The Argentine insurance market is competitive and has many players, with almost 200 registered insurance companies in 2021. Micro, small and medium-sized enterprises (MSMEs) are underrepresented among their clients, as many of them perceive insurance as an expense, rather than an investment.

Suramericana Argentina, a company of Colombian origin, decided to develop products that are relevant for this neglected market segment. This resulted in two different products. The first product was “SME Express”, covering the main risks that can affect the continuity of business, complemented with training services, assistance and maintenance. The other product was “Comprehensive SME Solution” that provides insurance plus business support services during emergencies, for example cleaning due to fire or assistance with plumbing, gas and electricity work. Additionally, the product has an amount under which a loss does not need to be verified, allowing for expedited claims payments.

Suramericana Argentina included business support in its offer because it wanted to provide benefits to MSMEs that do not make claims. It positions itself as a long-term strategic ally for MSMEs and aims to learn more to understand the MSME ecosystem and expand its product offerings as MSMEs’ needs evolve.

To learn more about the Suramericana Argentina’s strategy, read our latest Social Finance Brief.