Colombia has become a regional benchmark in the inclusive insurance industry. It hosted the first international InsurTech seminar, it is recognised for being one of the first countries to collect statistical data on inclusive insurance, and it has an environment that is conducive to the development and commercialisation of innovative products.
This is the result of joint work between the public and private sectors that is supported by the Federation of Colombian Insurers (Fasecolda). Fasecolda has provided insurers with tools that have facilitated their understanding of the dynamics of the sector, insights into needs and preferences of the target market and, as a consequence, the development of innovative inclusive insurance. These activities are currently framed under the “Más Seguro, más Futuro” program as part of the Cooperation Agreement signed in 2016 with “Banca de las Oportunidades”, a programme of the Colombian national government that is administered by the Bank of Foreign Trade of Colombia (BANCOLDEX).
ILO's Impact Insurance Facility