BNP Paribas Cardif in Latin America
BNP Paribas Cardif invented its own insurance model in Latin America. Integrating the distinctive features of local markets and the dynamic economies of different countries in the region, we have forged partnerships with leading retail chains while significantly diversifying our range of protection products. This expansion strategy now serves as a model for other regions.
BNP Paribas Cardif in Latin America :
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Exponential growth
A true trailblazer in Latin America, BNP Paribas Cardif has been diversifying in protection insurance for several years. "We've always sought to multiply our distribution reach beyond bank branches, selling our products through telemarketing, retail chains, car finance providers and new digital channels with the Web and ATM machines," notes Francisco Valenzuela, Head of Cardif in Latin America. To meet the expectations of these different channels, BNP Paribas Cardif rapidly enriched its offer in personal and property protection insurance. Thanks to the development of other categories of cover, creditor insurance now accounts for just 65 percent of protection insurance, compared with 92 percent in 2004.
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Extended warranties were a major segment for BNP Paribas Cardif in 2010 (including white goods like refrigerators, cookers or washing machines, as well as brown goods like TVs and hi-fi equipment). This product is now No. 2 in Chile and No. 3 in Brazil in this segment.
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Local partners choose BNP Paribas Cardif for its expertise and ability to oversee the entire marketing and sales process for insurance products in every region across Latin America. "We're involved at every link in the chain, from product design to after-sales, including sales force management," says Francisco Valenzuela. "Our staff convert our partners' employees into talented insurance salespeople." This involvement integrates customer service management, training and sales staff motivation. Another key component in the strategy is the exchange of marketing best practices across different countries.
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Viewpoint: Francisco Valenzuela, Head of Cardif in Latin America
"We deliver a turnkey package with a centralized platform, tools, pooling and sharing of experience, plus alignment with local market features."
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Brazil celebrates 10th anniversary
The 20 million insurance contracts that BNP Paribas Cardif currently manages in Brazil are distributed by over 30 partners in several sectors.
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Viewpoint: Alexandre Boccia, Head of Cardif in Brazil
"Our goal is to provide our partners with a comprehensive platform that also secures loyalty."
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Colombia forges forward!
BNP Paribas Cardif has expanded at an impressive place in Colombia in just two years.
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Viewpoint: Jorge Hernandez, Head of Cardif in Colombia
"Colombia is not yet a mature market in bancassurance, but there are a lot of opportunities."
Learn more about our innovative solutions for this market
Viewpoint: Francisco Valenzuela, Head of Cardif in Latin America
"We deliver a turnkey package with a centralized platform, tools, pooling and sharing of experience, plus alignment with local market features."
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."
Viewpoint: Alexandre Boccia, Head of Cardif in Brazil
"Our development is driven by diversification of the product portfolio and new distribution channels. Our goal is to provide our partners with a comprehensive platform that also secures loyalty."
