Introduction to the Proposal by Condusef President, Oscar Rosado Jiménez
Oscar Rosado Jiménez, the president of Mexico’s National Commission for the Protection and Defense of Users of Financial Services (Condusef), has proposed the creation of a Universal Insurance Format (FUS) and a “Good End” campaign for insurance offers and discounts. This proposal aims to address common complaints about lack of clarity in insurance services and foster growth within the insurance industry.
Background on Condusef and its Relevance
The Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef) is an autonomous government body responsible for protecting and defending the rights of users of financial services in Mexico. As a key regulator, Condusef plays a crucial role in ensuring transparency and fairness within the financial sector, including insurance companies.
The Need for a Universal Insurance Format (FUS)
During his speech at the 34th AMIS Insurers Convention, Rosado Jiménez highlighted that numerous complaints against insurance companies revolve around unclear information and mismatched expectations. To tackle this issue, he suggested implementing a Universal Insurance Format (FUS) that provides essential details about insurance policies in a concise and easily understandable manner.
FUS: A Digital and Physical Solution
Rosado Jiménez emphasized the need for a digital and physical FUS that caters to both online and offline channels, including WhatsApp. He stressed the importance of moving away from lengthy contracts and brochures, which are often overlooked by busy consumers.
Implementation of the FUS
Initially, Rosado Jiménez proposed making the FUS non-binding and voluntary for insurance companies. This approach would allow for a trial period before integrating it into regulatory frameworks, eventually making it mandatory.
The “Good End” Campaign for Insurance
In addition to the FUS, Rosado Jiménez suggested launching a “Good End” campaign for insurance products. This initiative aims to encourage more Mexicans to purchase insurance policies by offering attractive discounts and promotions during a dedicated period, typically in August or September.
Key Locations for the “Good End” Campaign
Rosado Jiménez recommended hosting this campaign in three major Mexican cities: Monterrey, Guadalajara, and Mexico City. The goal is to increase insurance coverage and foster growth within the insurance industry.
Key Questions and Answers
- What is the Universal Insurance Format (FUS)? The FUS is a standardized, concise document that provides essential information about insurance policies in both digital and physical formats.
- Why is the FUS necessary? The FUS aims to address common complaints about unclear insurance information and mismatched expectations between consumers and insurance companies.
- How will the FUS be implemented? Initially, it will be voluntary for insurance companies. After a trial period, it may become mandatory following integration into regulatory frameworks.
- What is the “Good End” campaign for insurance? This campaign aims to promote increased insurance coverage by offering attractive discounts and promotions during a dedicated period in August or September.
- Where will the “Good End” campaign take place? The campaign is proposed to occur in Monterrey, Guadalajara, and Mexico City.
