The broader partnership builds on the insurers’ sales network to reach more customers and industries.

Each MAPFRE point of sale will be assigned a lead Santander branch, with support from a regional sales director.

Madrid, 19 April 2021.
Banco Santander and MAPFRE have taken another step in the strategic commercial alliance they formed two years ago. Under a new agreement, the insurer will offer Santander products and services throughout its sales network, the largest in Spain with nearly 3,000 offices, 2,240 sales staff and 8,000 insurance brokers. Each MAPFRE point of sale will be assigned a Banco Santander lead branch, with support from remote digital sales managers as well as from the bank’s regional sales directors.

The insurer can offer individual customers current accounts, credit cards, mortgages, consumer credit, direct debit of income and bills, and other products and services. Its proposition for companies ranges from accounts, credit facilities and loans to payment terminals, guarantees and leases, in addition to more specialist products and services (such as international trade finance and factoring).

Santander has also opened a branch at MAPFRE’s headquarters in Majadahonda, Madrid, where it will provide special services to 3,000 employees.

Rami Aboukhair, chief executive officer of Santander España, underscored “the trust and security of a partnership with an excellent brand like MAPFRE”, pointing out that “this agreement will enable us to reach new customers and uncharted territory through professionals with vast experience and financial expertise, while strengthening and propelling our business in such an important segment to us as sole traders and SMEs”.

“We’re very happy about this agreement with a top partner in banking in Spain and worldwide, which will give our customers access to the broadest range of banking products at their MAPFRE office and also be very positive for our sales network”, said José Manuel Inchausti, CEO of MAPFRE Iberia. “We’re extremely excited to be starting a new chapter with the best possible partner for MAPFRE, Banco Santander, with whom we’ve already run joint business initiatives and maintain a relationship of trust”, he added.

A strategic partnership

Two years ago, Santander España and MAPFRE entered into an agreement to sell car, business multi-risk and civil liability insurance from a new company, Santander MAPFRE Seguros y Reaseguros, to which MAPFRE contributed 82.2 million euros (50.01%), with the remaining 49.99% held by Santander Seguros.

The new entity began operations with the Seguro Multirriesgo Integral insurance package, with various products for businesses, freelancers, companies, stockbreeders and farmers on a single platform. This affordable option offers full cover for damages and civil liabilities and for financial losses in the event of accidents, as well as customer service that has received positive feedback (DIY, emergency assistance, etc.). It also provides solutions for businesses’ special needs, with unique cover tailored to their industry (hospitality, education, automotive, etc.).

A few months later, the company began working with motor insurance, with its first product for cars and motorcycles that can easily be taken out online on any channel and device and includes an app for verifying vehicles and submitting claims. This very competitive product has two lines, Plus and Elección, and offers the most comprehensive cover, payments and guarantees on the market.

About Santander
Banco Santander (SAN SM, STD US, BNC LN), founded in 1857, is a retail and commercial bank headquartered in Spain. It is a significant player in its 10 core markets in Europe and the Americas, with one of the largest market caps in the world. Its purpose is to help people and businesses prosper in a way that is Simple, Personal and Fair. Santander is making headway in responsible banking, and its ambitions include providing more than 120 billion euros in green finance and empowering over 10 million people financially by 2025. At the end of 2020, it had more than one trillion euros in customer funds, 148 million customers (including 22.8 million loyal and 42.4 million digital customers), 11,000 branches and 191,000 employees.

About MAPFRE
MAPFRE is a global insurer, with operations on five continents. A market leader in Spain, it is the largest Spanish insurance company in the world, the third-largest insurance group in Latin America and the sixth largest non-life insurer in Europe. MAPFRE has over 34,000 employees. In 2020, it generated 25.419 billion euros in revenues and earned 527 million euros in net income. MAPFRE aims to be a bellwether for transparency, sustainability and trust, so its customers, employees and broader society will know it as a company committed to sustainable development, and its shareholders and investors will share in its vision for medium- and long-term value creation.