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Report BFA - Bankia 2014 / Bankia’s activitiesBancassurance

  • Policies 2,100,000
  • Premiums written €783 M
  • Savings managed €6,304 M

The sale of insurance is a strategic part of Bankia’s business. Its Bancassurance Directorate is responsible for distributing life and general insurance across all group companies and providing specialist support to the bank’s network.

Bankia sells policies to cover risks for retail customers (savings, health, life, motor, household, etc.) and businesses (retailers, SMEs, civil liability, transport, credit, etc.).

One of the most important milestones achieved in 2013 was the restructuring of the bank’s agreements with insurance companies in order to offer a single and integral insurance distribution model to the whole network that is more efficient, higher quality and provides a catalogue of differentiated products. The different bancassurance operators were also integrated into the company.

On 31 January 2014, Bankia reached an agreement with Mapfre through which the insurance company became Bankia’s exclusive insurance provider, for both life and non-life insurance. The only policies excluded from this agreement were those for companies with annual sales greater than €2 million. This agreement unified the catalogue of insurance products and the marketing systems used across the whole of the bank’s branch network.

After signing this agreement, the distribution model is as follows:

  • Non-life insurance. Distribution agreement with Mapfre.
  • Life insurance, distribution agreement through the joint-venture Bankia Mapfre Vida (51% Mapfre Vida – 49% Bankia), which resulted from integrating the insurance companies in which Bankia had a shareholding (Mapfre Caja Madrid Vida, Aseval y Laietana Vida).

Another important milestone in 2014 was the technological integration of the different bancassurance operators.

During the year, various actions were initiated and implemented to provide the branch network with the appropriate tools for selling insurance, such as:

  • Training actions with differentiated content according to the employee segment. A total of 287,786 hours of insurance related training were provided.
  • Progressive adaptation of the sales systems for the bancassurance channel.
  • Streamlining the product catalogue and simplification of the purchasing process.
  • Implementation of appropriate after-sales support and advice for selling insurance for the branch network.

In addition, during the last four months of 2014, an institutional sales action was carried out to promote the sale of insurance online, boosting the sale of life, accident, household, motor, funeral and health insurance.

Net premiums written totalled €783 million based on mathematical provisions for life-savings plans of 6,304 million.

Bankia obtained a 3.57% market share for net premiums written via the bancassurance distribution channel in Spain to December 2014, according to the latest figures published by the ICEA association for cooperative research by insurance companies.