Prosegur’s Strategy to Expand in the Insurance Business

Prosegur is adding insurance to its security business, beginning in Argentina through a partnership with broker Cinalli. The two companies have already completed a pilot project and are preparing the commercial launch of their first products.

The initial focus will be Prosegur’s residential alarm customers. The first package is expected to cover homes and contents, damage caused by attempted theft, fire and civil liability. The partners also intend to offer insurance to businesses and other customers over time.

The strategy draws on Prosegur’s broad customer base and its work in cash transport, cash management, physical security, technology security, alarms and outsourced services for banks and insurers. The company wants to use that existing network to offer coverage to both companies and individuals.

“

We know our clients’ risks from a security perspective; insurance comes to complete that view.

Martín Matos, Prosegur Cash’s general manager for southern Latin America, said the insurance would add another layer of protection. “We know our clients’ risks from a security perspective; insurance comes to complete that view,” he told LA NACION.

The new company will not act as an insurer. It will work as a broker, linking customers with insurance companies, developing products and managing the commercial relationship. Cinalli said Prosegur’s knowledge of its customers could support coverage different from traditional policies. The partners hope to replicate the Argentine model in other Latin American markets where Prosegur operates.

“

What Prosegur knows about its customers allows us to design coverage that differs from traditional policies.