How has Transamerica Reinsurance introduced preferred risk products into the Brazilian market?
How well are they doing? We partnered with the IRB to make this product jointly available to a number of companies in the market. In May 2003 we began a series of seminars where we introduced the technical, underwriting and sales perspectives of preferred risk products in seven cities throughout Brazil. In tandem with the seminars, we met with executives from a number of companies to discuss preferred risk life insurance. We were aware that we were motivating a paradigm shift in the way that life insurance is sold in Brazil, which never happens overnight. We had a number of critical issues to resolve, including training underwriters, brokers and sales management, establishing third-party testing and coordinating all the efforts through the IRB. Now with all those pieces in place, we have several clients actively selling the products. The best news is that given all the work that we have done, we can now help a company begin selling preferred risk life insurance products in Brazil withi
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