Currently, in Mexico the insurance market is 2% in relation to the gross domestic product (GDP), far from countries like England, whose percentages are between 14% and 15%, said Marc Martínez, CEO of Zurich Mexico.
The low penetration of the insurance market in Mexico opens an opportunity that Actinver and Zurich seek to take advantage of, he added.
“We are analyzing the market, what is out there. We are in estimates, but we are talking, not from the point of view of clients, but of multiplying the business by 2x in two years,” Luis Hernández said.
To create this life company, the companies carried out a 50/50 join venture, that is, they will share the income statement 50/50 with Actinver generated by the alliance’s insurance business, said Marc Martínez, CEO of Zurich Mexico.
“Today, that insurance company already exists. Zurich has a life insurance company and we are going to dedicate it 100% to the alliance and Activer is going to buy 50% of that company. That is what is subject to regulatory times,” added Cristian Alberto del Río, CFO of Zurich.
The most important thing, highlighted Luis Hernández, CEO of the Actinver corporation, is to offer better tools to offer a differentiated proposal for each of its clients.
“Hyperpersonalization” will be the key differentiator to achieve not only the growth of the company, but to offer solutions that meet the needs of its customers.
The alliance will have two stages: the first will focus on the distribution of Zurich insurance through Actinver Ensuranse services.
“First we are going to generate an evolutionary product proposal for each of the customer profiles and the generation of products and service differentiators for the life company,” explained Cristian Alberto del Río, CFO of Zurich.
In a second stage, Actinver and Zurich will develop a joint offer focused on life insurance with an investment strategy based on the needs of their clients.
The life company Actinver Zurich will begin operating in a period of between six and 12 months, once the regulatory processes have been completed, Del Río estimated.
In addition to life and investment insurance, they will also offer coverage for cars, homes, and SMEs; specialized lines for companies such as: damage, fleets, civil liability, transportation, financial lines, engineering lines, group life, major medical expenses and risk engineering service.
