Juan Pablo Stiefken President, Sekuritas Corredores de Seguros

With offices in Colombia for 50 years, Sekuritas is able to employ its experience and knowledge to serve its clients to the best of its abilities.

BIO Juan Pablo Stiefken holds a PhD in sociology from Universitat Autónoma de Barcelona, with a master’s degree in social policy from the same university, and is a philosopher and economist from Universidad de los Andes. Linked to Sekuritas for almost 20 years, he has worked in different areas of the company. He has also worked as a professor at Universidad Javeriana and Universidad de los Andes. How would you assess the state of the Colombian insurance sector, and how do you expect it to develop?

The insurance sector in Colombia is stable and has great potential for growth. However, the way people buy insurance in Colombia is less developed compared to other countries. This means we can expect interesting growth figures in the coming years. Companies continue to attach great importance to risk mitigation, especially given the COVID-19 pandemic. The use of technology that bolsters business growth, such as remote selling, and a new appetite for risk coverage paint an optimistic future for the strength and growth of the Colombian insurance sector in the coming years.

How did Sekuritas reorganize during the pandemic to maintain operations?

We are grateful that our team and clients are doing reasonably well in these difficult and uncertain times. This year, we focused on five elements related to crisis management: demonstrating that our clients and stakeholders always come first in our decision-making; streamlining communications with our shareholders to a single channel; outlining to our clients the assistance that is available to them in relation to COVID-19; demonstrating initiative by making sure our technology is optimized; and making sure our liquidity levels are strong.

In what ways are you providing access to Sekuritas’ resources digitally?

We prioritize technology, and, therefore, all the tools that were needed for this stage were in place, especially to facilitate remote work. Nevertheless, the pandemic has accelerated the digital switch and highlighted the importance of having instant access to information and analytical tools that can help us assist our clients. Our partners’ and clients’ access to information through digital sources has been seamless, and all processes from advisory to acquisition are accessible remotely.

Do you expect new insurance types to be as strong as the classic products?

There are great opportunities and initiatives for Colombia in the digital space, and we have successfully invested in new platforms. Now, Sekuritas focuses also on the corporate market, and insurtech is better suited for the B2C market. However, in the corporate world, we make a difference with a personalized service. We have built an organizational culture based on an extraordinary team, serving others always with passion. In addition, Sekuritas has been helping clients in Colombia for over 50 years, and, therefore, an important value proposition of the company is our experience.

What are the challenges regarding insurance education, and what is your strategy to increase penetration?

The Colombian B2C market, such as other Latin American countries, is limited due to people’s budget. However, this is not an issue in the corporate market, and the key for us in this sector is building long-lasting relationships based on trust. In our culture especially, this means we have to work with local companies to start constructing a long-term view for the business. There will always be an important place for insurance and risk management, as this goes hand in hand with the concept of sustainability.

Do you have ambitions for further expansion in the country and within the region?

Having good exposure nationally is a priority; Sekuritas’ offices in Colombia have been in place for 50 years. Additionally, we have focused on growth at a regional level. We have a presence in almost all Latin American countries through strategic alliances. The multi-Latin American client base is growing, and a globalized world puts positive pressure on the industry. We must work with our clients wherever they want to be.

What are your plans for the near future?

The immediate outlook is challenging, though Sekuritas will continue to focus on adapting business to the new normal by accommodating to our clients’ needs. Internally, making sure our team is operating with a good frame of mind is essential. The goal is to work with our team in constructing new perspectives and solutions in an uncertain setting.