The Business Year

Juan José Guerrero Grillasca

Executive Vice-President, Seguros Constitución

In the company’s expansion plans, our president selected three potential markets to start operating in: Ecuador, Panama, and the Dominican Republic. For our country’s particular case, the company noted high levels of business investment and security protecting foreign investors. There were also evident market opportunities resulting from prospective know-how transfer from our headquarters in Venezuela to an industry with true potential, in which our company would quickly make an impact through our products and services. The sector represents 1.3% of the Dominican Republic’s GDP. In terms of premiums per capita, which is below $100, the Dominican Republic is 30th in the ranking among Latin American countries, while there are others in which premium per capita reaches $3,000. Industry research shows that only 175,000 of the 3 million households in the country are insured, so the sector has notable long-term potential. We have a workforce of over 300 employees that have been trained in Seguros Constitución. Additionally, we work with more than 600 insurance brokers that actively take part in the market.

Luis Gutiérrez Mateo

Executive President, MAPFRE BHD

Our main competitive advantages are economic solvency (in 2012, MAPFRE’s global turnover was over ‚¬25 billion across over 45 countries), flexibility, innovation, reliability, quality products and services, and competitive tariffs. In order to increase per capita insurance expenditure, we require a population that owns property and has the purchasing power to afford our products. This moment is about to come for the Dominican Republic, after crucial progress over the past few years. With regard to the regulatory framework, we need to revise issues such as accrues, release emergency reserves for companies to remain solvent in the case of a natural disaster, and revoke fees on life insurance (currently charged with a 16% tax, leading many people to purchase this type of insurance outside of the country). These and other regulatory changes would mean growth for the industry with the development of its products and services and more economic resources for the country. SMEs can generate a rich, layered development and, with their development, the insurance sector can follow along.

Carlos Ramon Romero

Executive President, Carlos Ramon Romero

The Dominican Republic has registered the highest growth rate in the Caribbean region over the past few years. Furthermore, the penetration rate among insurance products is still quite low, meaning the market requires specific solutions. This is a company with many years of expertise and experience behind it, and our main goal since we started operating here has been to evolve from providing products to providing solutions adapted to the Dominican market. We recently launched a personal life insurance plan that represents a turning point in the life insurance segment, offering a combination of insurance protections that have never been seen in this market before. Certification and training is crucial, and we already have 74 certified small and medium brokers that we are taking to Medellí­n for an internship to learn from one of the leading companies in Colombia and transfer our know-how to the Dominican insurance market. Seguros SURA implements the “cross selling” approach, meaning that once we attract a new customer, we try to offer them a wide range of integrated services to cover their properties and possessions.



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