The year 2020 will go down in history due to the pandemic that shook the world and its economies. Although the insurance industry has suffered and presented changes in some of its branches, it remains standing and firm.
The insurance sector was also infected with covid-19, but it is a patient with mild symptoms. Although the market has generally been affected by lower premium income and lower financial returns during the first half of the year, its foundation is solid and it is being supported by the return on investments that cover the risk reserves assumed in periods above and in the lowest accident rate. At the end of the period, according to figures from the Federation of Colombian Insurers (Fasecolda), the net result of the industry is 1.1 trillion pesos (-14 percent in relation to the same semester of the previous year).
For another of the companies in the sector, BMI Seguros Colombia, the first challenge it faced with the pandemic was precisely to accelerate the digitization projects in which it had been making progress. “Fortunately, the work carried out allowed the company to operate at one hundred percent during the strictest stages of confinement and without interrupting the provision of the service, all supported by processes and businesses with the ability to flow under digital experiences, such as the use of of electronic signatures or subscription and risk analysis based on telemedicine, among others”, warns Carlos Alberto Sánchez Rodríguez, president of the firm, which has more than 20,000 insured in its life and health programs.
Likewise, it highlights that although the situation has generated an impact on the business, the health emergency has created awareness of the importance of life and health insurance, as well as savings and long-term financial projection. "This positions us as an industry that, as a result of the pandemic, becomes even more visible to consumers," reflects Sánchez Rodríguez, adding that the company is solid and is backed by the strength of the group's financial indicators at the regional level.
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