In the dynamic insurance market in Argentina, commissions to sales channels have experienced significant changes in recent years. According to the 2023.Q1 data, several insurers have achieved remarkable growth in the volume of commissions to all sales channels. SANCOR SEGUROS tops the ranking with a market share increase of 0.88% in March 2023, closely followed by SEGUROS RIVADAVIA with a growth of 0.87%.
Insurers in ArgentinaCommissions to all sales channels in AR$
Regarding commissions to insurance agents and brokers, SEGUROS RIVADAVIA takes the lead, with a market share year-on-yeat growth of 0.95% in March 2023. SANCOR also stands out in this segment with an increase of 0.89%. ATM, RUS and PROVINCIA SEGUROS are also among the five insurers with greater year-on-year market share growth. These insurers are successfully fostering greater collaboration and partnerships with agents and brokers, strengthening their presence in the market.
On the other hand, in terms of commissions through bancassurance and other sales alliances, LA CAJA has experienced significant growth in market share, capturing an additional 1.27 points. SEGUROS SURA and BBVA SEGUROS have also recorded noteworthy increases in their commissions, showcasing their performance in this segment.
Ranking of highest year-on-year growth in market share
Commissions to insurance agents and brokers in AR$
Ranking of highest year-on-year growth in market share
Commissions to bancassurance and other insurance distribution alliances in AR$
These changes in commissions reflect a trend towards greater diversification of sales channels in the insurance industry in Argentina. Insurers are seeking new opportunities to expand and collaborate with different market players. Partnerships with brokers, online-players, banks, and other sales alliances have become a key strategy for growth and strengthening market presence.
In summary, the distribution channels structure in the insurance market in Argentina reveals new trends and opportunities for insurers. The notable growth in sales channels and increased collaboration with intermediaries and other alliances demonstrate adaptability and a search for new ways to reach customers. These trends open doors for increased competition and foster innovation in the insurance industry in Argentina, benefiting both insurers and consumers.