superintendencia de seguros y reaseguros de panamá
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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 : - PowerPoint PPT PresentationTRANSCRIPT
SUPERINTENDENCIA DE SEGUROS Y REASEGUROS
DE PANAMÁ
LATEST TRENDS IN LATIN AMERICA’S INSURANCE INDUSTRY(UNOFFICIAL ENGLISH TRANSLATION)
TRENDS
MicroinsuranceMoney Laundering controlConsumer AdviceMobile 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”.
MICROINSURANCEOrigins 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
Microfinance Institutions Insurance agents or brokers Retail stores Service providers (gas, electricity, water) Cooperative Banks Financial Institutions Insurance Companies
MICROINSURANCE• 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
MICROINSURANCE• Latin American countries where Microinsurance products are being marketed:
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 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” 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.
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 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
SOURCESMicroinsurance: 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 DelitoEl Panorama de los Microinsurance en América Latina y el Caribe: Una Nota
InformativaMichael J. McCord, Clémence Tatin-Jaleran, y Molly Ingram del Centro de
Microinsurance (BID)