MAPFRE launches a new range of micro-insurance for small entrepreneurs in Latin America

MAPFRE has presented ‘MAPFRE BY YOUR SIDE,’ a new range of micro-insurance that combines and strengthens its current offering of inclusive insurance policies, thus reaffirming its commitment to financial inclusion and an insurance culture. 

The new project offers simple products with coverage that is limited, but sufficient in case of illness, workplace accident, death of a family member, and protection for the home and small business. 

The new range of affordable insurance policies is designed to meet the real needs of the insured parties, most of whom are microentrepreneurs with a modest income, but who are integrated into the formal economy, with a bank account and digital means of payment.

The initiative, which is now being launched in Colombia and will soon be rolled out in Peru, has been operating for some time in Brazil, under the name ‘MAPFRE Na Favela.’ There, MAPFRE closely analyzed the reality of those living in the favela, especially entrepreneurs who generally perform informal work, and developed products to meet their main needs: ‘MAPFRE Meu Bem Protegido,’ which offers protection and assistance for the goods and products essential for entrepreneurs to operate; ‘MAPFRE Meu Trampo,’ which offers protection for the workplace, and ‘MAPFRE Minha Vida,’ which provides coverage in case of death.

All these solutions are marketed through G10 Bank, which acts as a promoter in the dissemination of insurance products for a self-contracting model within the favelas.

Innovative training for the sales network

As part of this value proposition, MAPFRE has developed a pioneering tool, in collaboration with its technological partner EMPATÍA. It is an artificial intelligence assistant via WhatsApp that allows advisors and salesforces at microfinance institutions to clarify any questions, whether theirs or the client’s, even in real time, through tutorial videos and a vocabulary adapted to each region. Advisors are usually members of the community, they know the people and can help strengthen many people’s microcredit with associated or independent microinsurance.

The tool, which in just four months of testing has managed to resolve almost 100% of consultations, helps reduce the cost of training sales advisors, thus contributing to a more affordable price for the insurance policies.

Positive social impact

“MAPFRE continues to bet on social innovation and collaborative work with microfinance institutions, community organizations, and strategic partners to keep building a fairer future for everyone,” said Raúl Costilla, General Manager of MAPFRE’s Corporate Business Area, who believes that “this project is an example of how we can generate positive social impact from the insurance industry, supporting the people who need it most and those who aspire to improve their quality of life.” 

The launch of ‘MAPFRE BY YOUR SIDE’ is part of the 2024-26 Sustainability Plan, which pursues more than 20 objectives; through this plan, MAPFRE integrates its social commitment into the business strategy and aims, in addition to other challenges, to increase accessibility to insurance, financial literacy, insurance culture and the premium volume of products with ESG criteria.

The initiative aims to help close the Insurance Protection Gap (IPG), which in Latin America was 3.16 billion dollars in 2024, 4.2% more than in 2023.