Juan Ignacio de Lorenzo is appointed VP as part of a regional sales drive.
As part of a non-compete and non-disposal agreement, the company will pay more than US$35mn to José Seripieri Filho, who owns approximately 15% of Qualicorp.
eColón - launched around a year ago - already offers motorbike and home insurance.
Less than 20% of the population has a life policy, according to a study.
Contributors have only pulled US$54mn from their pension savings accounts one year after a major reform established a partial pension freedom mechanism.