System (CONASSIF), on the importance of collaboration between the private and public sectors and facilitating new business.
read articleInterview
Minor Rodríguez, General Manager, Coopesa
TBY talks to Minor Rodríguez, General Manager of Coopesa, on being the only self-managing cooperative in the world dedicated to heavy aircraft, the importance of communication, and maintaining a flat and democratic governance structure.
read articleReview
Reaching the Sky
The construction sector in Costa Rica has recovered significantly from a slump in 2016. However, the country has much to accomplish, especially in terms of ensuring new residential projects are inclusive for all income levels and fixing the infrastructure problem.
read articleInterview
Dr. Fernando Llorca Castro, Executive President, Caja Costarricense del Seguro Social
TBY talks to Dr. Fernando Llorca Castro, Executive President of Caja Costarricense del Seguro Social, on the importance of institutional longevity, joining the OECD, and bringing standardized services to every part of the country.
read articleFocus: Education Training
Get the Ball Rolling
One of the main factors that attracts investors to Costa Rica has been its skilled human capital. For this purpose, the government and academia are collaborating to improve programs and better align them to the requirements of several industries.
read articleReview: Education
Class Is In Session
High levels of public investment have made Costa Rica's education system one of the strongest in Latin America, and government leaders are working to improve teacher quality and ensure that the poorest Costa Ricans have access to quality secondary and tertiary schools.
read articleInterview
Marco Robert, General Manager, IMC Interamericana Medios de Comunicación
TBY talks to Marco Robert, General Manager of IMC Interamericana Medios de Comunicación, on the importance of articulating a clear philosophy, the industry's biggest weaknesses, and the ideal advertising setup.
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