Mapfre expands insurance reach through new banking alliances

Mapfre is expanding its bancassurance partnerships through new agreements with financial institutions in Spain and Venezuela.

In Spain, Banco Santander has added Verti, the digital insurance arm of the Mapfre Group, to its automotive insurance offerings. This move aims to increase Santander’s presence in the motor segment, which the bank identifies as a high-growth area. Verti’s digital-first model offers various products, including specialized coverage such as ‘6Ruedas’ and ‘Verti Driver’, focusing on simplicity and technological agility.

In Venezuela, Bancaribe has partnered with Mapfre Venezuela to launch a new insurance access model. Bancaribe has become the first bank authorized by the Superintendency of Insurance Activity (Sudeaseg) to operate as an alternative channel for Mapfre. This collaboration allows customers to access life, personal accident, and funeral services through Bancaribe’s physical and digital infrastructure, with monthly premiums starting at 1 USD.