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New country manager of Pan‑American Life Colombia will take the helm to maintain the continuous growth recorded in recent years
Colombia
April 27, 2021
Estimated Reading Time: 4m
- Diana Alejandra Vargas Torres, an economist graduated from Universidad Externado with extensive experience in the insurance industry, is the new country manager of the company in Colombia.
- During the pandemic, Pan‑American Life launched a new universal life product with novel coverage for the Colombian market.
- Pan‑American Life has had an average annual growth rate of 23% over the last four years.
- In 2020, the individual life and individual personal accident lines grew by 16% over the previous year.
Bogota, April 27, 2021. Pan‑American Life Insurance Group (PALIG), a leading provider of life, accident, and health insurance throughout the Americas, has appointed Diana Alejandra Vargas Torres as its new Country Manager for Colombia and Legal Representative. In that role, Diana will take on the challenge of maintaining the continuous growth the company has recorded over recent years, as well as increasing the profitability of the products sold by the company in Colombia. Pan‑American Life’s Group Life product has gone from ranking 23rd in the country in 2015 to reaching the number seven position in 2020.
Her appointment comes at a crucial time for the insurance industry around the world, as the pandemic has cast into stark relief the need for insurance to protect the physical and financial health of millions of people around the world.
The pandemic prompted the Company to rethink the way it serves its customers, shifting its processes and transactions online and demonstrating business continuity with a 100% work‑at‑home model of operating. In addition, in the last quarter of 2020, Pan‑American Life launched a new universal individual life product, Vida Flex Max, which is unique in the Colombian market. This new product offers differential benefits including refunds of up to 100% of premiums paid in surrender values; equal payments throughout the entire term of the policy; guaranteed interest rates; advance payment of 50% of the face value for terminal illnesses; insurance coverage for spouses; additional coverage for accidents; and even being protected up to age 100.
Initiatives like these were key to the company maintaining its stable performance in the Individual Life and Individual Personal Accident lines, with 16% growth in 2020 compared to 2019, despite the unprecedented circumstances. Another priority for Pan‑American Life has been to effectively position its portfolio of mass marketing products, thanks to its strategic reaction to a market with dynamic changes in rates and coverage.
Regarding the approach she will take as country manager, Vargas Torres states: "At Pan‑American Life Colombia, we continue to be committed to serving Colombians with products and services that meet their needs. We will continue to strengthen our presence in the group life, employee benefits, individual life, and personal accident markets.”
Diana Alejandra Vargas Torres joins Pan‑American Life to replace Juan Pablo Luque, who is retiring after nearly a decade. Diana arrives after working for nine years at SBS Seguros/AIG Colombia in both local and regional responsibilities, including her last position as Vice President of Personal and Personal Property Insurance. Prior to that, she worked with Willis Colombia for more than ten years in a series of roles with increasing responsibility.
“Diana Alejandra has in‑depth knowledge and significant experience in the Group Life, Group Personal Accident, Mass Marketing, and Individual Personal Accident lines of business. We are happy to have Diana join the ranks of our management team in one of our key markets in Latin America,” said Jose S. Suquet, Chairman of the Board of Directors, President, and CEO.
Meanwhile, Robert DiCianni, President, Global Benefits, commented, “Diana Alejandra has a strong track record of successfully achieving premium and profit goals, and we are confident that with her experience and knowledge of the local market, our operation in Colombia will continue to grow.”
ABOUT PAN‑AMERICAN LIFE INSURANCE GROUP
Pan‑American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, has been delivering trusted financial services since 1911. The New Orleans‑based Group is comprised of more than thirty‑member companies, employs more than 2,200 worldwide and offers top‑rated individual and/or group life, accident and health insurance, employee benefits and financial services in 49 states, the District of Columbia (DC), Puerto Rico, the U.S. Virgin Islands, and throughout Latin America and the Caribbean. The Group has affiliates and branches in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more information, visit the Pan‑American Life website at palig.com, follow us on Facebook @PanAmericanLife, Twitter @PanAmericanLife, Instagram @panamericanlife.latam, and connect with us on LinkedIn at Pan‑American Life Insurance Group.