MAPFRE Insurance expanding footprint

Starting digitization in 2016, the company in 2018 introduced digitized services such as the digital office portal MAPFRE Insular Virtual Office, centralized policy services and claims, QR code for verifying policies, 24/7 claim reporting and expanded payment channels.

Non-life insurance firm MAPRE Insurance is seeking to expand its 200,000-people client base by 30 percent by end-year as it shifts to digital technology to penetrate more of the underserved market.

MAPFRE is owned by global insurance firm MAPFRE Sociedad Anonima Spain (75 percent) and Insular Life (25 percent). It currently holds about 2 percent of the non-life insurance market.

Among the products MAPFRE offers include general insurance for optimum financial protection and risk management covering fire and allied lines, motor vehicles, personal accident, casualty, liability, engineering, marine cargo and surety.

Starting digitization in 2016, the company in 2018 introduced digitized services such as the digital office portal MAPFRE Insular Virtual Office, centralized policy services and claims, QR code for verifying policies, 24/7 claim reporting and expanded payment channels.

“As we leap towards the digital future, we are presented with more choices to connect with people. This is a great opportunity to be more efficient and agile to serve our client’s unique needs. Since our launch last year, we have been continuously developing our channels and we look forward to be a digital leader as well for the insurance industry,” MAPFRE president and chief executive officer Tirso Abad said.

Meanwhile, MAPFRE said it also intends to invest P12 million to add four more branches to cater to traditional clients. The branches, potentially to be located in Sta. Rosa, Cabanatuan, Bacolod and Davao, will add to MAPFRE’s current network of 12 branches nationwide.

Additionally, the company yesterday also announced it has secured P900 million in capitalization in compliance with the net worth requirement set by the Insurance Commission for 2019.

“This new requirement is not only beneficial for the company but more so for the consumer, because this means that the company can pay for the claims and fund for their day-to-day operations,” MAPFRE chief finance officer and senior vice president Jean Israel said in a briefing in Makati on Tuesday.

“This will also put us in a more competitive advantage because this means that only financially stable insurers will stay in the market and continue to serve the Philippine market.”

Citing government data, Israel said that insurance penetration in the Philippine market, which has a population figure of 106.6 million individuals as of 2018, only stands at 1.63 percent.