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Madrid 2,228 EUR 0,03 (+1,55 %)

INNOVATION | 05.11.2020

MAPFRE Open Innovation: An example of innovative agility  

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insur_space, the MOI global startup accelerator, is described as an exemplary tool for corporate entrepreneurship in a recent report by Deusto Business School for Santander Universities.

Innovation is a fundamental tool for enhancing competitiveness for companies and for society as a whole.

insur_space, a pillar of the MAPFRE Open Innovation (MOI) model, is described as an exemplary global accelerator and as an effective tool that supports entrepreneurial culture, in a second report on corporate entrepreneurship in Spain (II Informe de Emprendimiento Corporativo).

Enseñando a bailar a los Elefantes como Gacelas (teaching elephants to dance like gazelles), by Santander Universities, is an extension of the best practice analysis initiated in 2017, which is so key for Spain where intrapreneurship stands at less than 2 percent, compared to an average of 5 percent in Europe and 8 percent in the US.

Highlighting the MAPFRE incubator as a success story, the report recalls that innovation has always been part of the company’s identity as it anticipates the needs of its clients, integrating solutions and creating efficient processes. VERTI and its international expansion are also cited in the report as examples of MAPFRE’s vocation in the field of innovation.

MOI is the open innovation platform that MAPFRE launched with the aim of becoming the world benchmark for insurtech (using technology to link innovations by startups with the insurance sector). insur_space is one of its pillars, oriented toward disruptive innovation.

Launched in 2018 and based in Madrid, it promotes the development of new ideas, concepts and products from around twenty startups, allowing them to roll out pilot projects and tests with the help of insurance experts, and helping them to take advantage of knowledge of the group’s international markets. The simplicity of the process used by insur_space is key to its value proposition.

Examples such as this will not only impact the performance of large companies such as MAPFRE, but will help many others follow their path, the report says.