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MAPFRE INSULAR @84: Embraces Digital Transformation, Aims for Expansion

Even after more than eight decades of providing general insurance for optimum financial protection and risk management, non-life insurance giant MAPFRE INSULAR still finds new and innovative methods to serve the needs of Filipinos. With a range of services covering motor vehicle, fire and allied lines, personal accident, casualty, liability, engineering, marine cargo, and surety, the company has built an impressive track record in terms of both diversity and reliability.

Due to the outstanding partnership between two industry leaders, MAPFRE and Insular Life, MAPFRE INSULAR is likewise a stellar example of “thinking global and acting local”. MAPFRE is the largest insurance conglomerate in Spain, the leading non-life insurance company in Latin America, and the 6th largest Non-life insurer in Europe. Its local partner, Insular Life, is the first and largest domestic life insurance company in the Philippines, with over a century of financial services expertise.
 
Built on Trust

“We put trust as our foremost value. Because of this, we focus on developing relationships, and not just signing contracts.” – MAPFRE INSULAR President and CEO Tirso C. Abad

Abad likewise emphasized that their groundwork of trust begins internally. ”Before we ask the public to place their trust in us, we must first ensure that our operations uphold the highest standards of integrity, professionalism, expertise, and empathy,” he noted. Accordingly, MAPFRE INSULAR adheres to globally accepted good Corporate Governance standards and practices, including strict compliance to the five areas of the Organization for Economic Cooperation and Development corporate governance methodology, which has granted them a place in the ASEAN Corporate Governance Scorecard as top 5 in the Non-Life Insurance Company category.
This approach has reaped significant benefits for the company. Apart from its reputation as the most trusted non-Iife insurance provider in the country, MAPFRE INSULAR ranks among the top non-life insurance companies in the Philippines in terms of earned premiums, net premiums written, and assets The company is also among the highest capitalized and most solvent in the non-life insurance business in the country.
 
Relationships and Reach
In a country like the Philippines, wherein storms and natural disasters are part of our daily lives throughout the year, it’s quite surprising that a significant portion of the population does not have any insurance.
According to the Insurance Commission, insurance penetration in the Philippines is very low at only 1.64%. With a major number of properties either uninsured or underinsured, there is a significant threat of financial loss if, and when, disaster strikes.

”We believe that the Filipino-market still has aversions to insurance because there is an impression that it’s difficult to acquire,” said Abad. ”To address this problem, MAPFRE INSULAR has invested in new technologies to make insurance easier to acquire and to simplify its concepts for the customer,” he continued.
MAPFRE INSULAR is also a testament to the adage that ”the best referrals come from satisfied clients”. Given its ever-increasing client base, the company has taken determined steps to expand its reach and improve its customer engagement systems.
“At present, our company has 10 Sales Offices, 3 Delegado offices, and 7 Exclusive Agency Offices,” Abad pointed out. ”By the end of the year, we are aiming to open 5 new offices in Isabela, Quezon City, Malate. Caloocan, and Batangas, with two more offices set to open in 2019.”
 
Making insurance easier with technology
Parallel to this expansion, the company has made substantial investments in digital and mobile technology. ”Digital transformation in its many forms is now the key driver of virtually all customer experiences today,” Abad noted. ”As such, one of our core strategies not only involves customer experience, but the delivery of that experience through innovative technology,” he concluded.
One of MAPFRE INSULAR’s latest innovations is the use of the QR code for all their policies. “The QR Codes make it faster to verify the authenticity of the policy, thus, allowing the company to transmit or send policies via email. It also makes it easier for the customer because they don’t have to worry about storing their policy documents,” Abad explained. ”The digital images QR codes can be kept safe in your phone or in any cloud service while simultaneously providing the policy holder with an added layer of security thanks the QR’s codes advanced software, which will then protect policy holders from counterfeit insurance policies, making it easier to retrieve when needed,” he continued.
MAPFRE also made some advances with their insurance application process. They recently launched the MAPFRE INSULAR Virtual Office (MIVO), which allows business partners to do their business completely online. “MIVO is the first digital office for non-life insurance providers. It makes everything accessible and convenient, both for our business partners and our clients,” said Elke Santos, MAPFRE lNSULAR’s First Vice President of Sales. “Instead of having physical meet ups between agents and clients, MIVO allows us to instantaneously quote, issue, and collect payments online,” she explained.
Other service-oriented innovations they’ve introduced include UpDocs, a convenient way to submit requirements online, and to start processing of the First Notification of Loss (FNOL). Speaking of FNOL, MAPFRE INSULAR also has a 24/7 hotline that policy holders can call. ”No need to wait for office hours to be able to report a claim,” Abad said. ”If you get into an accident, just pick-up your phone and we’ll process the FNOL as soon as we get it,” he expounded. They also have the MAiassist road assistance app, which provides policy holders with a convenient way to access roadside assistance and to track the location of the service in real time similar to Uber and Grab.
MAPFRE INSULAR highlighted that all these technologies are there to make insurance applications and claims more convenient, secure, and, most important of all, trustworthy. ”All the promises in the world would not matter if there is no trust and confidence in your company,” Abad said. “With this, we’re confident that we will live up to our reputation of being the most trusted insurance brand,” he concluded.
With a future-proof strategy and a solid foundation of values in place, there is no doubt that MAPFRE INSULAR is well-poised to lead the industry for decades more to come.
To learn more about MAPFRE INSULAR’s services, visit the MAPFRE INSULAR website at http://www.mapfre.com.ph.
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