Emerging Insight: Equipping and enticing cooperatives to offer insurance
12 April 2022
Seguros Futuro is El Salvador’s only cooperative insurer. For Seguros Futuro, working with cooperatives represented an important opportunity because of the national coverage and broad member base that cooperatives offered. However, in order for the cooperatives to generate an insurance culture and offer protection services, they needed to develop and strengthen their sales force management. To address this, Seguros Futuro made arrangements with the cooperatives so that they became part of the main marketing channel and points of sale.
Seguros Futuro appointed personnel as insurance advisers to provide direct support to cooperatives. These advisors work in-house in the cooperative offices, providing technical and technological support in the implementation and use of the systems, monitoring insurance operations, and providing commercial support to help the cooperatives increase their insurance sales.
Offering free preventative health services to clients has been important to strengthen ties with the cooperatives and generate added value for the cooperatives and their clients. Seguros Futuro carries out preventive health activities, such as medical check-up days and financial education, in the premises of the cooperatives.
The tangible benefits and the direct support provided has strengthened the partnership. Currently, the sale of microinsurance through affiliated cooperatives represents 45% of Seguros Futuro’s entire business.
To learn more about the partnership and products offered (including a catastrophic index insurance product), read the new Social Finance Brief: Seguros Futuro - Growth of El Salvador’s only cooperative insurer.
Seguros Futuro appointed personnel as insurance advisers to provide direct support to cooperatives. These advisors work in-house in the cooperative offices, providing technical and technological support in the implementation and use of the systems, monitoring insurance operations, and providing commercial support to help the cooperatives increase their insurance sales.
Offering free preventative health services to clients has been important to strengthen ties with the cooperatives and generate added value for the cooperatives and their clients. Seguros Futuro carries out preventive health activities, such as medical check-up days and financial education, in the premises of the cooperatives.
The tangible benefits and the direct support provided has strengthened the partnership. Currently, the sale of microinsurance through affiliated cooperatives represents 45% of Seguros Futuro’s entire business.
To learn more about the partnership and products offered (including a catastrophic index insurance product), read the new Social Finance Brief: Seguros Futuro - Growth of El Salvador’s only cooperative insurer.