MAPFRE Insurance Signs Deal With Banco Pichincha For Voluntary Insurance

Spanish insurer MAPFRE has entered into a strategic alliance with Banco Pichincha, a bank with operating units in Colombia and Ecuador, for sales of the insurer’s voluntary disability, accidental and illness insurance along with the banks payroll credit product, consumer lending and leasing lines.

The deal contemplates future addition of group life, home, business, auto and basic driver liability insurance (SOAT). MAPFRE has a 33 year operating history in Colombia with 965 direct employees, 6,000 affiliates (brokers, agents, etc.), and 105 offices.

Banco Pichincha has 50+ years in Colombia with 1,500 employees. The bank counts 218,059 customers and has 46 bank branches and 27 additional payment centers throughout the country.

With this new agreement, we reinforce the commitment of both entities, and bet on developing joint strategies that boost our growth and development in the country, says José Carpio Castaño, the CEO of MAPFRE Colombia.

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Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.