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CORPORATE | 08.18.2020

MAPFRE and Sudameris Bank join forces in Paraguay to promote their bancassurance business expansion

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MAPFRE PARAGUAY, insurance market leader, has joined forces with Sudameris Bank to expand its presence in the country. The insurance company is focused on continuing its strategy of sustained and profitable growth, with an 18 percent market share and over 79,000 clients. This new partnership follows Sudameris Bank finding room in the strategy to strongly boost its insurance business.

The agreement will allow each company to expand its multi-channel strategy, using its own competitive edge to innovate and reach significantly more clients with a complete portfolio of products and services.

Pierina Pumarol Santos, CEO of MAPFRE PARAGUAY, explains that “this is a strategic agreement that increases MAPFRE’s trade capacity in Paraguay. The Sudameris partnership increases our reach with more than 20 points of sale. It also complements our already powerful agency network, made up of 34 offices, and the other existing distribution channels.”

Jerónimo Nasser, the Sudameris Bank CEO, adds that “by pooling the skills and potential of two leading groups, this great partnership will mean that we can offer our clients—businesses and private individuals alike—the most innovative product offering, digital skills and the best quality service.”

The partnership will continue until June 2035, during which time the bank’s insurance broker will distribute MAPFRE’s insurance and assistance products.

MAPFRE PARAGUAY is a multi-channel company that was established in Paraguay over 30 years ago. In terms of its sales network, it boasts 34 sales offices, both in the Capital and in the country’s largest regions. In this way, they can reach their goal of being closer to their clients by providing advisory services and a unique service.

Sudameris, with more than 62 years’ experience in Paraguay, currently operates 20 branches and has the second largest network of 24-hour lobbies in the country. In recent years, its growth strategy—based on the continuous support of both its corporate clients and the individual segment—has positioned it as one of the most solid and fastest growing companies on the market, with an excellent projection in its evolution in the short-, medium- and long-term.