MAPFRE Enters Life Insurance Market in Massachusetts

By | August 27, 2014

MAPFRE U.S.A. said it has begun selling a term life insurance product in Massachusetts, where MAPFRE’s affiliate Commerce Insurance Company is the largest auto and home insurance carrier.

MAPFRE said it is seeking to leverage its dominant position in the Massachusetts personal lines market by offering life insurance to customers in conjunction with the company’s network of independent agents throughout Massachusetts. MAPFRE said it plans to roll out its life insurance product in additional states later this year.

“I am pleased and excited to announce the launch of MAPFRE U.S.A.’s life insurance sales in the U.S.,” MAPFRE U.S.A.’s President and CEO Jaime Tamayo said.

“Offering life insurance is essential to MAPFRE’s goal of fully protecting our customers’ most valuable assets in times of loss. As with our property and casualty products, the term life product will be competitively priced and will be backed by MAPFRE’s commitment to superior service,” Tamayo said.

MAPFRE U.S.A. said customers in Massachusetts who purchase a life insurance policy from MAPFRE will also receive a discount on auto insurance with affiliate Commerce Insurance.

MAPFRE U.S.A., the 19th largest provider of personal auto insurance in the U.S., is part of the MAPFRE Group, a global insurer with business in 47 countries. The MAPFRE Group is the leading insurer in Spain. It is also the largest multinational insurer in Latin America and among the top 10 European insurance companies by premium volume. The MAPFRE Group has 36,000 employees and over 23 million customers worldwide.

Frank Mancini, president and CEO of the Massachusetts Association of Insurance Agents (MAIA), a statewide association representing 1,400 member agencies and their 10,000 employees, welcomed MAPFRE’s announcement.

“When a company offers new and different products for their agents to offer to customers, it is a good thing,” Mancini told Insurance Journal.

“Particularly now, at least in the Massachusetts marketplace where independent agents are battling against the Geicos, the Allstates and the Esurances of the world, it’s certainly good for agents to have more products to sell,” he said.

“My understanding is that Commerce Insurance will certainly help the agents to market this product and they would have the agents sell the product. So it’s an added feature.”

“Some agents that currently don’t offer life insurance might say, ‘You know something? Commerce is a very recognized brand in Massachusetts. People know them, people do business with them for auto and homeowners, and so why not life insurance?’ So it gives agents another option to give to their customers,” Mancini said.

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