アメリカ合衆国資本の保険会社Liberty Internationalの社長のLuis Bonell Goytisolo (Baecelona, 1959)の面談記事
LUIS BONELL GOYTISOLO / Consejero delegado de Liberty International
“Apostamos por las clases medias emergentes”
Miguel Ángel García Vega 3 FEB 2013 - 00:00 CET
LUIS Bonell Goytisolo / CEO of Liberty International
"We are committed to the emerging middle classes"
Miguel Ángel García Vega 3 FEB 2013 - 00:00 CET
"Many years ago not grant an interview in Spain." This is the start of the conversation with Luis Bonell Goytisolo (Barcelona, 1959). The second surname account. He is the nephew of Luis and Juan Goytisolo writers, and perhaps this descent introverted that all great literature has given such confidential. But should listen. Spanish is one that has a higher office in a foreign multinational. A charge, 10,000 workers and 6,000 million (4,500 million) in premiums, 20% of the total business of U.S. insurer Liberty Mutual, the sixth largest non-life world. That percentage is the same time that he says is going up in the air. Ultimately responsible for 19 countries across the globe, as his office is going to Thailand to Santiago de Chile.
Question. Bought five companies in two years. It is an expensive way to grow. So much cash do you have?
Response. In the last year we acquired a company in Russia, two in Ecuador and about 15 months ago, another in Ireland. But we also grow organically. And this is a key element of our strategy. Not enough just to grow from shopping, but our companies have to gain market share where they operate. They are what we call start-up. There are attractive markets such as India, where it is very difficult to acquire companies, or has not been possible, and basically started from scratch.
P. Are they studying more operations?
"Corruption is a huge handicap for business"
R. Yes All the time value opportunities. In fact, we would like to enter Mexico, Malaysia and Indonesia. And in Europe we have a vision opportunistic. They live major restructuring and there will be opportunities.
P. If I may, are you a little Wonder Years. They rely on the car and the middle class to grow either in Asia or Latin America. It seems risky.
R. Great confidence in those markets. In the Spanish context is hard to see positive elements, but there is a strong worldwide growth of the middle classes. Called emerging countries are growing at very important and every year tens of millions of people join these classes. And with consumer needs. For two years, China is the market that sells more cars. And most of the Chinese first-time buyers.
P. But China also has its fine print, and much. The bureaucracy, taxation, language ...
"If I was a young graduate, seek work outside of Spain"
R. It is a very attractive market in which we need to be. It will be the world's largest economy, and all projections of growth rates do give us enormous. That said, China is very difficult. It is a tremendously complex and regulated market. With a culture very different from ours. And the reality is that Chinese companies have a competitive advantage over foreign.
P. They work in very different markets. Do they share a common hallmark?
R. Yes and no. We like to be in markets where there are significant growth opportunities. We focus on those with emerging middle classes. So we are interested in Asia and Latin America. The problem is that if everyone showed interest in the same markets become complex, and then the game becomes difficult.
P. And what is the hardest?
R. The competitive dynamics causes interesting markets attract too many players. Having a lot of competition, have a dubious profitability. On the contrary, we have mature spaces (such as Spanish) where there will be little growth and investors. So sometimes it is wrong to say: this is an easy market, this, hard. The Spanish market is now complex because there is no growth. But mostly because the consumer is redefining its relationship with many products. I interpret this change difficult.
P. Speaking of difficulties, said to be the first insurance firm in Venezuela. How are you doing?
R. The reality is that there is little competition, because the Venezuelan system is not attractive to foreign investment. Having little competition, we are the company with the highest quality, and we are experiencing what is called in the Anglo world flight to quality. People come to us for quality and safety. As a result, we are doing great. Venezuela is a good example of this paradox, where markets are theoretically very complicated benign conditions.
P. Here in Spain the fight in the car insurance is tremendous. Outside? Something similar happens?
R. It's the same. There are markets in these emerging opportunities, and the easiest way is to enter the automotive. When people want to go to Brazil, China or India how easy it is to participate in large commercial accounts with major international brokers, where there is much competition, or in the car insurance. This industry is very competitive in all markets. And it has a lower profit. In the 19 territories managed my division there is only one where the yield of the car is not above the car.
P. How to face the slump in enrollment and the fall in consumption?
R. There is a slowdown in demand. It sold fewer cars and people, as a result of the crisis, redefines its spending. Try to spend less on insurance and is more sensitive to price. We have a commitment to maintain quality and service. In practice, this year and win market share in the car.
P. For a time he shuffled his interest in acquiring several companies in Spain. What has been the interest?
R. We are exploring opportunities in Spain and throughout Europe. Therefore, do not throw a purchase here, despite the bad time living the Spanish economy.
P. Anda? Touched the mark Spain as out there as it seems?
R. Obviously, yes. Especially when compared to what it was five years ago.
P. How corruption scandals or affect in generating business for a country?
R. It is a huge handicap. The absence of corruption is one of the most important vectors of economic growth. What the newspapers print shows a lack of ethical values. But I hope to re-enter into the DNA of society.
P. If you were a young Spanish graduate, seek work where?
R. Far from Spain. Because much richer. Regardless of how we are now. Know other cultures and values. I would open way beyond the borders, with the hope of returning. And back with a backpack full of experience, learning and language.
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