Emerging Insight: Reaching out to new markets: micro, small and medium enterprises in Peru
7 July 2022
Pacífico Seguros is Peru’s largest insurer in terms of premiums collected and second largest in terms of people insured. Nowadays, Pacífico is the country’s leading insurer for micro, small and medium enterprises (MSMEs). However, it was not always like that.
Back in 2009, Pacífico knew little about the MSME segment and had challenges offering insurance to customers of its partner MiBanco, a microfinance institution (MFI). MSMEs are dispersed throughout the country, largely informal, and many of them had little culture of insurance. Without sufficient knowledge of the customers, it was difficult for Pacífico to establish the right premium levels and design simple products that met business owners’ needs.
Pacífico learned that MiBanco’s credit advisors had great potential to become a distribution partner for MSME insurance. Not only were credit advisors knowledgeable about customers, they also had the necessary trust and truly knew the health of their clients’ businesses. Pacífico managed to get MiBanco’s credit advisors onboard by involving them in designing relevant insurance products. Through interviews with credit advisors, Pacífico gained valuable insights about MiBanco’s customers and the problems that they faced. Inductions, trainings, incentives were later used to involve the credit advisors in insurance advice and sales. A range of insurance plans is now offered to MSMEs and include the many risks that businesses may face.
Learn more about the partnership between Pacífico Seguros and MiBanco, in our latest Social Finance Brief: Pacífico Seguros - Inclusive insurance for micro, small and medium enterprises in Peru.
Back in 2009, Pacífico knew little about the MSME segment and had challenges offering insurance to customers of its partner MiBanco, a microfinance institution (MFI). MSMEs are dispersed throughout the country, largely informal, and many of them had little culture of insurance. Without sufficient knowledge of the customers, it was difficult for Pacífico to establish the right premium levels and design simple products that met business owners’ needs.
Pacífico learned that MiBanco’s credit advisors had great potential to become a distribution partner for MSME insurance. Not only were credit advisors knowledgeable about customers, they also had the necessary trust and truly knew the health of their clients’ businesses. Pacífico managed to get MiBanco’s credit advisors onboard by involving them in designing relevant insurance products. Through interviews with credit advisors, Pacífico gained valuable insights about MiBanco’s customers and the problems that they faced. Inductions, trainings, incentives were later used to involve the credit advisors in insurance advice and sales. A range of insurance plans is now offered to MSMEs and include the many risks that businesses may face.
Learn more about the partnership between Pacífico Seguros and MiBanco, in our latest Social Finance Brief: Pacífico Seguros - Inclusive insurance for micro, small and medium enterprises in Peru.