Viewpoint: Jorge Hernandez, Head of Cardif in Colombia
"Colombia is not yet a mature market in bancassurance, but there are a lot of opportunities. Cardif has arrived at the right time, in a favourable economic environment and a dynamic banking sector. Banks are focused on their core business and see bancassurance as a significant new profit centre.
After just two years Cardif is already the leader in creditor insurance and is aggressively expanding in individual protection products through telemarketing and payment card with our retail partner chains. As in other countries in Latin America, extended warranties for white and brown goods is another excellent growth outlet, especially with retailers like Falabella and Carrefour. We are committed to innovative solutions. With Exito, part of the Casino group, we are offering an "insurance pack" linked to their credit card. The coverage includes job loss, breast cancer for women and theft of a consumer's wallet."