Purpose of the event
Participants will have the opportunity:
- To meet the model and sales management of microinsurances.
- To meet the techniques and tools used for sales.
- To meet our customers and experience having a protection system and the importance in their lives and business.
10 November 2017
Pick up of participants from Swisshotel by a representative of Mibanco and Pacifico.
Visit of Mibanco agencies
Welcoming of the team and the visit of the facilities
Each group of 10 participants will visit a different agency in Lima.
- The Agency Manager will welcome the participants and introduce the team, including the leader business advisors. He will also introduce the Mibanco business model.
- The Pacifico Seguros Manager will introduce the insurance model and explain how it works in alliance with Mibanco.
Arrival of assigned customers to the businesses
(2 customers per agency). The 4 customers will be part of different business segments with different enriching experiences. The objective is to understand:
- The profile of the customer, his needs, his living conditions, the environment where he develops and his opportunities to progress.
- The existing relationship between the customer, the business advisor and Mibanco.
- The importance of insurance in the sector.
In this session, the participant-customer-advisor interaction will be very relevant.
Visit a Peruvian Restaurant
The participants will be grouped in different teams to exchange experiences and learnings.
- All transports will be included.
- Translators for each group (English/Spanish)
Lady Baltazar Amarillo – MiBanco
Francesca Vilela – Pacífico Seguros
In Peru, the micro and small businesses represent an important sector of the economy: It is estimated to contribute 40% to the GDP and employs more than the 70% of the economically active population (EAP). In total, it has more than 99% of the enterprises and only represents 15% of the debts of the financial system.
Through this experience, the participant will get to know the importance of the entrepreneurial sector of the Peruvian economy and the importance of the incorporation of the insurance culture in the management of their businesses and also personal and family lives.
Mibanco in alliance with Pacifico Seguros offers a wide portfolio of insurance to protect what the costumer values the most:
- Credit life protection: A life insurance that compensates the debt that the client had with the bank.
- Financial protection: A life insurance that compensates the client´s relatives of the credit amount.
- Family protection: An accident insurance that compensates the relatives with a fixed amount.
- Business protection: An insurance against all risks that protects all the client´s business goods.
Today, in Mibanco, seven out of ten micro and small businesses that acquire a credit, also acquire a family or business insurance.
By the end of 2016, more than 3,100 insurance claims arose that affected many of our Mibanco clients at a national level, mostly due to floods or fires that caused the total or partial loss of our client´s merchandise. Because they had acquired a business or family insurance, our clients received a compensation that allowed them to, firstly, cancel the debt of the loan and have the necessary resources to restart their business; secondly, to not leave their families without coverage and protection. In 2016, the compensation amount increased to more than 18 million soles (S/.).
For Mibanco and Pacifico, the two leader enterprises in microfinance and insurance, it is very important that the insurance culture takes ground among the micro and small businesses, to raise awareness about the importance of their businesses´ protection, families or themselves, and to allow coverage against any incident or accident.
Some figures that represent this increasing market:
- More than 1.2 million insured customers in 2016.
- More than 870 thousand optional insurances sold in 2016.
- 65% of credit operations in one month that included an optional insurance.
Mibanco is a Peruvian bank specialized in microfinance, leader in Peru and Latin America, and is part of Credicorp, the largest Peruvian financial holding. We have more than 1.3 million active and passive customers; and a portfolio superior to 8,600 million soles (S/.). Our purpose is to be the main promoter of financial inclusion by being with our clients in every stage of their spiral process.
By the end of 2016, we were consolidated as:
- Leader in market participation in the target sector, micro and small businesses (sector that has a debt in the financial system less than 150,000 soles (S/.).
- Leader in number of the microenterprise´s customers, reaching a market participation of 31.5% (524,189 customers)
- A 23.0% of return on equity (ROE), positioning us in third place among the financial system enterprises and the second, among Credicorp.
- A banking penetration of 125 new customers (22.1%) who received a credit for the first time through Mibanco.
This achievement has let us to be recognized in December 2016 as the “2016 Best Bank in Microfinance in Peru” by the prestigious British release of Global Banking & Finance Review. Likewise, we continue to have an A classification that was given by the Apoyo & Asociados Internacionales enterprise (associated to Fitch Ratings), and the A category according to the qualifying company Equilibrium (associated to Moody´s). Internationally, we have a BBB classification (level of investment) given by Standard & Poors.
About Pacifico Seguros
Pacifico Seguros, as part of Credicorp, the largest financial holding in Peru, has 73 years in the market helping its customers to manage their risks, thus protecting what they value the most.
Its more than 5,000 professionals are dedicated to promote a preventive culture in the country, and to extend the insurance culture to new markets, for example, the micro and small businesses which offer microinsurance’s through Mibanco. These products have tripled their net premiums in the last three years. In 2016, Pacifico insurance group achieved insurance premiums S/. 2,756 million, and obtained the first place in microinsurance premiums at the end of the year, according to the report of the Superintendence of Banking and Insurance of Perú.
This achievement has led Pacifico to be recognized as the Best Insurance Company in the country by Global Banking and World Finance, and as the 7th most valued brand in Peru by Kantar MillWard Brown in its BrandZ ranking. In addition, it is the most reputable insurance company in the country according to MERCO ranking, and all its achievements are supported by the high risk ratings that AMBest (A-), Moody's (Baa3 to PGA), Fitch Ratings PV), APOYO and Equilibrium (A) have granted.