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MICROINSURANCE – Liberty's expertise with life microinsurance (Colombia)



– MICROINSURANCE INNOVATION FACILITY –
The most successful case of Liberty Seguros Microinsurance is the insurance sales program that accesses the Group Life branch in the 7 departments of the Atlantic Coast (Atlántico, Cesar, Magdalena, Córdoba, Sucre, Bolívar and Guajira), the 3 departments of the Coffee Axis (Caldas, Risaralda and Quindío) and the Valle del Cauca. The target population is 2,250,000 users of residential gas in urban areas; This product is marketed through a sales structure that is composed of regional coordinators, gang supervisors and sales consultants who visit door-to-door users in all cities and municipalities, offering, explaining and making the respective affiliations. The project has contemplated 4 years of commercialization of different products and in just 8 months of management we already have 144,639 insured obtaining a penetration of 6% in this product. The most important point is that our program is an opportunity to provide insurability to low-income families, offering them a "useful in life" protection, this is achieved by granting the most representative insured amounts in the coverage of work disability and serious illnesses. The users make the insurance payment is through the home gas service bill, providing the user with greater ease with an average premium of 3,400 pesos per month.
This program is an essential part of the corporate social responsibility programs of both Liberty Seguros because it generates employment in the region, as well as the distributors of household gas because they allow access to the low-income population to financial and protection services.
This presentation was recorded during the Forum for innovation in Medellín, co-organized by the Fund for innovation in microinsurance, the MIF / IDB and Fasecolda (March 2011)

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