Edition 18 - Seguros MAPFRE

22
SIAM News JANUARY 2003
PRODUCTS
New Area of Pecuniary Losses
MAPFRE Asistencia has received the
authorization of Area 16, Diverse
Pecuniary Losses. This continues our
company’s diversification, augmenting the
range of products and services we offer
our customers worldwide. This Area
includes employment risks, insufficient
deposits (in general), and loss of benefits
or subsidy due to temporary driver’s
license suspension, among others.
Trip Cancellation Insurance
It is worth noting that from now on we
can offer Trip Cancellation insurance
independently and not as an accessory
risk to assistance. This insurance
reimburses the amount paid by the
policyholder when he or she cancels a
trip due to, among other causes, the
death or hospitalization of the
policyholder or a close relative before
the trip.
Application to the Financial
Sector
The Diverse Pecuniary Losses Area has a
very direct application to the financial
sector and will allow us to offer valueadded
products to sectors like the credit
card sector that are in great need of
them. The widespread offer of credit
cards forces the financial entities to offer
new aggregate-value products in order to
differentiate themselves from the
competition.
With the Pecuniary Losses Area we have
the capacity to respond to this need with
insurance like Purchase Protection,
which indemnifies in case of theft or
robbery and accidental property damage
by means of a credit card.
Another product that complements the
preceding one is the Guarantee
Extension. This insurance extends the
manufacturer’s original guarantee for any
product bought with the credit card, up
to a maximum of 24 months after the
purchase date.
One of the big advantages of these two
products is that they provide incentives for
credit card use, since they only cover goods
purchased with the credit card. As such,
they are a very attractive alternative to the
insurance that is traditionally included with
a card. Such is the case of accident
insurance, which is currently experiencing a
considerable premium increase.
One fundamental aspect of the credit
card marketing strategy is security.
Fraudulent Use insurance permits the
financial entities to offer their customers
additional protection. This insurance
indemnifies the policyholder for losses
suffered due to fraudulent use of the card
up to 24 hours before he or she
communicates its loss or theft. It also
offers complementary coverage, such as
communication costs, advance of funds,
and replacement of documents.
From now on, we will be able to offer
these products to new or existing clients
in the financial sector for their credit and
debit cards.