From its origins, 90 years ago, as a small mutual of Spanish origin – MAPFRE was born in 1933, as Mutualidad de la Agrupación de Propietarios de Fincas Rústicas de España (which gave rise to the current acronym, MAPFRE) – to its current reality, converted into a Spanish multinational with a presence in 40 countries and listed on the stock market, the evolution of the insurer has been undeniable. MAPFRE is today a global company with more than 31 million customers around the world, which offers individuals and companies the management of their assets (insurance, wealth management, health services…).
From the general management of the company in Catalonia and the Balearic Islands, Joaquim Miró has been testimony to a good part of this evolution. “I am proud to be part of this history, and I feel lucky to be able to develop so many projects in different places. MAPFRE is a company that gives you great opportunities to develop a varied and very interesting professional career”. Miró emphasizes that in this successful trajectory the insurer has been able to evolve without losing its values ??and its focus on the person. “I think this is something unusual and deserves a big celebration.”
And it is that in the opinion of the manager, for the client, be it an individual or a company, peace of mind and security prevail. “What he seeks is to protect what is his and his, and MAPFRE offers him that tranquility and closeness that generate trust.” Proximity that the company strives to guarantee despite the immersion in digitization that has affected its business model, like practically that of the rest of the sectors.
“The digitization of society has increased and many people prefer to do quick transactions online, for speed, and to choose when and where to do them.” To respond to them, MAPFRE has put very powerful digital channels at the service of its clients, “but we have done so without neglecting personal attention, which is our great strength.”
In a practical sense, MAPFRE has opted for inclusive digitization, offering its customers the best digital experience through websites and apps, if they so choose, but maintaining personalized attention, both in its contact centers, where people attend them, and, of course, through its network of offices. “The final intention is for the user to be able to communicate with MAPFRE in the most comfortable way”. Miró explains that his clients are obviously looking for solutions that meet their needs, but that, in addition, they demand agility and service and they especially value being able to count on a close professional to advise and accompany them.
“At MAPFRE, with the more than 3,000 offices we have in Spain, of which more than 400 are in Catalonia, we are always close to our clients, ready to listen and advise them.” Catalonia accounts for close to 10% of MAPFRE Spain’s business, with a premium volume of €706.8M at the end of 2022. Of this total, more than 50% come from the province of Barcelona and the rest is distributed among the other three provinces. “We have more than 640,000 private clients in Catalonia and more than 52,300 companies in the area trust us. Of these, almost 36,000 are self-employed.” The percentage of business clients in the community is higher than in other areas, a consequence of –as Miró explains– “the great business tradition that exists in this territory”.
In the current economic scenario, with overflowing inflation as a result of the sum of the latest crises –the one caused by the covid and the result, today, of the war in Ukraine–, alternative savings/investment products arouse interest. Rates in Europe of increases in the CPI of up to two digits imply a reduction in the savings of citizens in real terms, which increases the interest of savers for investment, a niche that insurers have also detected. “With the new trend in interest rates, at MAPFRE we have been very agile and have launched solutions that offer guaranteed profitability, and which have been, and continue to be, well received by customers.” The offer is completed with wealth management, an area until recently in the hands of the large banks, in which insurers have landed in line with their desire to offer customers a much more comprehensive service.
“The offer of the insurers, and especially that of MAPFRE, is characterized by providing additional value based on a much more comprehensive offer in terms of services and products for the client. And, of course, in the case of MAPFRE, in the professional and close advice that we offer our clients.”
In addition, Miró points out that in terms of investment there is a total alignment of interests between the client and the insurance company, insofar as both invest in the same products and strategies, which especially benefits individuals. Individuals who, on the other hand, respond to the most diverse profiles; Asset management, far from being aimed exclusively at high net worth individuals, “adapts to the profile and needs of each client, both in terms of product and time horizon or asset volume”. MAPFRE Gestión Patrimonial advises its clients, and MAPFRE AM (the largest independent asset manager in Spain) offers an exclusive service to each client, regardless of their type.
Health, home and auto insurance make up the classic triad of the sector which, however, does not stop the company from evolving to respond to new needs. The territorial general manager of MAPFRE in Catalonia and the Balearic Islands points out that, together with the savings/investment package, health insurance has also maintained a very positive and constant evolution in recent years, which has not been immune to the consequences of the recent pandemic. “The pandemic has been a turning point in health insurance, which was already growing before covid-19, but has done so more rapidly as a result of it.”
The insurer, with the desire to continue with the constant improvement of its health insurance, offers options that adapt to the different needs that its clients may have, which include the most innovative treatments and diagnostic tests, as well as other value-added services that make its insurance one of the most attractive proposals on the market. “Likewise, home insurance is one of the most demanded after the pandemic, in which people have spent more time in their homes and have discovered the advantages it offers them.
In this branch, in addition to insurance coverage, we offer innovative services such as repair of electrical appliances or DIY within the policy.” Demand for auto insurance, a sector led by the company, has been maintained, although as in the sector as a whole, it is affected by the evolution of vehicle sales.
