The Cooperativa de Seguros de Vida de Puerto Rico (Cosvi) is revamping its brand to attract younger consumers and improve profitability. According to Sylvia Ríos, executive president of Cosvi, the company is changing its product and service offerings to convey agility and innovation. Cosvi has approximately one million policyholders and will allocate nearly $200,000 to the relaunch process.
The insurer is introducing new products, including 'Ritmo,' a critical illness policy offering coverage from $10,000 to $50,000, with premiums starting as low as $3. The company is also launching the 'Mi Cosvi' self-service platform, allowing policyholders to manage their policies online. Ríos noted that about 52% of the Puerto Rican population has a critical health condition, citing statistics from the Department of Health.
The new strategy aims to transform the insurer’s relationship with its customers and provide financial support to individuals facing critical illnesses.