In this CEO interview, Georgina Díaz, CEO of Sociedad de Seguros de Vida del Magisterio Nacional, a Costa Rican mutual insurer dedicated to providing life insurance and financial services to workers in the country's education sector, shares her perspective on leading an organisation with a strong foundation in mutuality and cooperativism. With more than 105 years of service, the organisation has evolved to meet the changing needs of educators while staying true to its core values. In our conversation, Georgina reflects on how these values shape business decisions, foster long-term trust, and drive the organisation’s unique approach to social impact and sustainability.
Georgina also discusses the transformative moments that have defined the insurer's recent history, including navigating key challenges, embracing innovation, and spearheading environmental efforts through programmes like “I Think Green.” She shares what it means for the organisation to host the 2025 ICMIF Americas Conference in Costa Rica, and on a personal level, Georgina reflects on her tenure as Chair of ICMIF Americas. From receiving national recognition as “Distinguished of the Nation” to launching initiatives like Mucho+, the organisation continues to serve as a leading example of how mutual insurers can deliver long-term value to their members and communities.
What does mutuality and cooperativism mean to Sociedad de Seguros de Vida del Magisterio Nacional? How do these values influence your business decisions?
Mutuality and cooperativism are fundamental pillars for the National Teachers' Life Insurance Society. They have supported the 105 years since its founding. I would like to take us back to the beginning of the last century, when a group of education workers forged, under the pillar of solidarity, what has remained unshakeable. Today, we can say that the values that represent the vision, strategy, and purpose of the Life Insurance Society are based on solidarity, equity, and the common good. Through generations, these values have survived the industrial revolution, two world wars, and the digital revolution. This is because we have understood that the common good is the most important thing to maintain a mutual insurance company with the position, consolidation, and financial solvency to face the challenges of the future.
In practice, these principles are reflected in every one of the organisation's decisions. We always seek to prioritise the well-being of our policyholders, understanding that they are at the heart of our decisions, not only as policyholders but also as part of a supportive community that has sustained this institution for 105 years.
The Sociedad has been servicing the education sector for over 105 years, how has your organisation evolved over time?
Over the course of 105 years, the National Teachers' Life Insurance Company has constantly evolved to respond to the needs of the education sector and Costa Rican society in general. What began as a charitable initiative to protect teaching staff has become a modern, efficient institution committed to collective well-being, now protecting not only Costa Rican education workers but also their families. It has become a source of financial services and assistance in times of greatest need.
If we go back to 1920, our founders could not have imagined the full extent of their vision, and that today, solidarity, transparency, and mutual aid remain unwavering as the values on which our corporate purpose rests.
In addition to death coverage and advance payments for terminal illness, we have developed more robust, efficient products and services tailored to the current reality of our members, with charitable assistance that we provide year after year. For example, in 2024, we delivered more than $67 million in policies to the beneficiaries of the 1,284 members who lost their lives. Along with this, we provided more than 26,000 solidarity grants totalling nearly $10 million, thus reaffirming our commitment to their well-being and peace of mind.
We have strengthened our institutional structure, adopted new technologies, and expanded our presence throughout the country (with 14 branches), as well as generated digital solutions that facilitate contact with their mutual insurance company, all without losing sight of our founding values: solidarity and commitment to the common good.
What has been one of the most significant challenges for Sociedad de Seguros de Vida del Magisterio Nacional in recent years, and what did you learn from those experience?
One of the most significant challenges for the National Teachers' Life Insurance Company in recent years has been adapting to a changing environment, marked by digital transformation, new regulations, and the social and economic consequences of the pandemic.
The pandemic represented an unprecedented challenge that tested our response capacity and our connection with our members. We faced the challenge of maintaining service continuity, protecting our employees, and fulfilling our mission in a context of high uncertainty. Despite the difficulties, we managed to overcome them. In 2021 alone, approximately $73 million was disbursed, an increase compared to the more than $54 million in 2020, due to the increase in deaths, without compromising the institution's financial stability. We did not miss a single COVID-related death payment. Although our numbers were negative, the financial support and solidity allowed us to fulfil the promise made to each of our deceased policyholders, through timely payment of benefits, in record time, and without causing any financial problems for the institution.
The main learning was reaffirming the importance of flexibility, strategic planning, and, above all, human connection. We discovered new ways to be close to our members, strengthened our digital channels without losing the warm service that characterises us, and confirmed that the principles of solidarity and mutuality remain more relevant than ever.
Are you going through any transformations today? If so, could you share what is driving that change?
Yes, the National Teachers' Life Insurance Company is currently undergoing a significant institutional transformation. This change is driven by the need to respond more quickly and appropriately to the new social, technological, and demographic challenges facing the country, and particularly the education sector.
We are modernising our internal processes, strengthening our digital platforms, and reviewing our service models to make them more accessible, efficient, and focused on the real needs of our members. This process also includes a cultural transformation, in which we promote innovation, collaboration, and a more strategic vision of the future.
We hold ISO 9001:2015 and INTE 035 certifications, thus reaffirming our commitment to quality, sustainability, and social responsibility. Furthermore, we continue to advance in technological innovation, with the creation of an intuitive dashboard that allows our members to clearly and easily view (on our website) their contributions to the plan since joining our family, as well as the total amount their policy beneficiaries will receive. Members can also access relevant information on the percentage of their contributions relative to the insured value, allowing them to accurately estimate their contribution to the policy throughout their time as members.
Finally, we remain committed to global efforts toward a more just and sustainable world. We align ourselves with the UN Sustainable Development Goals (SDGs), focusing on key areas such as Gender Equality, Good Health and Well-being, Decent Work and Economic Growth, Partnerships for the Goals, and Climate Action.
The driving force behind this change is our conviction that, to remain a strong and relevant institution, we must evolve without losing our solidarity-based nature. We're building an organisation that's ready for the next 100 years, but with its feet firmly planted in its roots.
The Sociedad is hosting this year’s (2025) ICMIF Americas Conference. What does it mean to your organisation to be hosting this event in Costa Rica?
For the National Teachers' Life Insurance Society, hosting the 2025 ICMIF Americas is an honour and recognition of our 105-year history of serving the Costa Rican teaching profession and the national community. Welcoming representatives from various organisations from different countries not only fills us with pride, but also reaffirms our commitment to solidarity, innovation, and excellence in insurance management.
This event represents a unique opportunity to showcase the Costa Rican mutual insurance model to the world, based on the principles of equity, participation, and collective benefit. It also allows us to learn from other experiences, strengthen strategic alliances, and establish ourselves as a solid, modern, and internationally recognised institution.
The Sociedad has belonged to ICMIF for 35 years this year. What has this relationship meant to the organisation?
The relationship between the National Teachers' Life Insurance Company and ICMIF over the past 35 years has been fundamental to our growth and consolidation as a leading institution in the insurance sector. This has allowed us to access a global network, share experiences and best practices, and strengthen our capacity to address common challenges with other entities that share the same principles of solidarity and cooperation.
International collaboration has allowed us to remain at the forefront in terms of management models, sustainability, and social responsibility, all without losing our identity and commitment to the values of mutuality and cooperativism.
It has been the driving force behind our organisation's transformation; every event we participate in and every publication we receive are part of our transformation process.
On a personal note, you were the Chair of ICMIF Americas for many years, could you tell us about your personal relationship with ICMIF and your tenure as chair? Are there any moments that really stuck with you?
My relationship with ICMIF has been deeply enriching, both professionally and personally. Having had the honour of presiding over ICMIF Americas for several years was one of the most formative experiences of my career. It represented an invaluable opportunity to work alongside leaders from across the continent who, like us, firmly believe in a more humane insurance model, based on solidarity, inclusion, and collective well-being.
During that time, I learned a great deal about the diversity of realities and solutions that exist within the mutual and cooperative world. But, above all, it strengthened my conviction that, when we work with purpose and share common values, it is possible to generate a real impact on communities.
One of the moments that has marked me the most has been participating in the meetings, where, through each shared testimony and experience, we reaffirm that beyond products or services, what we truly offer is hope, support, and security to our members. ICMIF gave me a global community and showed me that a mutual vision is not just a way of doing business, but a way to build a more caring and humane world.
In 2020, the Sociedad was the first institution of its kind to be given the distinction of being “Distinguished of the Nation” (“Benemérita de la Patria”) by the Costa Rica government. What has it changed for the organisation, its staff and its members?
Receiving the “Distinguished of the Nation” distinction in 2020 was a historic milestone and a recognition that filled the entire National Teachers' Life Insurance Society with pride. This honour not only ratifies our history of more than a century of service to teachers and the Costa Rican community, but also reflects the positive impact we have had on the lives of thousands of people over the years.
For our organisation, this recognition is a symbol of the strength of our mutual model, based on principles of solidarity, equity, and social commitment. It reaffirms our position as a key institution in the social and economic development of Costa Rica. For our staff, it represents recognition of the daily work, dedication, and collective effort that have made this success story possible.
And, for our members, this distinction reinforces the value of belonging to an institution committed to the common good, with the development of policies and products that prioritise the protection and benefit of all. It's a reminder that your participation and trust in the organisation is not only valuable, but also has a profound impact on the country.
The Sociedad has been working to create a greener economy in Costa Rica since 2013, could you tell us more about your efforts to do that, such as your ‘I Think Green programme’ and other ways you cultivate this? How do you measure the success or impact of these initiatives?
"I Think Green" is one of the flagship programmes of the National Teachers' Life Insurance Company. With 12 years of experience, it has been strengthening environmental awareness in the country's educational centres, promoting the implementation of good practices in environmental management year after year. It works comprehensively in areas such as organic and inorganic solid waste management, carbon footprint measurement and mitigation, water and electricity efficiency, and the implementation of organic gardens. All of this allows participating institutions to reduce their environmental impact and become role models for others.
Along with this, we have the "Green Building" project, through which we seek to transform our central offices into more sustainable spaces. Therefore, we have taken several actions to manage the environmental impact: we replaced faucets, urinals, and toilets with energy-efficient equipment; we upgraded lighting with LED technology; we replaced air conditioners with more efficient models; and we updated IT equipment to improve energy efficiency. We also installed solar panels and managed to reduce electricity consumption by more than 10,000 kWh per month... and, well, we can't forget that thanks to all these efforts, we have earned Carbon Neutral Plus certification.
We measure the success of these actions not only through environmental indicators such as waste reduction and energy savings, but also through their social impact. We ensure that each action has a positive impact on the community and that our members feel like they are actively involved in this change. These actions are documented in Costa Rica's National Decarbonisation Plan, one more step we can take to feel proud of what we are doing, and which, although it may seem small, demonstrates that "what we do counts."
Could you tell us about Mucho+ and any other social impact initiatives you’re working on?
At our institution, we firmly believe in the power of entrepreneurship as a driver of social transformation. Therefore, we develop various programmes aimed at supporting both our employees and members. One of these programs is Mucho +, whose first edition was held last year with a focus on strengthening ventures in the tourism, textile, and handicrafts sectors that reported sustained sales throughout 2023.
This initiative aimed to identify and implement short-term improvements in the selected projects, elevating their value proposition and business model, with special emphasis on digital marketing strategies.
Mucho + focused its attention on a particularly valuable population: pensioned or retired older adults. We are committed to their talent, experience, and ability to continue innovating, and that is why we focus on providing them with the necessary tools to operate confidently in the digital environment. Through technology training and access to updated resources, we seek to empower their ideas, promoting their independence and their active contribution to the community. Of all the applicants, we selected eight entrepreneurs to participate in the first edition of the programme.
However, our commitment to holistic well-being goes further. We have established programs that promote healthy finances, providing education and tools to help members achieve financial stability and peace of mind. This purpose is strengthened by various community initiatives aimed at improving quality of life, such as the partnership with the Esparzana Table Tennis Association, where they are focusing on people with Parkinson's and reduced mobility issues; the development of cognitive talks aimed at seniors; and donations to educational centres in different communities, thus generating a positive and sustainable impact on our environment.
Volunteer work is a cross-cutting theme in all the activities carried out by the employees of this great mutual life insurance company, which has far overcome all the difficulties that can be faced in more than a century of service and business life.
Our goal is to be sustainable for another 100 years, without compromising our values and principles, which have been the cornerstone of our current success.
