COVID-19 Special: How Are Insurance Companies Performing?

The health contingency measures established because of the COVID-19 situation have forced companies to rethink and regroup their operations under different schemes. Some companies have adapted to the situation better than others. MAS Seguros, one of the biggest insurance brokers for heavy vehicles in the country, shares its experience adapting to the health contingency.

MAS Seguros is a Mexican company specialized in insurance for tractor-trailer units. The company has more than 30 years in the market with 215 employees across 25 regional offices, including the US and its headquarters in Mexico City. Currently, the company manages a US$102.3 million portfolio in heavy-vehicle premium insurance.

In mid-March, MAS Seguros migrated most of its operations, including technical support, technology, sales, finance, marketing and road safety, to a home office scheme. “Due to our 30 years of experience, we can say we have achieved the adaptability skills needed in times of crisis, according to the goals we have set,” says Daniel Aguilar, Marketing and Conciliations Director of MAS Seguros.

One of the most important elements in times of crisis, according to the company, is corporate social responsibility. “We have a commitment with our customers regarding emissions, renovations or modifications in insurance policies. We also have to be available in case there is an incident,” says Aguilar. Thanks to an organization scheme that includes working cells to coordinate team efficiency, all the areas keep on track with their responsibilities. Notably, since the company is very well integrated into a collaborative digital scheme, migrating to home office was not that difficult. 

We have learned that in these kinds of situations, innovation is mandatory."

-Daniel Aguilar, MAS Seguros

MAS Seguros is one of the companies which quickly adapted its product offering to answer customer needs among the COVID-19 emergency. “We have learned that in these kinds of situations, innovation is mandatory. We have lived through similar circumstances and managed to thrive. We have promoted new products to attend the pandemic, which cover contagions or deaths individually and collectively,” says Aguilar.

Lessons are being learned across the automotive supply chain. There are key variables, according to MAS Seguros, that insurance companies ought to look for to overcome the situation. First, there is resource efficiency; second, limiting the budget to reduce expenditures; third, setting clear goals and fourth; maintaining the leadership in the segment the company participates in through customer service. At all these stages, a commitment from all collaborators is essential.

MAS Seguros estimates that 90 percent of automotive industry activities have stopped. It has been said that the health contingency measures will boost mergers and acquisitions throughout the value chain in order for large companies to avoid losing valuable suppliers. In the meantime, Phase 3 has just begun in the country and companies ought to adapt to it.