This is an extension of the range offered by the company, which unveiled its comprehensive insurance product for businesses, entrepreneurs and SMEs in February.
Customers can take out the policy, which provides the most comprehensive coverage, benefits and guarantees in the market, through a fully digital, multi-channel experience.
Madrid, 15 June 2020
Santander MAPFRE Seguros has started offering motor insurance through the launch of its first product for cars and motorcycles, which will be marketed through the bank's branch network in Spain. This is the company's second product, following its launch in February of a comprehensive insurance policy for businesses, entrepreneurs and SMEs, and it forms part of Banco Santander's global offering for individuals. In the future, further products will be added to the range provided by Santander MAPFRE Seguros to its customers.
The new car and motorcycle insurance policy may be taken out using any channel or device, through a very simple and intuitive, 100% online process. Vehicles can be verified digitally and customers can report claims using an app. This highly competitive product, backed by the quality of service of MAPFRE, the market leader in motor insurance, features two ranges (“Plus” and “Elección”). It offers the most comprehensive coverage, benefits and guarantees in the market.
The product also provides a wide range of services such as “vehicle service centres”, offering one-stop claims processing; body repairs with a “lifetime guarantee”; the most extensive breakdown recovery network in the market; a home windscreen repair service; customer service 24 hours a day, 365 days a year, among others.
SANTANDER MAPFRE SEGUROS Y REASEGUROS is the joint venture between MAPFRE and Banco Santander for marketing motor and business insurance. This company, in which MAPFRE holds 50.01% of the capital and Santander Seguros the remaining 49.99%, is the bank's vehicle for distributing these products until December 2037.
Banco Santander (SAN SM, STD US, BNC LN) is a retail and commercial bank founded in 1857 and headquartered in Spain. It has a significant presence in 10 core markets in Europe and the Americas, and is one of the world's largest banks by market capitalisation. Its purpose is to help people and businesses prosper by doing things in a Simple, Personal and Fair way. Santander is making progress in responsible banking, and to this end has set several objectives, including providing more than €120 billion in green financing between 2019 and 2025 and extending financial inclusion to more than 10 million people in the same period. At the end of the first quarter of 2020, it had €1 trillion in total customer funds, 146 million customers (including 21.3 million loyal and 38.3 million digital), 11,900 branches and 195,000 employees. In the same quarter, Banco Santander's underlying attributable profit stood at €1.977 billion, a 1% year-on-year increase.
MAPFRE is a global insurer with a presence on all five continents. It is a leading company in the Spanish market and the largest Spanish insurer in the world, the third largest insurance group in Latin America, and the sixth-largest non-life insurer in Europe by premiums. With more than 34,000 employees, in 2019 MAPFRE generated revenues of close to EUR 28,500 million and obtained net profit of EUR 609 million (+15.2%). MAPFRE aims to become a benchmark in transparency, sustainability and trust, so that customers, employees and society in general may identify it as a company committed to sustainable development, and its shareholders and investors may share its view of creating value in the medium and long term.