Operating Model

Bancassurance products have more grip when offered to the client in connection to one of bank’s financial transaction (Mortgage Credit, Payroll Loans, Account Opening, among others), which occur specially within bank branches and independent bank correspondents. In this category, the purchase of the insurance is mainly connected to the offer made upon closing of a bank operation. Our such products are Mortgage, Credit Insurance, Life, Residential and Corporate Multi-Risk. In 2017, bancassurance products represented 75% of our total gross revenue¹.

Traditional insurance products, on another hand, rely on active sales efforts in distribution channels different from the bank branches and independent bank correspondents. In this category, the client holds the intent of acquiring any such insurance prior to his contact with the sales channel. Our such products are: Auto and Health. In these cases, unlike of what happens in the sale of bancassurance products, we perform in alternative channels, specially through our remote channels for insurances sales and renewals. The traditional products represented 4% of our gross revenue in 2017.¹

The Corporate Operation works with a specialized sales force outside the CAIXA branches, offering integrated and customized solutions for large companies in their projects and investments, guaranteeing the best service delivery, with products aligned to the needs of differentiated operations, generating value for people and businesses. The sales of these products originate both outside CAIXA’s environment and through indications made at the bank’s branches and superintendencies.

Selling special risk insurance is an advisory process as it depends on actuarial specifications regarding the underwriting risks to be accepted by the insurer. As a result of a more complex sales process, commission rates are often higher than the bancassurance products.

In this category, we sell products from other insurers. The main products marketed by us are:

(i) various guarantees;

(ii) rural insurance;

(iii) group life;

(iv) civil liability; and

(v) property.

The Corporate Operation accounted for 8% of our gross revenue in 2017.¹

In the Partner’s Operations, we act on the prospection and activation of strategic partners for the sale of consortiums and related insurance outside CAIXA branches, in more than 2500 points of sale spread throughout the country. The main products marketed by us are:

(i) Auto and Real Estate consortiums;
(ii) lenders mortgage insurance and;
(iii) insurance against breach of guarantee.

The consortium is a product of Caixa Consórcios, sold directly by the Wiz team and especially by the network of partners, where Wiz takes part in the activation, monitoring and training. The lenders mortgage insurance guarantees the settlement of the debt of the consortium in case of death or permanent disability (product of Caixa Seguradora), and the purchase of the insurance is generally associated with the offer made during the sale of the letters of consortia. The insurance against breach of guarantee is used to ensure the group of consortium members in case of default (product of Previsul and all consortia of Caixa Consórcios are insured by this product). The Partner’s Operations accounted for 9% of our gross revenue in 2017.¹