Jacobo Bazbaz Sacal: Interprotección wants to democratize insurance contracting with AI
Jacobo Bazbaz explains to us the improvement in the Mexican Insurance Market
At that time, only 8% of the population of Mexico City had taken out home insurance. Of that percentage, 40% was mortgage insurance."
-- Jacobo Bazbaz Sacal
MIAMI, FLORIDA, UNITED STATES, January 13, 2022 /EINPresswire.com/ -- When the 19S occurred, only 8% of the population of Mexico City had contracted home insurance, where 40% was a mortgage.
A year ago, the foundations of our cities rumbled, and many Mexicans saw their homes reduced to dust. At that moment, the uncertainty and the problems of what would happen to his home accumulated.
At that time, only 8% of the population of Mexico City had taken out home insurance. Of that percentage, 40% was mortgage insurance, a laboratory for technological innovation in insurance, and Interprotection pensions.
When it shook on September 19 at 1:16 p.m., many insurers closed the earthquake insurance and opened it days later with higher prices. Interprotección was one of those who maintained their fees and did not close this coverage, also giving away 10,000 policies for two months for 500,000 insurance each.
After two months of testing, this strategy became in a renewal rate of 79% of those who agreed to take out this insurance.
In April 2017, AseguraTodo was born, a product created by Maquina to offer Mexicans the possibility of obtaining travel insurance in less than 5 minutes, all thanks to artificial intelligence. Shortly after, they launched home, room, and pet insurance.
Finally, and due to the circumstances, on September 19, 2017, they had to advance the launch of earthquake insurance, Jacobo Bazbaz Sacal, part of the group of company directors, told us.
SeguroTodo has the help of Yalo, an Artificial Intelligence developer in which they invested to develop Anna, the bot with which the user can purchase insurance by chatting.
Although Interprotección claims to be the only Mexican company in the sector that uses Artificial Intelligence to offer insurance, other companies such as Sura México are preparing to close the year with the launch of their bot that aims to provide service to employees and customers. AIG also hopes to launch its AI auto insurance this year.
About Jacobo BazBaz SacalJacobo Bazbaz Sacal is a businessperson who has been at the head of 3 different companies and presently working at InterproteccionInsurance Agent & Surety Co. He is also participant at Fundación Interprotección and Fideicomiso Probosque Chapultepec.In his past career, he occupied several positions at other companies in the Insurance Business. Jacobo Bazbaz Sacal is the second generation of insurance in his family, and he is working at INTERprotección, a firm that works as a link between insurers and their clients.
INTERprotección is a group of Mexican experts in insurance, reinsurance, and surety brokerage. With a global presence and recognition, INTERprotección has more than 40 years of experience in comprehensive risk management and consulting in the Mexican market. Its business model is taking the client to the forefront and offering the best service through innovative and disruptive products, most recently with its new brand inter.mx, its digital insurance platform transforming the insurtech game. Around 46% of the companies in the IPC, the main index of the Mexican Stock Exchange, are INTERprotección clients. In 2018 it became the first Mexican company to sponsor the Aston Martin Red Bull Racing Formula 1 team, and they have been supporting 'Checo' Pérez and his team in Formula 1 for 13 years.