MAXIS Global Benefits Network (MAXIS GBN), the global network of locally licensed insurance companies founded by AXA and MetLife, in December 2019 announced it had teamed up with Peru’s largest insurance provider, RIMAC (Rimac Seguros y Reaseguros) to provide life and medical cover to MAXIS’s multinational clients.
Prior to this, MAXIS GBN had Pacifico Compania de Seguros y Reaseguros as it’s Peruvian partner – alongside Insurope.
RIMAC’s leading position in Peru
RIMAC, a part of Peru’s 100 plus year-old Grupo BRECA, which had premium income of over $1.4 billion last year, is the largest insurance provider in the country.
RIMAC has concentrated on integrating advanced digital service technology into its insurance provision, something multinationals are eager to utilise when offering employees health and welfare solutions that are increasingly technology-driven.
Insurance industry consolidation makes partner search difficult
It is worth noting that RIMAC is also a member of pooling networks run by other international insurers of note including AIG, Allianz, Generali, and Zurich Insurance, further underscoring MAXIS’s decision to partner with one of the most reputable insurers in Peru.
This is especially relevant as consolidation through mergers and acquisitions in the insurance industry has made finding exclusive partners more difficult.
Among Peruvian insurers, the sole global network with an exclusive partnership agreement is IGP and its partner, Mapfre Peru.