mbr special edition 2016 low (1)

Malta Business Review | SPECIAL EDITION
cover story
cover story
Malta Business Review | SPECIAL EDITION
Operational
Excellence
By Martin Vella
FELIPE NAVARRO was appointed CEO of MAPFRE Middlesea (MMS) in
September of 2015. One year after, The Malta Business Review talks
with the man at the helm of Malta’s leading insurance company.
MBR: You were appointed CEO of
MAPFRE Middlesea almost a year ago.
What were the main challenges you
encountered?
FN: In the past year, the company
experienced major growth, mainly
through the acquisition of new portfolios
and inevitably, this has increased internal
work. The number of employees has
also increased significantly and therefore,
organisational restructuring was required.
My main focus has been making the
company more profitable and stable,
while producing better results for our
shareholders and keeping a good level of
service to our clients. Importance has also
been given to the development of new
products in both the life and non-life sector.
We are the benchmark
insurer in the Spanish
market and the leading
multinational insurance
group in Latin America being
number 1 in the Non-Life
ranking for the region
MBR: MAPFRE is present in many
countries and a global player in
international markets. Can you please
give us an idea of MAPFRE’s activities
overseas?
FN: MAPFRE is a global insurance
company present on the five continents
and doing business in over one hundred
countries. We are the benchmark insurer
in the Spanish market and the leading
multinational insurance group in Latin
America being number 1 in the Non-Life
ranking for the region. We are one of the
10 largest insurers in Europe, and among
the 20 largest automobile insurance
companies in the United States. MAPFRE
Asistencia is the third largest assistance
provider worldwide and MAPFRE RE
stands as one of the 15 biggest reinsurers
in the world.
We have more than 38,400 employees
around the world, more than 5,500
offices and almost 80,000 intermediaries.
Fundación MAPFRE is the majority
shareholder in the company, which
strengthens our independence and
shareholder stability. MAPFRE has a
diversified business with 36 percent of
premiums coming from general insurance,
34 percent from automobile insurance and
30 percent from life and health insurance.
In 2015, our revenue exceeded 26.7 billion
euros and our net profit amounted to 709
million euros. The combined ratio stood at
98.6 percent.
We are working toward becoming the
most trusted global insurance company.
MBR: What is the main competitive
advantage of MAPFRE Middlesea?
FN: The company is fighting to be always
one step ahead than its competitors,
especially when it comes to innovation.
We were the first to introduce a motor
policy using telematics technology,
allowing young people to be rewarded for
driving cautiously.
Customers of MAPFRE Middlesea also
benefit from a 24/7 assistance for home,
health and roadside emergencies, which
can prove indispensible in times of need.
Middlesea Assist is now also making use of
a scooter to get to the client faster when
on-the-spot assistance is required.
MAPFRE Middlesea is the only insurance
company on the island which rewards
customers through a loyalty programme,
which offers customers discounts from
several outlets. The Insure and Save
scheme is very popular among our clients
and we are now working on further
improving it.
Being part of a successful international
group has several advantages. First, we
have a very steady based capital in the
world. Second, we can offer products
which have already been tested in 47
other markets. We also benefit from
economies of scale and we do actuarial,
risk and compliance as a Group and go way
beyond what is required by the law.
MBR: What values are at the core of
MAPFRE Middlesea’s operations?
FN: We are a multinational team striving
constantly to provide ever better
service, and to develop the best possible
relationships with our stakeholders:
clients, employees, distributors, providers,
shareholders and society.
The values that define us as a company
are: solvency, integrity, service vocation,
innovation for leadership and committed
team.
Our values are in line with those of
MAPFRE. We believe in having financial
strength with sustainable results and
we are well in line with Solvency II
requirements.
We also operate ethically and with a sense
of social responsibility. The company
holds several CSR activities across the year,
in which we give back to the community in
which we operate in.
Having a committed team is crucial.
The company is continually investing in
the development and training of team
capabilities and skills.
Last, but most important, is the service
vocation. We believe in caring for
customer relation and strive in excellence
in each service we give.
MAPFRE Middlesea is the
only insurance company on
the island which rewards
customers through a loyalty
programme, which offers
customers discounts from
several outlets
MBR: What are your future plans for the
company?
FN: We continue to work toward a new
MAPFRE, with a structure consistent with
the challenges specific to our size and
presence.
We need to make the company more
profitable in the lines in which it already
operates and deliver more value to our
shareholders.
We need to adhere to MAPFRE’s strategic
plans for 2016 -2018. First – digital
transformation, keeping up with the
technological changes in our environment.
Second – client orientation, giving the
best service possible to our clients.
Third, excellent technical management,
improving efficiency in the processes and
services to client. Fourth, culture and
talent – allowing for the development of
our human resources.
In a nutshell, we want to be more focused
on the client, who we place in the center
of everything, to grow in a profitable
way, through operational excellence and
appropriate management of risks, and
committed human talent with the skills
and tools necessary to do their work in the
best way possible. MBR
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