This chapter describes five innovative Microinsurance cases in Latin America. The Case of Bradesco Bank in Brazil and Aseguradora Rural in Guatemala solves the distribution channel challenge. The former using pharmacies, bakeries, beauty salons as sales points, and through the use of mobile devices. The latter is a case of reducing premium cost of health insurance by focusing on claims payments, linking insurance policies with prevention treatments. In the case of the Mexican alliance between the biggest chain store in Mexico, OXXO, and the insurance company GNP, they used the 14,000 stores of OXXO to distribute an easy to understand insurance. In el Salvador, the insurance company Seguros Futuro fosters the insurance sales using risk management education. Finally, the case of PROFIN is an example of three kinds of insurance, agriculture, life, and property, in one single and easy to understand policy. Also, in this chapter we describe the low penetration of the microinsurance market in this region, and we explain that there is still room for microinsurance products in Latin America; products that maintain low cost and at the same time allow for profitability.
