MAPFRE Insurance goes digital as it shoots for 30% growth
Non-life insurance company MAPFRE Insurance will introduce more digital services next year as it aims to increase its clients by 30 percent from the current 200,000.
“By next year, we will continuously invest in digital platforms, especially in claims servicing. It’s more about our claims servicing and availability of products online,” Jean Israel, MAPFRE Insurance senior vice president and chief financial officer, said in an interview Tuesday.
Israel said the company last year implemented the MAPFRE Insurance Virtual Office (MIVO), a tool used by its intermediaries to draft quotations and sell its services.
“This one we can put in a laptop, smartphone. Everywhere they may go, in a coffee shop or their house, they can do quotations already and payments,” she said.
Israel also bared plans to add four more sales offices in Santa Rosa, Laguna; Cabanatuan, Bacolod, and Davao by the second quarter of 2020.
The company has 12 branches in the National Capital Region, Isabela, Lipa, Iloilo, Cebu, and Cagayan de Oro, among others.
MAPFRE provides insurance services on fire and allied lines, motor vehicle, personal accident, casualty, liability, engineering, marine cargo, and surety.
“We bank on the digital (platform) because I think since a lot of people are using smartphones, laptops, (the) Internet, we have to cope with the digital. Second is the financial literacy, because even if (there are) 67 million (Internet users), but they don’t know (about) insurance,” she added.
MAPFRE Insurance on Tuesday announced it has raised capital to P900 million, complying with the minimum net worth requirement set for 2019 by the Insurance Commission, based on the New Insurance Code of the Philippines.
MAPFRE Insurance president and chief executive officer Tirso Abad said, “This development shows the strengthened presence of MAPFRE Insurance in the Philippines, with a significant investment that will contribute to the industry and most especially, improve the lives of Filipinos.” (PNA)