For this episode of FRISS Lab we interviewed Hermann Giron, General Manager at Seguros El Roble. He believes the greatest challenge they face in Latin America is the lack of insurance culture in their markets.
Take the high road of technology
“I believe the greatest challenge we face in Latin America is the lack of insurance culture in our markets. Buying insurance in Guatemala is hard. You can’t pick up the phone, call somebody and be insured. So, we started a program where if you go into a bank agency you can come out insured. And if you go buy a car you can come out insured. And that is been how we have penetrated into the markets where people usually did not buy insurance.
Seguros El Roble has taken the high road of technology, ease of contract and ease of claim as the key elements of the strategy in penetrating the markets in Guatemala and Central America.
One of the things that we have realized in Guatemala, is that the lower echelons of the social strata are the ones that need insurance the most.
Being able to get an insurance product to that lower social strata, cost effectively, with ease of contract, and being very easy to make a claim on the insurance company, is key to broadening the penetration of insurance companies in markets like the ones we have in Guatemala and other countries of Latin America.”
