Insurance Pioneers Prepare for Floodgates to Open

Q: What have been the key achievements of Marsh in the Mexican market for automotive financing?

A: Marsh has been in Mexico for more than 50 years, all the while possessing an important presence in the automotive sector. The most important steps in this area were taken 20 years ago when we started Seguro Gratis. Along with the OEMs, we started this program to offer free insurance when clients bought their cars in cash. We were pioneers back then; we designed our products with the insurance companies according to the needs of the OEMs, which helped us to acquire a great deal of experience. In June, 2014, Marsh was designated as the best insurance broker in Latin America by Reactions magazine. Without a doubt, this achievement was a result of the dedication, professionalism, cooperation, and work ethic of our 4,200 workers in the entire region. The key to this success is offering the best products with absolute transparency, efficiency, and innovation. We are constantly preparing ourselves and we expect important growth over the next few years.

Q: As the automotive industry grows, what resources are you employing to constantly improve your products?

A: We are always investing in new technology, human resources, and our cooperation with insurance companies, in order to best meet the needs of our clients. We focus on the local market, but we are also aware of the global developments. The advantage of being part of Marsh & McLennan Companies is that we have an international line of communication, allowing us to introduce international best practices to the Mexican market, while offering the best products.

Q: Which measures could the Mexican government take to stimulate automotive financing?

A: The government has implemented important measures that will strengthen the automotive insurance sector. Proof of this is Seguro Obligatorio Carretero, a program that was announced last year and has been enforced since last October. Other examples include the mobility law in Mexico City, the Alcoholimetro program, and the demand for mandatory insurance in other states. We promote all these regulation programs and we communicate them to our clients in order to offer them better counseling.

Q: Which role should commercial banks play in the Mexican market for automotive insurance services?

A: An important number of insurance companies are connected to Mexican commercial banks; in fact, we work with some of them to support them with better solutions to their clients. In Mexico, there are many different kinds of insurance companies, whether they are national, foreign, or associated with a financial entity, and there is constant investment in this sector. Insurance products should not be considered an expense, but rather an investment.