Jun. 29, 2022


Paulo Bracons

Angola

Paulo Bracons

CEO, Fortaleza Seguros

TBY talks to Paulo Bracons, CEO of Fortaleza Seguros.

Founded in 2016, what is the mission and vision of Fortaleza Seguros?

Launched as a bancassurance company (in partnership with Banco Millennium Atlantico), Fortaleza Seguros celebrates in 2022 its sixth year of operation. Two years ago, when I joined the company, the goal was to develop the company in a complementary way to be more open to the market, which means not only working with Banco Millennium Atlantico, but also being open to agents, brokers and digital channels (multi-access/multi-channel approach). We are now a global company with a wide range of products in all distribution channels. The process of opening the company has been more challenging due to the pandemic, though we have still fulfilled the main goals in a successful way.

What differentiates Fortaleza Seguros from its competitors?

We believe our differentiation comes from our people. We invest heavily in terms of training our staff, not only the technical components, but also in soft skills like leadership and emotional aspects. The second one is the quality of our partners as insurers; we have the strongest reinsurance in the world. Within our agreements, we count with companies like Swiss Re, SCOR Re, and Africa Re. Therefore, our clients feel comfortable with the risk they pass to us. Furthermore, we have co-insurance agreements with some large companies while being members of the compulsory co-insurance for oil and gas, airlines, and mining. Not all the companies in the market are allowed to be co-insurers, but we are. This is something we need to develop in Angola, because we need to reduce the exposure to the fluctuations of the currency and avoid payments to foreign players. Due to the dramatic devaluation of the kwanza, insurers seek reinsurers to share risk and capital, and now there is no reinsurance company in Angola, so all we can do is increase our technical skills and do co-insurance.

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