2020 was a great year for Prudential in Mexico, and we ended up growing almost 100%; doubling the size of the company. We decided we wanted to grow the advisory channel and hire more agents. We ended up surpassing three much larger insurance companies in terms of premiums at the beginning of the year. We have fewer agents than them, but we did a great job in choosing the agents that we want to have in Prudential, and that really helped us grow. We are one of the first that were able to transact digitally; we created processes that were extremely simple but digital, and we jumped onto the digital bandwagon very quickly. We now have about 65% of automatic underwriting, and in 65% of the cases you get the policy in two seconds. If you have no medical or financial issues, then you immediately get coverage. We are currently doing a joint venture with one of the two largest reinsurers in the world to increase the rate of automatic underwriting to 90% such that nine out of 10 policyholders will get their policies as soon as they hit “Enter.” We also want to be more digital with our salesforce so we will implement in August a system where we do commissions and bonus payments automatically.
Jul. 14, 2021
CEO, Prudential Insurance Mexico
Alejandro Pérez Galindo
Director General, Axa Keralty
Axa Keralty is a joint venture between two large companies Axa Seguro and Keralty. This partnership started on the insurance side because major medical expenses insurance is typically a commercialized and contained product. The level of out-of-pocket health expenditure in Mexico is extremely high at around 45% of total health expenditure. This demonstrates that health providers in Mexico are only focusing on secondary and tertiary health and not doing much on the primary care level. The knowledge of our partners from Keralty is based on the benefits of primary care and preventative health programs. With this you have a good, simple cycle where you focus on taking care of the individual and, at the same time, contain costs and have all these incentives properly aligned. This is why Axa and Keralty started working together. In 2021, we will continue growing in terms of our number of clinics. We should be opening a clinic in Tijuana as soon as April or May. Then, in 2H2021 we should be begin opening services in other major cities. At the same time, we are expanding our services by utilizing a network. We will not only provide the health services ourselves, but also partner with health providers in specific cities. The idea is to provide our services in 16 cities in 2021.
Director General, Blindaje Médico
In Mexico, there is no culture of health protection or paying our doctors well. Doctors are prepared to help individuals at the risk of their own lives. We have to work to protect our relation with clients, and we have to stop this needless violence of doctors against patients and vice versa. We should not let the health system become one that is heavily affected by legal claims, as is the case in the US. We were thus born to file counterclaims against medical institutions. As soon as there is an alert of a potential case, we act. We do not wait until a complicated problem arises. We also defend our clients when they are attacked in the media. We might even file a lawsuit against the media company, if needed. We have experts who specialize in specific health areas, such as ophthalmology. We work with the best and the most expert professionals. Typically, insurance companies only protect doctors once a legal complaint is filed, but not preemptively. That is how we realized there was an opportunity to conduct coaching to train our doctors. It was important to instruct them, and we found an opportunity to work in that area. We have around 7,000 doctors across Mexico, and every day we have to provide them with some form of support.