Just a week after revealing a $1.5 billion deal to acquire U.S.-based Safety Insurance Group, Spain’s Mapfre has announced a deal closer to its European roots—taking a 38.9% stake in the Spanish InsurTech Tuio.

The Tuio stake strengthens Mapfre’s commitment to innovation and digital business development, according to a statement from the Spanish-owned global insurance company.

Tuio became a recognizable name to insurance industry professionals worldwide earlier this year, when the the InsurTech received approval from OpenAI for the first insurance provider–built AI application on ChatGPT devoted to home insurance.

(Editor’s Note: At about the same time, Insurify launched a ChatGPT app to allow consumers to compare and shop for car insurance, fueling conflicting reports about which insurer was actual “first” with a ChatGPT app.)

According to Mapfre’s announcement this week, the Tuio transaction aligns with Mapfre’s “conviction that AI in general and agentic AI in particular represent a far-reaching technological change for the insurance industry and for the broader digital economy.”

The investment in Tuio gives Mapfre the opportunity to bolster “its commitment to more agile, personalized distribution models connected to new consumer needs, combining technological potential with the differentiating value of human advice.”

For Tuio, which currently operates in Spain and generates more than 20% of its new clients from AI assistants, the agreement will help the InsurTech to expand globally. The media statement specifically calls out Latin America and Europe as those markets in which Tuio aims to “continue driving its innovative capabilities and [to] accelerate development of its advanced digital model.”

Founded in 2021 in Spain, Tuio specializes in 100% digital home, car, and life insurance solutions, with health insurance for pets on the near-term horizon. Currently, Tuio has more than 100,000 active customers and operates through a fully online model based on proprietary technology, automation, and AI applied to various processes in the insurance value chain.

Tuio has received backing in previous fundraising rounds from international and national investors, including BlackRock, Bamcap Ventures, Extension Fund, and Capital Certainty, among others.

Mapfre did not disclose the dollar value of its stake in Tuio.

The Mapfre transaction is subject to regulatory authorizations.

Beyond the affirmation of Mapfre’s belief in the expansive change that AI will bring to the insurance industry, Mapfre noted that AI applications can also help reduce the insurance protection gap by facilitating insurance access for traditionally underserved groups.

Source: Mapfre