By Chino S. Leyco
The Spanish insurance firm MAPFRE has rebranded its local non-life unit as the company vows to strengthen its presence in the country following its compliance with the minimum capital requirement.
On Tuesday, MAPFRE Insular has been rebranded as MAPFRE Insurance in line with the firm’s global brand.
“This development shows 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,” Tirso Abad, the company’s president and chief executive said.
Along with the rebranding, Abad also announced that MAPFRE raised its capital to P900 million in compliance with the Insurance Commission’s minimum net worth requirements for non-life insurers in the country.
MAPFRE is one of the non-life insurance firms with the highest capital and solvency in the Philippines, Abad claimed.
Under the New Insurance Code of the Philippines, domestic life and non-life insurance companies should have at least a net worth of P900 by the end of this year.
Abad said the new MAPFRE has set three objectives: to offer solutions with relevant products, too be efficient in claim service, and to better serve the Philippines.
Last year, MAPFRE introduced digital services and innovations like MAPFRE Insular Virtual Office, centralized policy services claims, QR code for verifying policies, 24/7 claim reporting, and expanded payment channels.
“As we leap towards the digital future, we are presented more choices to connect with people. This is a great opportunity to be more efficient and agile to serve our client’s unique needs,” Abad said.
“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,” he added.
The local MAPFRE is 75 percent owned by MAPFRE Sociedad Anonima Spain while Insular Life has 25 percent stake. Its business covers fires, motor vehicles, personal accident, casualty, liability, engineering, marine cargo, and surety.
MAPFRE has been in the Philippines for last 85-years with 10 branches and 16 offices in Metro Manila, Isabela, Lipa, Iloilo, Cebu, Cagayan de Oro, and Davao, among others.