Compartamos to start offering non-life policies next year

- Tuesday, June 14, 2011

Compartamos to start offering non-life policies next year

Mexico's largest microlender, Compartamos, will start offering several non-life insurance policies next year to its clients, the bank's deputy insurance director, Mariana Torres, told BNamericas.

Compartamos has been offering life products since 2005 and today has some 2.8mn active life policies.

Among the new policies that Compartamos is planning to offer its clients in 2012 are health and natural disaster insurance, as well as retirement products, Torres said.

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The bank is now busy preparing its IT systems, operating structure and sales force for launching the non-life products, she said, adding that sales force training is a key element in successfully distributing microinsurance policies.

Torres said Compartamos could begin running pilot tests for the new products at the beginning of 2012.

Compartamos is choosing a provider for its insurance policies through a tender process. It is currently working with the local unit of Spanish insurance group Mapfre, and Torres said the bank will hold tenders again next year for the new policies.

Compartamos had a nationwide distribution network of 369 offices at the end of the first quarter and a loan book worth 10.7bn pesos (US$903mn), up 26.1% on end-March last year. The bank also has operations in Guatemala and Peru.

The full interview with Torres will be published in this week's Insurance Perspectives, for subscribers only.