Presentation on theme: "S UPERINTENDENCIA DE S EGUROS Y R EASEGUROS DE P ANAMÁ L ATEST T RENDS IN L ATIN A MERICA ’ S I NSURANCE I NDUSTRY (U NOFFICIAL E NGLISH T RANSLATION )"— Presentation transcript:
S UPERINTENDENCIA DE S EGUROS Y R EASEGUROS DE P ANAMÁ L ATEST T RENDS IN L ATIN A MERICA ’ S I NSURANCE I NDUSTRY (U NOFFICIAL E NGLISH T RANSLATION )
T RENDS Microinsurance Money Laundering control Consumer Advice Mobile Apps
M ICROINSURANCE 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”.
M ICROINSURANCE 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.
M ICROINSURANCE 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
M ICROINSURANCE Distribution Channels Microfinance Institutions Insurance agents or brokers Retail stores Service providers (gas, electricity, water) Cooperative Banks Financial Institutions Insurance Companies
M ICROINSURANCE Barriers to implementation 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
M ICROINSURANCE Latin American countries where Microinsurance products are being marketed: Brazil Mexico Peru Guatemala Colombia Bolivia Venezuela Panama
M ONEY L AUNDERING C ONTROLS 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).
M ONEY L AUNDERING C ONTROLS 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.
C ONSUMER A DVICE Publications Advice during office hours Social networking Broadcast through traditional media
C ONSUMER A DVICE Main challenge of SSRP Make the “Insurance Service Consumer” concept known. (Article 3, Law N°12, 3rd April, 2012)
C ONSUMER A DVICE 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” SERTV- ACODECO 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.
C USTOMER C ARE 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
M OBILE A PPS Android iOS Other operating systems (BlackBerry, Symbian)
M OBILE A PPS On the road assistance 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
S OURCES 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)