Rapid TRANSFORMATION
CESCE seeks to make a difference, not only in business, but in people’s lives, as demonstrated by its quick response during COVID-19.
2021 marks CESCE’s 50th anniversary. How has CESCE evolved over the last two years?
In June 2021, CESCE turned 50. The last two years have gone very well. We have earned the trust of more customers, and we currently have around 11,200 on our books. We have also increased our market share in private insurance by two percentage points. This is the 12th year we have succeeded in obtaining benefits. The level of customer satisfaction is high. In addition, we have launched new insurance products. In our activities as ECA of Spain, we have continued to structure complex operations in emerging markets, which is our specialty. COVID-19 has completely changed the rules of the game. We had to transform a traditional company, such as those of the insurance industry, into a digital company overnight with 100% teleworking. We did extremely well, because we built this transformation on two pillars: 15% of our staff was already teleworking part-time, so we had some experience in this field; and we already had a business contingency plan to overcome any major contingency that could affect our activity, as dictated by our authorities. We ran a simulation on how to operate in a COVID-19 environment and resolved the major issues that we found. When the first legislation on urgent economic measures was passed, only three days after the declaration of the state of alarm, CESCE contributed a EUR2-billion COVID-19 line, divided in two tranches, the largest operation that we have ever carried out. We designed and executed this line under extremely difficult conditions. To acknowledge our response, our staff has received, together with ICO and COFIDES, an award from the Exporters and Investors Club, which makes me incredibly proud. We have taken care of our staff during this crisis, and they have been extremely dedicated to the company and our clients. Our achievements are their achievements.
How is CESCE’s plan to expand in different markets developing?
We have postponed our four-phase plan. The first phase, almost completed, was to strengthen our capacity to control and direct our subsidiaries from Madrid; the second was to exit those subsidiaries where we face serious difficulties, as we did in France and Argentina, and we our about to do in Venezuela; the third and current phase consists of consolidating our presence in those countries where we are already present; and finally, the fourth phase is to expand our business into new places, both physically and digitally. This is crucial, as the new 20212024 strategic plan we have approved focuses on digitalization. COVID-19 has dramatically accelerated the digital transformation of the business environment, and we desire to be at the forefront of our industry.
CESCE has accelerated its digital transformation by making the leap to IBM’s hybrid cloud. What is CESCE’s intention in terms of digitalization?
We need credit insurance to become more digital. It is on the way, though it will not be fully digital anytime soon. We have already digitalized the process; now we need to digitalize both marketing and products. Credit insurance relies on updated data. With INFORMA, we have a first-class data supplier that will assure us a lead in this field. But we need to go beyond this. Our customers must be offered the entire menu of products, and they have to be able to compare, chose and contract them by simply clicking on their screens.
What are CESCE’s main objectives for 2021?
Our main objective is to continue to provide the best service to our clients, something that sets us apart and is what our customers value the most. We want to offer our clients a customized solution for their needs and a fast, high-quality service that is increasingly more digital and comprehensive. And we are also a socially responsible company. The company’s entire energy is renewable—0.7% of our profits finance our corporate social responsibility, for which we have received several awards. We are here to make a difference, not only in business, but in the lives of many people.