INS creates 4 companies to compete in the insurance market

The National Insurance Institute (INS by its initials in Spanish) has created 4 new companies to compete in the insurance market now that the insurance market will be opened because of the entry into force of the Free Trade Agreement between the United States, Central America and the Dominican Republic, meaning that the market can no longer be covered by a single Costa Rican State company.
The new companies are called INS International, INS Services, INS Life and INS Commercialize. They are in the registration process with the Mercantile Registry. With these companies and a host of new products, the state insurance company aims to perform better than its competitors.

Guillermo Constenla, the maximum hierarch of the entity, said the Constitutional Court gave the go-ahead for the company to participate in the international market through an anonymous association. This is why the INS began the creation of a company that would allow it to participate in the open market when the law that opened the insurance market was passed.

Therefore, INS International is the division which markets insurance in the international market and INS Services is an auxiliary body that will enable the INS to perform tasks in a more agile manner. They are not ruling out the possibility of purchasing spare parts, which can be done through the subsidiary, seeking to lower the price of its policies or they will be left without customers. This because vehicle insurance represents 34% of all products sold by the institution.

INS Life will be the subsidiary focused on life insurance, a product that always has been marginalized in the market. To gain ground, the INS is trying to form an alliance with a foreign insurer and give better coverage in this area and greater promotion.

The function of INS Commercialize will depend on what the current businesses that commercialize INS services do one the market is open to competition. This subsidiary would be responsible for commercializing all the products in the portfolio in the event that current the current partners opt for separation from the INS.

These changes imply the hiring of new staff since the staff the INS now has can only cope with the functions it is now developing. But productivity is growing among the staff of the Institute, but it is a lot of work per person. The total number of employees at the INS is 1,000.
At TicosLand.com, we all hope that these changes will generate real positive results because the insurance market has always been a bit complicated. It is not 100% satisfactory to its customers and their coverage seems very good initially, but when it comes time to collect, the customer does not get what he thought he would, a clear signal that showed the need for change. It now remains to be seen whether the changes will take place.