The company will be focused on digital operations in 2018.
Billionaire Sebastián Piñera won a decisive victory against the ruling coalition candidate, center-left senator Alejandro Guillier, and will return to La Moneda presidential palace in March.
The agency cited disparities in the minimum fees, collection models and contribution structure between Mexican and Chilean pension systems, noting that the Mexican system ultimately places additional pressures on workers under the current framework.
The Mexican insurers' association said insured losses would represent roughly a fifth of the total economic impact, much of which will have to be absorbed by individual families and businesses.
Lawmakers are due to debate the bill in congress on Monday, December 18.
The country's looming elections are beginning to overshadow a reform that is considered key to reducing long-term government debt and spending.
The Colombian insurance giant is among the region's insurtech trailblazers.