Insurance Market Heats Up in Costa Rica

The demise of the state monopoly and the entrance of new competitors will feature the rise of the independent salesman as the main link between clients and insurers.

Tuesday, July 14, 2009

The Chamber of Insurance Companies (Canecos) is preparing for this new market, and will change its name and statutes to allow the new breeds of commercialization agents that will appear once the new insurance market regulating law comes into effect.

Jorge Salas Quirós, president of Canecos, was quoted in Elfinancierocr.com: "The chamber must review its position and think not only in a relationship with a sole provider, as was the case with INS, but to analyze, with partners and insurance intermediares, scenarios for developing a more professional activity, that will make them more competitive. Canecos will change its name and will consolidate this professionalism; for it to be a profession rather than just selling policies, as it has been commonly misinterpreted. The adviser must know his client, its needs, to analyze the risk and offer options from all the insurance companies in the country".

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