Could the Insurer Company guarantee you security in uncertain times?

Could the Insurer Company guarantee you security in uncertain times?

9 November 2020

Author: Albert Paniagua Gonzalez.

At certain moments, the insurance industry has bad reputation. However, when the future is uncertain and people feel vulnerable, a life and health insurance could be a security resource. People feel good when they know that they have support from an insurance company. Our industry was created for difficult times like the one we are facing nowadays. Unfortunately, this is our moment to shine.

Nobody waited the world would drastically change in the 2020, but it happened. First, it was attached by a lethal pandemia and after by a global financing crisis. Up to now, we have seen more than 35.7 millions of cases of COVID-19 all around the world, including more than 1.05 millions of death people and 25 millions of people who have recovered.

Suddenly, people experimented in their own flesh that their lives and health were fragile gifts. As insurance agents or brokers, we have been answering to frequent questions by the clients. They do not only need the tranquility to be protected, but they also want to know more details about the coverage. The consumers are getting knowledge; moreover, some of them are facing economical problems, they continue investing in a life and health insurance.

According to a recent consumer study made by LIMRA, 68% of the people who acquired a policy in the last two years indicated it is probably that they would buy another one due to the covid-19. Among the ones who had not recently acquired a life insurance, the 22% indicated that they would probably buy one due to the pandemia.

Additionally, according to a survey in 2020 made by EY Parthenon in October, the consumers´ principal worry is their family´s welfare. More than half of the interviewed people said that the Covid-19 has changed their values and perspectives. The 62% confirmed that they are now more aware of the importance of the physical health.

Those discoveries are supported by the trimester selling surveys from LIMRA. On July, 2020 the selling of life insurance policies was increased in a 12% in comparison with those of July, 2019, which indicates a greater increasing in a long time. This gives more evidence that the insurance industry is satisfying an immediate and real necessity.

Protection against possible and great losses. An insurance is not a new idea. Humanity has recognized the necessity to diminishing risks since earlier times. During centuries, communities have grouped themselves, and have made agreements for mutual help in case any of their members faces a crisis. If any family member´s house got on fire, the other members of the community contributed to re-construct it. If any farmer´s family needed help with its harvest, the neighbor farmers helped it.

As time passed, third parts began to assume the risk getting payment for it. That was the way contracts were born. Since a long time ago, people have understood that they could not avoid the happening of negatives situations, but they can take measures to protect themselves from sudden ones.

Think about some of the ways the life and personal accidents insurance products from Pam American Life are helping people just at this moment.

The health plans help you to pay for medical attention or to look for preventive attention.

The life insurance policies are helping families to pay their mortgages and to could reach the end of the month after the loss of the family economical support.

The life insurance policies –Whole and Universal- are helping people and families to survive unemployment, when they have access to their actual cash value. And for the employer, the group valued coverages are helping the employer to preserve their talented employees, in spite of the crisis. At certain point, they would help them to attract new talent. The insurance industry is the one which offers this service. And although we usually call it “bored” and “simple”, we are the ones who really assume the risks, the ones who go one step ahead to accomplish with our promise.


Covid-19 has affected all the industries, including the insurance one. However, during the initial catastrophic closings, the insurance companies worked very hard and rapid to adapt themselves, to find new ways to work with the policy holders, the agents, the insurance brokers and the employees.

For example, all of us have become more skillful to use the technology in the last six months. Instead of meeting with the actual and potential clients in person, now we do it using platforms for videoconferences. And it has functioned very well!

We have also learned to do business without having to close them with a hand shake, and also tradition which used to stamp the clousure of all the agreements.

In Pam-American Life, we have adopted many actions to help our policyholders, from exonerate them from the period grace to eliminate exclusions because of covid-19, to give them options of tele-medicine in many countries.

Moreover, we have accelerated our technological development, implementing a virtual selling process in several areas, and working to apply them in some others. We have also reinforced the IT (information technology) area. We have launched a series of being aware about frauds campains to benefit the consumers, as well as the initiative of the safe return to work of PALIG to help small enterprises in the Caribbean with the process of safe re-opening.

And, last, but not less important, we continue reinforcing solidity and financing long-lasting stability of Pan-American. This is always our principal responsibility, but specifically in this commotion time. Evidently, it makes us happy to have re-confirmed our high and consistent grades with A.M. Best “A” (excellent) y Fitch Ratings “A” (solid) which this year, means more than ever.

PAM –AMERICAN LIFE REFERENCES: puede-garantizar-seguridad-en-epocas-inciertas-nosotros-podemos-hacerlo?utm-source=iContact&utm-medium=email&utm-campaign=pan-american-life-insurance-group&utm-content=CR%2C+Guat%2C+Col%2C+ES+-+B2B+Newletter+14+SPA



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