Transcript Superintendencia de Seguros y Reaseguros de Panam&#225

SUPERINTENDENCIA DE SEGUROS
Y REASEGUROS DE PANAMÁ
LATEST TRENDS IN LATIN AMERICA’S INSURANCE INDUSTRY
(UNOFFICIAL ENGLISH TRANSLATION)
TRENDS
Microinsurance
Money Laundering control
Consumer Advice
Mobile Apps
MICROINSURANCE
• Defined by:
• The amount of the premiums or coverage
• Target population
• Defined by the IAIS as “safeguarding low income population against specific
risks in exchange for the regular payment of premiums in proportion to the
probability and cost of the risk involved”.
MICROINSURANCE
Origins
 Opportunity International was founded in 1971, with the objective of offering
financing and loans to low income population.
 In 1976, Dr. Muhammad Yunus founded the Grameen Bank in Bangladesh, a
micro-credit bank that offered small loans to groups of poor women.
MICROINSURANCE
• Potential Customers:
 Population with income < USD 2.00
 2.6 billion
 Population with income between USD 1.25 and USD 2.00
 1.2 billion
• Customers:
 Low or irregular income (Bottom of the Pyramid)
 Not taken into account by the financial system and probably has little knowledge on
insurance
 Is geographically far away from the traditional insurance market
MICROINSURANCE
• Distribution Channels
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Microfinance Institutions
Insurance agents or brokers
Retail stores
Service providers (gas, electricity, water)
Cooperative Banks
Financial Institutions
Insurance Companies
MICROINSURANCE
• Barriers to implementation
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A high Minimum Capital Requirement
Not knowing who is properly authorised to sell the product
Very strict reporting required by law
Confusing legislation by which the legal provisions are unclear
MICROINSURANCE
• Latin American countries where Microinsurance products are being marketed:
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Brazil
Mexico
Peru
Guatemala
Colombia
Bolivia
Venezuela
Panama
MONEY LAUNDERING CONTROLS
By some estimations, money laundering represents roughly 2% to 5% of the
world’s Gross Domestic Product (GDP)Algunas estimaciones calculan que el
lavado de dinero representa del 2% al 5%, approximately 1.5 to 2 trillion USD
annually. (FMI 2001a).
MONEY LAUNDERING CONTROLS
 Insurance contracts are some of the financial instruments at
risk of being used in money laundering operations.
 False information, funds from illegal activities, legal loopholes.
 Inconsistencies in Insurance Policies.
CONSUMER ADVICE
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Publications
Advice during office hours
Social networking
Broadcast through traditional media
CONSUMER ADVICE
 Main challenge of SSRP
Make the “Insurance Service Consumer”
concept known. (Article 3, Law N°12, 3rd April,
2012)
CONSUMER ADVICE
 Insurance Consumer Advice Program was started by means of media and seminars
 We allied with Acodeco and Sertv to take part in the “Cuida tu Bolsillo” SERTVACODECO show
 Other TV shows : Buenos Días-TVN, Conoce tus Derechos- HOSANNA VISIÓN
 Radio: Panamá en Positivo- WAO 97.5
 Seminars: Tercera Jornada Académica 2012, organised by Círculo de Estudios
Jurídicos de Panamá, Panama University
 III Consumer Care Forum “El consumidor frente a los cambios” organised by
Acodeco
 SSRP leads the Interinstitutional Financial Literacy Group which was created in the
framework of the Financial Coordination Council, preparing the draft of the program
 “Protecting Insurance Consumers” Lecture addressed to graduate Commercial Law
Students for the Insurance Rights course.
CUSTOMER CARE
CUSTOMERS HAVE ACCESS
TO BASIC KNOWLEDGE
RIGHTS
INSURANCE COMPANIES
HAVE THE DUTY TO CREATE
A CUSTOMER CARE CENTER
WHICH WILL TAKE CARE OF
CUSTOMERS’ COMPLAINTS
A DEPARTMENT OF
CUSTOMER PROTECTION IS
CREATED IN THE SSRP
AN ADMINISTRATIVE
PROCESS OF DECISION
TAKING ON COMPLAINTS IS
ESTABLISHED
THE RULINGS OF THE
DEPARTMENT OF CONSUMER
PROTECTION ARE
COMPULSORY
A PUBLIC DEFENDER’S
OFFICE IS ESTABLISHED IN
THE SSRP
MOBILE APPS
 Android
 iOS
 Other operating systems (BlackBerry, Symbian)
MOBILE APPS
 On the road assistance
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Insurance Policy Quotes
Insurance Policy Status
Geo Localisation
Direct Access to some data bases from the Insurance Company
Process Automation
Other Services
Possibility of data feedback
SOURCES
Microinsurance: Análisis de Experiencias Destacables en Latinoamérica y el
Caribe
-Luz Andrea Camargo y Luisa Fernanda Montoya
Riesgo de Lavado de Activos en Instrumentos Financieros, Usuarios y
Empleados de Instituciones Financieras
-Oficina de las Naciones Unidas contra la Droga y el Delito
El Panorama de los Microinsurance en América Latina y el Caribe: Una Nota
Informativa
Michael J. McCord, Clémence Tatin-Jaleran, y Molly Ingram del Centro de
Microinsurance (BID)