MAPFRE’s U.S. Arm Jumps Into Life Insurance Market

August 25, 2014

The U.S. arm of Spanish insurance giant MAPFRE Group is getting into the life insurance business.

MAPFRE U.S.A., the 19th largest provider of personal automobile insurance in the United States, said it has started selling a term life insurance product in Massachusetts, where MAPFRE affiliate Commerce Insurance Company is the state’s largest auto and home insurance carrier. Plans call for expanding life insurance sales into other states later this year.

Why is MAPFRE U.S.A. starting its life insurance business in Massachusetts? The company said that for the initial launch, it expects to leverage its leading position in the Bay State’s personal lines market by also offering life insurance, via its network of Massachusetts independent agents.

The strategy calls for leveraging sales of one line to get customers to buy another. For example, Massachusetts customers who buy a MAPFRE Insurance life insurance policy get an auto insurance discount with the company’s affiliate – Commerce Insurance.

“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,” MAPFRE U.S.A. CEO Jaime Tamayo said in a statement.

Source: MAPFRE U.S.A.