Insur_Space is one of the pillars of MAPFRE Open Innovation (MOI), the innovation platform which the company launched this year to drive innovation both at MAPFRE and within the insurance industry. In Malta, MAPFRE is represented by MAPFRE Middlesea and MAPFRE MSV Life.
“Our objective with MOI” explained Antonio Huertas, chairman and CEO of MAPFRE, during the presentation of the new space, “is to become a global benchmark in innovation in Insurtech and to progress toward the new business models and solutions emerging from the digital and technological changes we are witnessing”.
MAPFRE will allocate more than 100 million euros each year towards the development of innovative insurance-related solutions, which will be combined with the 600 million-euro annual technology investment, ensuring the company is adequately positioned to tackle new challenges.
A total of 19 start-ups are already working in Insur_Space through two development programs: acceleration and adoption. The first focuses on helping entrepreneurs with an innovative idea to get their business model off the ground, while the second is aimed at start-ups that already have a mature proposal and need help and mentoring to consolidate their business.
This innovation also includes a collaborative model with universities and business schools for the joint development of innovative projects, as well as an investment vehicle for teaming up with private equity companies that invest in innovation in the insurance world. In connection with this, MAPFRE recently announced its participation as an anchor investor in the “Alma Mundi Insurtech Fund, FCRE” private equity fund, focusing exclusively on the Insurtech space, in which MAPFRE will invest 25 million euros.
MAPFRE’s intrapreneurship program, Innova, also falls within strategic innovation. The initiative is aimed at company employees who form teams of 2-3 people to present innovative ideas for the company to execute, with the company providing the necessary resources for employees to build out the winning solutions.
The decision has also been taken to integrate CESVIMAP into MAPFRE Open Innovation. For some years now, MAPFRE’s Centre for Experimentation and Road Safety (CESVIMAP) has been a global benchmark for research into vehicular damage accident repair methodologies.
MAPFRE Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, Cap 403 of the Laws of Malta.
MAPFRE MSV Life p.l.c. is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta. Both entities are regulated by the MFSA.