Corporate Profile
Mapfre Insular ranks among the leading and more stable insurance providers in the country. With over 70 years of experience, we pride ourselves for having earned a solid reputation as a highly dependable and reliable company committed to delivering outstanding products & services to our clients.
Apart from our extensive experience, we are distinguished by our name and affiliation with two well-known and respected industry giants: MAPFRE of Spain and Insular Life. The alliance has harnessed the strengths of both partners by integrating the technical expertise and efficiencies that have driven Mapfre companies worldwide and leveraging the business partnerships of Insular Life and the local familiarity of the Insular brand.
Our competitive advantage lies not just in our size, resources and diverse products but from the priceless intangibles that go into what we offer to customers and partners: quality service and single-minded dedication to customer satisfaction. Our goal is, and has always been to exceed the expectations of every client.
Key to our growth is our ability to adapt to the changing demands of the marketplace. We have set new standards for accessibility, speed and efficiency throughout the service chain with our fresh and innovative approach to long established procedures and systems in the insurance industry. We aim for client convenience as we continually develop and enhance our delivery systems, products and services, client access and claims procedures evidenced by what we have currently in place: simplified claims processing & documentation, easy reporting of claims via our call center and SMS messaging facility, nationwide on- line system for claims and policy issuance, 24/7 road and home assistance programs and our very own co-branded credit card facility- the Mapfre Insular Red Card.
Exceptional products, quality service and technical expertise coupled with our adherence to good governance and corporate ethics make Mapfre Insular the preferred insurer.
Milestones
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1934 |
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2005 |
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Company is founded under the corporate name of Provident Insurance Corporation. |
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Provident Insurance
is acquired by A. Soriano Corporation. |
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Mapfre with Asian Bank as partner, acquires Provident and renames the company Mapfre Asian Insurance |
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Mapfre Asian merges with InsularGen, the non-life arm of Insular Life. The company is renamed MAPFRE Insular Insurance Corporation. |
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Ownership Structure
Mapfre Insular is 75 % owned by Mapfre of Spain and
25 % by Insular Life Assurance Co. Ltd., of the Philippines.
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The Mapfre Group is the largest insurance conglomerate in Spain with consolidated earnings of 13.234 million euros, and total consolidated assets at over 33.718 million euros as of 2006. It has over 3,000 branches in Spain and other countries with more than 28,000 employees and 45,000 agents worldwide. The Mapfre Group is engaged in life and general insurance, reinsurance, banking and finance, property development, and other related services in Spain and 36 other countries.
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Insular Life is the first and largest domestic life insurance company in the country. It has a network of more than 100 branch offices nationwide, with consolidated assets of PHP54.7 billion and net income of PHP1.2billion as of June 2007.
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Products
Operating through a national network of offices, Mapfre Insular offers a
comprehensive portfolio of insurance products to clients, including:
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Casualty
Equipment & Property Floater
General & Personal Liability
Money, Securities, and Payroll
Fidelity Guarantee
Engineering
Contractors All Risk
Electronic Equipment
Erection All Risks
Machinery Breakdown
Fire and Allied Lines
Residential
Commercial
Industrial
Surety
Bonds (Contractor’s, License & Permit, Judicial, Customs)
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Marine Cargo
Exportation
Importation
Inland Marine
Inter-island
Motor Vehicle
Own Damage
Compulsory Third Party Liability
Voluntary & Third Party Liability
Unnamed Passenger Personal Accident
Personal Accident
Individual
Family
Group
Travel / Assist
Hospital Cash Protection Plan
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