After a successful project in 2013-2014, SERINSA was founded in early 2015. It is an initiative of REDCAMIF, an association of 141 microfinancing institutions from Central America. The goal? Supporting microfinancing institutions in Nicaragua, Honduras, El Salvador and Guatemala in offering microinsurance, including training, market research, new products and conducting negotiations. By joining forces, it was possible to enable over 65,000 customers to be protected with microinsurance by 2020.
Since 2018, countries in Central America have faced several crises, including the economic crisis in Nicaragua, the severe floods in Honduras and the coronavirus crisis. As a result, the prior sharp increase in the number of policies sold did not continue in this period. In 2019, SERINSA did however enter a new market: Guatemala. For 2021, they are once again counting on a growth of customers who can benefit from microinsurance.
What does BRS do?
BRS supports SERINSA with tailor-made advice. In 2018, two KBC employees, in cooperation with BRS, carried out an audit to investigate why SERINSA was doing very well in Nicaragua at that time, but was having considerably less success in the neighbouring countries. BRS services also include organising workshops on improving training and marketing and thinking together about better service provision.