Quiñenco channels its investments in the life insurance and general insurance areas through Inversiones Vita S.A. (Vita) where it holds a 66.3% interest. Currently, Vita has two subsidiaries: Banchile Seguros de Vida (Banchile Vida) and SegChile Seguros Generales (SegChile).
Banchile Seguros de Vida
BANCHILE SEGUROS DE VIDA (Banchile Vida)’s mission is to provide comprehensive solutions to the protection requirements of people and their families, offering life, accident and health insurance policies, through mass insurance distribution channels.
The company provides its customers with a distinctive experience, through innovation of its internal processes and marketing.
• Gross premium: Ch$149,611 million in 2018.
• 68 employees.
• 76 distribution channels.
• Started operations in 2000.
One of the company’s main strengths is its innovating capacity in internal and sales processes through the use of technology. Its operational system is based on agile and reliable digital processes. For example, the system provides for the electronic acceptance of insurance proposals, hence offering efficiency, service quality, immediacy and lower costs as some of its comparative advantages. Its challenge is to position itself as a leading company in the market that works based on an efficient and flexible management model.
Banchile Vida maintains reinsurance contracts with companies with high risk ratings: Hannover Re (AA-), Scor (AA-), General Re (AA-) and RGA RE (A). In turn, it maintains a track record of AA, according to the rating assigned by ICR Chile and Feller Rate risk rating agencies, reaffirming Banchile Vida as a company with a high capacity of meeting the terms and conditions agreed upon.
• A wide range of products including collective and individual life, health and personal accidents insurance policies.
• Provides distribution channels with self-managed and online control tools for processes involved in sale and post-sale activities done by the commercial and customer information networks.
• Operates through more than 76 distribution channels: banks, savings and credit cooperatives, compensation funds, electric utilities and retailers.
Operating segments(Total Gross Premium MCh$149,611 in 2018)
SegChile Seguros Generales S.A.
SEGCHILE SEGUROS GENERALES S.A. (SegChile), established in 2016, started commercial operations in March 2017, sharing some administrative functions and the technology platform of Banchile Vida. This enabled it to deliver differentiated services to its distribution channels and policy holders and manage the risks throughout its processes.
Considering the financial statements of 2018, the company’s obligations were rated AA- by Humphreys and with the same category by ICR.
• A wide range of products including collective unemployment, personal accidents, travel assistance and health insurance policies.
• Provides distribution channels with self-managed and online control tools for processes involved in sale and post-sale activities carried out by the commercial and customer information networks.
• Operates through more than 16 distribution channels: savings and credit cooperatives, compensation funds and retailers.