MAPFRE Insular Optimistic for Growth in 2015 with 37.6% Increase in Q1 Production
Starting strong in 2015 with 37.9% growth in total production for all lines and channels on the first quarter of the year compared to the same period of 2014, MAPFRE Insular is optimistic on projection of growth of its business for the year.
The company’s growth in Q1 is attributed in the Fire Insurance line which alone doubled versus its performance in 2014 delivering over 299 million in premiums for the Company. Following Fire Insurance, Casualty and Marine Cargo insurance are the second and third respectively in terms of growth.
2015 is a year of consumer-centric innovation for MAPFRE Insular. Along with continuous brand building and awareness efforts, the Company is focused on becoming the trusted insurance company of choice for the Filipinos by delivering superior and efficient insurance solutions for their different needs.
“We at MAPFRE Insular are continuously strengthening our geographical presence to make our services easily available and affordable to more Filipinos nationwide through our various distribution networks,” says, Tirso Abad, President and CEO of MAPFRE Insular. “Our multi-channel offices and sales offices have grown in total production by 37.6% and 146.9% respectively in the first quarter. These channels have been driving growth in the Accident, Fire and Motor business through an active agents’ network focused on selling retail products,” Abad adds.
MAPFRE Insular completed the first quarter of the year with several programs that aim to improve consumer experience of existing products and services. In March, MAPFRE Insular launched its VIP Fast Track Claiming process, an innovation in the motor car insurance claims procedure that only requires one document* when making a claim. Clients may now enjoy a fast, easy and convenient claiming experience once they have enrolled their car insurance policies in the program.
Other than this program, MAPFRE Insular continues on improving its systems and processes for the satisfaction of their consumers through its technological and digital enhancement such as Tronweb – an IT system allowing for an improved integration of company-wide processes and standardized database analysis that would lead to a more working efficiency.
MAPFRE Insular in support of the government’s advocacy to increase insurance awareness has also recently made available a program for low-income urban population in Metro Manila. The company has established Kabuhayan at Kinabukasan Alay ng MAPFRE sa Pinoy (KaKAMPi) Microinsurance, a program to educate and help protect families from the financial burden of coping with costs associated with the unexpected death of family member. Moreover, the KaKAMPi Mo scratch card was launched for the same target. The scratch card is an accessible and affordable personal accident insurance solution for the low-income urban population.
Continuously engaging in programs and offering services that are focused in contributing to the betterment of the Filipino society, MAPRE Insular ensures that the welfare of their customers is their top priority. This commitment motivates the company in the continuous improvement of its products and services.
The company is gearing for more innovations and expansion in 2015.
For more information about MAPFRE Insular’s services, visit www.mapfre.com.ph.
*For own damage and clear cut claims only
MAPFRE Insular is a non-life insurance company offering general insurance for optimum financial protection and risk management. It provides insurance services on fire and allied lines, motor vehicle, personal accident, casualty, liability, engineering, marine cargo, surety, and micro insurance. Founded in 1934, MAPFRE Insular today ranks among the top five in the non-life insurance industry in terms of earned premiums, investment income, and net income. MAPFRE Insular is a part of the MAPFRE Sociedad Anonima, the largest insurance conglomerate in Spain. It is also the leading non-life insurance company in Latin America and the 6th largest non-life insurer in Europe. MAPFRE S.A. operates mainly in Spain and in over 47 countries worldwide. It has more than 23 million customers, insured vehicles, and millions of insured homes.
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