Soat: the measures that come to expedite the sale of this insurance – Financial Sector – Economy

The Government is willing to put an end to the mess that people currently face when buying the Compulsory Traffic Accident Insurance (Soat). For this reason, it is preparing a series of measures to stimulate the acquisition of this policy through digital means, also taking advantage of the fact that most companies that issue it have the option of doing so through their web pages.

(Read also: These are the formulas that are studied to lower the cost of Soat)

As it was known, the Financial Superintendency is preparing a series of adjustments to the norm in this matter and one of the main changes is focused on requiring insurance companies to be authorized to selll Soat higher standards, for example, of channels and in terms of web pages, to make the issuance of the policy even more practical, efficient and secure and, in this way, that people can buy it without having to go to an intermediary as was the case before .

(Read also: These are the formulas that are studied to lower the cost of Soat)

In Colombia, there are 10 companies authorized to sell this mandatory insurance, including Aseguradora Solidaria, AXA Colpatria, World Insurance, Equity InsurancePrevisora ​​Seguros, Liberty Seguros, Mpafre, Seguros Bolívar, Seguros del Estado and Sura.

Industry figures indicate that, despite the high level of evasion and avoidance of this policy by vehicle and motorcycle owners, up to last July about 810,000 Soat had been issued in the country.

The measures that the Government is preparing to put an end once and for all to the boycott that some intermediaries are carrying out with the sale of Soat includes other State organizations and it is sought to put pressure on insurers to streamline and improve their processes for issuing the policy, which is extremely important for the transport sector and the mobility of millions of Colombians.

In fact, the Superfinanciera itself periodically monitors the insurance companies to determine which of them are not complying with the obligation to issue the Soat, being empowered to do so. “There are visits, information requirements and comparisons with the data from the previous year to verify that the policy is being sold,” warned an official source consulted.

Until the end of last September, insurance companies had issued Soat policies worth close to 2.6 trillion pesos, 17.2 percent more than last year’s record in a similar period, according to figures from the Federation of Colombian Insurers (Fasecolda).

“What we have detected with the industry figures is that the policy is being sold in the country, they are not only new cars, but many are renewals. There are some very specific regions where certain difficulties arise, such as in the region Caribbean, where people do not use the insurance or do so in a very low proportion,” said the source consulted.

And that is precisely what the Government is pursuing with the measures that it is about to take out, to change that culture of non-use, evasion and avoidance of this policy in the country and one way to do it is by making it easier for people to obtain and purchase the Soat, but it is a job that requires the participation of the companies that issue the insurance.