With 9% share in the market InsuranceInterseguro is the second insurance of the greatest profits. To July of this year, according to the SBS, he reported profits for S/273.8 million, only surpassed by Pacific Seguros with S/388.2 million. How do you do it? His CEO, Gonzalo Basadre, provides “the” recipes in this interview.
In five years they have increased their share in more than 3 percentage points. What has been the strategy?
In Peru there is a huge need for protection and savings products, which are the ones we offer. The problem we have had in the past has been how to get to customers with an attractive product and reasonable prices. Insurance companies have been able to improve that value proposal and, therefore, the market is growing quite fast, much more than the economy as a whole.
What products have you been able to conquer your customers?
As an example, a product that has been very popular for us is insurance with return. It is a life insurance at 10 or 12 years in which, throughout the validity, the insured is protected. If something happens to him, his family receives capital. And as most likely nothing happens at that time, everything that paid more a return is returned. This product is very attractive to people.
With what channels are customers reaching?
We have a sales area on the digital channel, where we offer certain products. We also sell life insurance through that channel, although it is often complemented with an advice. But today the main commercial channel of individual life insurance is their own sales force, where the advisors contact customers, they explain well the characteristics of the product and thus customers can make a better purchase decision.
Are you still potential to grow?
The potential is huge. Only with the products we already have can continue to grow in double digit for several years. We always explore new segments, but we only enter when we can offer customers a product that really is attractive. It is not about filling us with products that end up confusing them. Probably in the next 12 months we will throw some novelties.
With a 9 -point market share, they generate more utilities than the leading company, which has more than 27 points. What is the recipe?
There is no “the” recipe, but “the” recipes, because if it were so easy, everyone would. What we believe, and that until now has given us results, is the following: we are very clear about the type of products that we make and seek to be really attractive to our customers. We are a very oriented company in people, we do not sell insurance to companies. Therefore, we try to reach our clients directly to better understand their needs.
What other strategies do they use?
We specialize in certain products and, thanks to this specialization, we seek to offer a better experience, a better product and a better service. To that we add that all our processes are very efficient and highly automated. All this generates two benefits: on the one hand, a better experience for our clients and, on the other, greater cost control.
Considering that your business is to manage the money that you raise from life insurance, would you be interested in the AFP business?
We are looking at him and we have talked to the SBS. We have told you yes, we could be interested. The only issue is that the pension business requires a lot of scale. In order for more players to be replicated throughout the back office what was done with AFP net. That is, not only in collection, but also in the general management of the accounts. If that is centralized, as happened with the collection, many more players could enter to compete in the AFP market.
How will we see Inseguro ending the year?
This 2025 should be the best year in the history of interseguro. In fact, we hope to reach S/2,000 million in revenues for premiums. Just 2 or 3 years ago we first arrived at the S/1,000 million. In addition, we hope to maintain good levels of profitability and continue improving our processes for customers. The market still has a lot of space to grow.
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