As from 2003, Bancoldex has created products and services to contribute to the fact that the smaller size entrepreneurial population improves its access to financial and non-financial services.

In this sense, Bancoldex created the program “Futurex Micro-entrepreneur Insurance” in order to reduce social vulnerability of entrepreneurs belonging to this segment and their families.

Currently there are two microinsurance products: life, in alliance with Sura and damages with Mapfre, which, through the microfinancial entities network, is acquired at low cost by microentrepreneurs, and with a light operational scheme ensuring timeliness to attend casualties.

“Futurex Life” was designed to generate benefits both to microentrepreneurs as well as to the microfinancing entity, since it provides protection to the entrepreneur and its family in case of accidental or natural death or suicide, total or permanent disability and serious illnesses, besides it offers additional coverage such as aid for funerary expenses and family expenses due to death or disability.  In the case of financial institutions this microinsurance covers the client’s portfolio in case any of the aforementioned events occur; likewise income is available for product commercialization.

“Futurex Damages” is a microinsurance that allows the entrepreneur to cover its home and company, both the building as well as the contents, regardless of geographical location at a national level, and of the type of materials used in its construction, thus allowing a greater coverage and to benefit a greater number of Colombian microentrepreneurs.  Additionally, it offers two types of income in an event of casualty: first, it allows the microentrepreneur to perceive income in the event of closure of its economic unit and second, to cover the microcredit limit or for free use.