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The bancassurance arm is responsible for brokering insurance for individuals (life, home, health, auto, etc.) and businesses (retailers, third-party liability, credit, etc.), as well as savings insurance. This network relies on the traditional branches. Nevertheless, in 2016 it extended the insurance offering through the bank’s other channels (public website, multichannel account managers, etc.), thus extending the offer of insurance products to Bankia’s multichannel customers.

In 2016, life savings products were influenced by trends in the economic and financial environment, geopolitical uncertainties and low interest rates, which did not favour the marketing of this type of insurance. Even so, net premiums written came to 367 million euros, with new production up 2% compared to 2015.

In 2016, 1.9 million policies

Important offer of insurance products
The selling of insurance through the branch network is becoming an increasingly important pillar of Bankia’s business

On the other hand, 2016 year-end figures show a total of 1.9 million policies and mathematical provisions for life savings insurance of 5,418 million euros at that date. Seventy percent of new production in 2016 was concentrated in the life and home businesses, with significant growth also in the SMEs business, which was up 21% compared to 2015.

One of the keys to Bankia’s good performance in bancassurance was the implementation of the strategic agreement with Mapfre, entered into in 2014. For the purposes of the agreement, the network means not only the branches but also other channels, especially the digital ones, which are becoming increasingly important for the bank’s insurance business.

The bank’s challenges in the future concern: increasing the bancassurance business’s contribution to the bank’s fee and commission income; further adapting the product catalogue to customers’ needs (focussing on the business lines most closely related to the banking business, life and home); simplifying sales operations; continuing the training plans to improve advisory services; and accompanying the bank in its digital transformation.

Bankia - Bancasurance

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