MEXICO AUTO INSURANCE FAQ
More information on Mexican Tourist Auto Insurance:
These Website-to-Website sales are accomplished utilizing the customer's credit card or a credit card used by the agency. The printing of the policy includes the Declaration Page and the Terms & Conditions. This IS NOT an insurance application system, like so many others! We print the Declaration Page itself at the agent's computer. No pre-printed forms are required! Our Mexico insurance underwriters are Grupo Nacional Provincial (GNP), an AM BEST A-rated company and GE Capital's Seguros Del Centro. GNP is the second largest Mexico insurance company and the largest underwriter of Mexico tourist auto insurance. GE is the fourth largest in this market. We also offer ACE Seguros, a company in the ACE-INA Holdings Group of Companies, which write over 20 billion in premium annually worldwide.
There are no minimum production quotas. The system incorporates an excellent back-office accounting module, which enables agents to monitor their production at all times. At month-end a simple online report details total production, premium, commissions earned, and commissions due to agent.
Frequently Asked Questions
Is this a product that members need to operate their business, or would this product help the member operate their business?
International Insurance Group's (IIG) online Mexico Auto insurance program would enable an agent to offer a wider variety of products to their customers without an additional investment on their part. Most often agents are sending this Mexico Insurance business to other agents who traditionally have specialized in this market. This is primarily due to the laborious process involved in becoming an authorized agent, meeting production quotas, and issuing the policy via an application process with pre-printed forms. Our system removes all of these obstacles. Our system is paperless except for the policy itself. The policy is issued and all accounting and production monitoring are built into the online system, enabling the agent to simply look at their online production report at any time for total number of policies sold, gross premium, taxes, fees and commissions earned. This streamlines agency operations and reduces operating costs. Our system eliminates the need for an application and pre-printed forms entirely. Additionally, direct writers have now entered the Mexico Tourist auto insurance market as they have realized the size and potential of this market. IIA of IL member agents should also offer this product. By offering this product member agent's enhance their product offerings to their clients.
What is the potential market? How many agents have the product now and market this product?
The Mexico Tourism Department states that 26 million autos enter Mexico from the U.S. annually. Of these, 14 million proceed to the interior of Mexico. A customer's U.S. insurance is not recognized in Mexico. This product is currently available through thousands of independent agents, primarily close to the U.S./Mexico border. However, many agents now offer this product far from the border region; for example, Houston, Dallas, Chicago, Tampa, San Francisco, etc.
What is the member advantage associated with the product, and does the member receive an advantage coming through IIA of IL versus buying the product directly?
Examples of member advantages would be better rates, lower cost, higher commission, lower volume commitment, etc. This is one of the most important questions. By coming through the IIA of IL, a member will not need to meet minimum volume requirements. Our commissions are the highest paid for this product, primarily due to our distribution technology. We are the only distributor of Mexican Auto insurance to offer online, immediate quotes and issuance of the actual policy from multiple underwriters. Your members will be assured of placing quality coverage at very competitive prices from a choice of three (3) of the top insurers in Mexico.
What does it cost the member agent to become an authorized agent?
There is absolutely no cost involved, other than the time it takes the agent to become familiar with issuing a policy and reviewing the production monitoring features. This can be accomplished in 10-15 minutes.
Background of company; i.e. Ownership, years in business, and financial rating of carriers?
International Insurance Group (IIG) was formed in January, 2000 by Jim Labelle, President, and CIC, to take advantage of the booming Cross-Border insurance market. Prior to forming IIG, Jim Labelle managed a Mexico Insurance Unit for Arthur J. Gallagher, the world's 4th largest insurance broker. IIG's partner company, Internet Software Designs, with George Howington as President, designs, develops, and hosts numerous insurance industry related websites. IIG also has in operation a website (segurosautousa.com) that markets U.S. insurance for Mexican nationals visiting the United States. Prior to joining IIG, Floyd Woods, MGA, and Marketing Director, was the General Manager of Sanborn's Mexico Insurance for over four years. In only three years IIG has become the largest MGA specializing in this market, primarily due to IIG's focus on agent relationships, quality products, higher commissions, and a simple distribution system. Our underwriters; Grupo Nacional Provincial (GNP) is the second largest insurance company in Mexico and is an "A" rated company by AM Best. GNP is the largest underwriter of Mexico tourist auto insurance. Seguros Del Centro is a wholly owned subsidiary of GE Capital and is the fourth largest underwriter of this product. Also, we will offer ACE Seguros, a unit of ACE-INA Holdings, which writes over $20 billion in insurance worldwide annually.
Is the product endorsed by any other trade association or used by any large companies?
Yes, currently the following are utilizing our website for issuing Mexico Tourist auto insurance: Automobile Association of Arizona (aaaaz.com), American Family (amfam.com), Superior Access (superioraccess.com), Market Scout (marketscout.com). A number of MGA's with over 1,000 agent/producers are also utilizing our system. The 1500-member Independent Insurance Agents of Texas (IIAT) organization and the Independent Agents & Brokers of the West are also offering our product . Recently, Independent Insurance Agents magazine named our site "One of The Top 100 Insurance Websites for 2003". The May 19th, 2003 Technology Issue of The Insurance Journal featured a review of our site and company by Stephanie Jones, Managing Editor. In her article she pointed out how our company is utilizing the latest cutting edge technology in the distribution of insurance products and how receptive agents are to this technological change.
Tourist Permit cards
Vehicle permits are available at (800) 44-MEXICO. Otherwise, permits may be purchased at any entry point into Mexico.
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