Osiris Mota

Executive Vice-President, Seguros Banreservas


A GROWING SECTOR

The insurance market is rapidly developing along with the national economy, and this growth is mainly due to the development of the market in particular, and the country in general. I believe that the sector could grow faster, because the Dominican Republic has one of the lowest rates of insurance product use per capita.

SET AN EXAMPLE

The current administration should set an example and show society how advantageous insurance products are. Therefore, the government should introduce some compulsory lines when it comes to infrastructure insurance.

PLANS

We currently have plans to expand our presence in the country, as part of the government's strategy to generate more employment opportunities for the population. Also, we are targeting an expansion of our activities within the micro and SME business segment, which will considerably grow in the near future because the government is to allocate around $10 billion for its development at the national level.


Arlene Sabaris

General Manager, Coopseguros


BEYOND THIS POINT

Dominicans generally do not think too much about the future. A lot of people, through the micro-finance sector, work hard to buy a house, but then fail to insure it. This means that if something happens to the property, they can lose everything. We are trying to educate people beyond this point.

EDUCATING

A cooperative has to have principles, and one of our key principles is that of education. We exert 50% of our energy on educating members and the other 50% on selling policies. We have trainers from across our cooperative who hold meetings and run committees dedicated to education.

PREFERRED MODEL

People sometimes prefer their money now rather than later, and that is the model we operate under. After all, that is the market we are working in. We have been growing at the same speed as the rest of the insurance sector over the last few years.


Luis Gutiérrez

Executive President, Mapfre BHD


FOCUS ON TRAINING

The insurance market currently offers plenty of opportunities, and it will offer even more in the near future. In terms of the strategies I want to implement at Mapfre BHD, I would like to focus on training.

PARTNERSHIP

The Dominican Republic has always been a strategic market in which Mapfre aimed to expand its business activities. The beginnings were tough, but after two years in the country we had the chance to establish a partnership with BHD Group, a key player in the insurance sector.

UPCOMING CHANGES

I would like to see greater transparency of data and more coordination. I am aware that the authorities are already working on a new insurance law that hopefully will support transparency and coordination, a much-needed change for our insurance sector.


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