Insurance companies are forced to provide a wide variety of offerings and focus on customer satisfaction given the small market size.

Leonardo Montero

General Manager, PRICOSE

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.


Kevin Lucas

General Manager, ADISA

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.


Elian Villegas

President, INS

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.


Roberto Ortiz V.

Director, ASPROSE

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.


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