|
Grantee
Seguros Argos, a leading life insurance company, was founded in 2002. The company focuses on developing life insurance products and savings plans suited to Mexico's middle-to low-income population.
Since 2006, Seguros Argos has partnered with Aegon, one of the world largest insurance groups based in the Netherlands, Argos serves over 1'7 million clients, including more than 300'000 clients that benefit from microinsurance.
Project Summary
- Project name: Mutuals of people from the low income population in Mexico
- Project start date: January 2009
- Duration: 3 years
- Country: Mexico
Beneficiaries
The project targets low-income Mexicans who do not have access to risk management mechanisms that are adapted to their needs. Within three years, it aims to reach 500 000 clients, mainly vulnerable women.
Project Description
The project aims to create 10 mutual insurance schemes offering term life insurance, targeting vulnerable people and implemented through organizations already working in the target areas. The schemes will send a doctor into the community to record the death and deliver the death certificate and provide a lawyer to help with administrative matters to ensure prompt payment of the covered amount.
Key Challenges
- Lack of financial capacities (and irregular cash flows) amongst the target groups.
- Lack of understanding of insurance mechanisms amongst the low-income population who often have little or no formal education.
Learning Agenda
- What are advantages and disadvantages of a hybrid model combining commercial and mutual insurance? Can a top-down approach to develop mutuals work?
- What is the efficiency of the delivery model? What are the best ways to administer claims and reinsure the scheme?
- Does it provide a good value for clients?
- Does this approach overcome distrust of local populations towards commercial insurers?
More information on the project
Websites of the grantee:
|
