Targeting Latin Americans
Wyncrest’s Insurance and Financial Division to Rapidly Expand Into Latin American Market
The Wyncrest Group, Inc., a niche insurance consortium, announces its position to rapidly enter the Latin American market. Wyncrest’s pending acquisition of Florida Insurance Consulting Inc. will provide an important key to our growth in the Latin American markets. With the huge growth of the Spanish speaking population in the U.S., many markets are underrepresented and many families and businesses need an insurance and financial services provider.
As recently stated in our previous press release, Southwest Financial Group has been in talks with other Insurance and Financial services companies in Broward Country, Florida that could bring the number of agents in Florida to well over one hundred. This company is also doing roughly $120,000,000.00 in premium insurance and financial sales per year. The company hopes to continue its efforts in recruiting agents and associates from strong family backgrounds with ties to the Latin American communities, Cuba and elsewhere in the Caribbean, as well as South America.
Keith Lanzara, President of the Wyncrest Group, pointed out, “America is more Latin than ever before, and the language and cultural differences that exist must be overcome if Wyncrest Group’s growth strategy in the Latin insurance industry is to be successful. Wyncrest Group’s subsidiary Southwest Financial Group welcomes the opportunity to form synergies with Florida Insurance Consulting and to develop additional business in the Latin American community.”
Targeting Latin Americans
This demographic seems to be the most sought after by insurers. Hispanics represent the largest minority group in the United States with 44.3 million or 14.8% of the population. Latin Americans are also the fastest growing minority group and account for nearly half (1.4 million) the national population growth from 2005 to 2006. In U.S. history, there has never been an immigrant group that has grown to its current size while continuing to maintain its language, cultural values and traditions This makes Latin Americans a sizeable target for marketers in all industries.
The relatively young Hispanic population, entering the workforce for the first time or moving up their individual career ladders, are seeking additional gains in buying power. This will be even more important in this decade than in the 1990s. The increasing number of Latin Americans who have successfully started and expanded their own businesses is another potent force powering the growth of this consumer market, as evidenced by the 1.2 million Hispanic-owned firms in the U.S.
Health insurance providers and hospitals have traveled online to help build their brands with Latino audiences. At the same time tax preparation and accounting services continues to grow when it comes to the total dollars invested in Spanish-language media.
I fully agree with you. Thank you for the additional information.
The news here is that insurance companies like this one–as well as companies in nearly every industry–need to “overcome” language and cultural differences if they indeed want to capture this fast-growing market.
What it doesn’t mention, though, is that the Hispanic market is not just the fastest-growing population in the U.S., but it also represents the fastest-growing buying power–right now sitting at about $1 TRILLION.
In fact, between 1990-2008, the U.S. Hispanic buying power increased by 494%–faster than any other cultural group or the general market as a whole. During this same time, the non-Latino buying power increased only 141%.
This means that this population segment isn’t just the fastest-growing, but its buying power is correspondingly increasing. Some marketers miss this fact when they make the mistake of not including Hispanic marketing in their plans.
Insurance companies like Allstate, State Farm, and American Family Insurance are all working hard to include Latinos in their marketing plans, and I’m glad Wyncrest is throwing its hat in the ring as well.