Property insurance sales boost Mapfre’s confidence
The NON-life insurer Mapfre Insular Insurance Corp. saw growth in its property insurance business as more Filipinos insured their homes, turned into offices after the government restricted mobility.
As one of the largest property insurance providers in the country, Mapfre saw its property insurance sales increase 8.47% to 350.89 million pesos in 2020 from 323.48 million pesos in 2019. .
Its property insurance covers household protection against fire, civil liability and other risks.
“The increase in property insurance sales was mainly attributed to the fact that a large majority of Filipinos switched to remote work, which involved strengthening their housing and insuring it to meet the current configuration of the business. home work ”, Chairman of Mapfre. and CEO Tirso C. Abad told BusinessMirror.
The increase in sales raised confidence in the insurer, held back by the double-digit drop in its most important activity.
Abad said its auto insurance sales fell 23.66% to 566.55 million pesos in 2020, from 742.20 million pesos in 2019 as the government restricted automobile use.
Likewise, the company’s personal accident insurance sales were halved (50.23%), from 76.19 million pesos in 2019 to nearly 38 million pesos last year.
“As a result, our share of business fell from 6.1% in 2019 to almost half to just 3.6% last year,” said Abad.
Nonetheless, said Abad, Mapfre has acknowledged that there is still untapped potential for the non-life insurance industry as the government scrambles to find tools to help the economy recover from the health crisis.
Abad said they are confident that the value of property insurance will increase exponentially as remote working has become one of the most convenient methods of running businesses.
In addition, the firm believes that the economic recovery will allow the non-life industry to experience long-term growth, especially with products that have experienced a significant decline, including auto, auto and travel insurance.
Overall, Mapfre sees a rebound of more than 6% of the Philippine market in the coming years, according to Abad.
For this year, MAPFRE is committed to continuing its digital transformation efforts to better serve its customers.
The insurer said it aimed to “constantly improve the customer experience by further strengthening complaints processes, including notifications and making all products readily available online.”
The company is also seeking to launch new products that will specifically target small and medium entrepreneurs “and the most vulnerable sectors of the economy”.
Executives said the company made the timely decision to build digital capabilities by improving tools and strategies, as well as making products and services easily accessible online. These initiatives have enabled its customers to obtain quotes and benefit from their travel insurance, compulsory third party liability and personal safety products in complete safety at home.
Its agents can also navigate more easily in the digital space via the company’s web portal which allows its distribution network to “issue policies independently, access account for renewal, instantly write policies. quotes, process payments and complaints using QR codes. In addition, Mapre has been able to renew and issue policies, process claims, accept and make payments to customers.