MAPFRE continues to set itself apart from other international insurers, with a fast-moving transformation plan that has made it a genuine global market leader. Earlier this month, on visit to Malta, MAPFRE CEO Antonio Huertas reaffirmed the company’s commitment to the island and its people, while highlighting what the Group’s global strategic plan will mean for all its stakeholders here.
It’s fair to say that MAPFRE has built an impressive presence worldwide. What do you consider to be the main factors behind the company’s success?
Yes, MAPFRE has grown from humble beginnings as an insurance group in Spain in 1933 to a truly international success story with bases in over 40 countries. Our global expansion has taken us to Latin America – where we have a special connection due to our Spanish heritage – as well as to the United States, Europe, and even China. Malta has played a crucial role in our journey too, and we are proud of our strong presence on the island.
Looking back on our success story so far, I believe it is the manner in which we have managed our business that has set us apart – our expertise, talent, attention to detail, and dedication to continuous transformation and the people connected to it. We are ambitious but realistic; we take our risks very seriously. The company’s entire executive team started in its grassroots, so we know the business intrinsically and have grown with it.
Beyond that – and aside from our rigorous approach to the technical side of the business – we take ethics very seriously. Success is important but doing good in the world and in the communities in which we operate is even more important.
You took the helm of MAPFRE in 2012 at a time of increasing global instability and snowballing risks. What has driven your leadership approach?
This decade has flown by – and it has been tumultuous from an external perspective. That said, every generation has had its challenges and we have had to weather ours – from the unchartered territory of the pandemic to the difficulties in the economy and, recently, the invasion of Ukraine. We hoped for better times immediately after the pandemic, but they don’t seem to be on the horizon just yet. All of this, of course, has had huge implications for the insurance sector.
Internally speaking, though, it has been a truly transformational 10 years for MAPFRE. Digitalisation, for instance, has been critical, as we moved to a multichannel approach for the ease of our clients and brokers. As a Group, we used to base our growth on a tight network of agents, but we have since been able to create a network of banks, retailers, agents, independent brokers and more – all because we’ve put our clients in the driving seat when it comes to how they want to interact with MAPFRE and our products.
We have also greatly increased our focus on sustainability. For us, ESG isn’t a trend but a reality – and we also add ‘P’ to that acronym, to signify ‘people’. After all, the pandemic made clear to us that the world cannot afford to leave anyone behind; we have a responsibility to help all societies.
At MAPFRE, caring for people is in our DNA as a result of the fact that the MAPFRE Foundation is the main shareholder behind the MAPFRE Group. We are extremely committed to the communities where we do business, and to improving society as a whole – and we are making a difference, not least because MAPFRE’s 30,000-strong international workforce is passionately invested in this part of the business too: more than 10,000 of them take part in volunteering efforts. The results of their hard work and commitment to our communities has driven our focus for our 2024 Strategic Plan and beyond, and it is this that will continue to set MAPFRE apart in so many ways.
Success is important but doing good in the world and in the communities in which we operate is even more important
Speaking of the MAPFRE Global Strategic Plan for 2022-2024 – what are the highlights?
This plan was devised in a post-pandemic moment when the outlook was, perhaps, more positive, and we saw all the opportunities available to us. Since then, we haven’t become more negative, but we are more realistic when it comes to analysing the situation and adapting our plan for the world’s current reality.
So, we are taking advantage of the transformation we have made and making the most of the markets where we work. Accessibility is important too; yes, digital interaction is important, but we also want to give our customers and team all the opportunities for face-to-face connection when they want it.
Beyond that, this is a plan that will help us to scale by improving our efficiency and productivity. MAPFRE has solutions for every type of customer out there – individuals, SMEs, and even some of the largest companies in the world. With this in mind, our strategic approach is based on disciplined growth and centred around having the right talent. After all, our people make up our very core; we trust them, and have the resources to train them effectively so they can develop excellent career paths and new professional routes. From team members to clients, ours is a strategy that keeps humans at its very core.
We believe this strategic plan and the results of our extensive transformation will continue to make MAPFRE different. Because we are different, and it’s our goal to survive another 90 years and beyond. But we do acknowledge the deviations that exist in the sector and we know that the market is more complex today than it’s ever been, so we have to compete on every level while working with industry disruptors – including the likes of Amazon and Google – to create strategic partnerships that will help us serve our clients even more as time goes on. We will achieve this by improving our innovation, perfecting our levels of services and increasing our solvency.
How does the MAPFRE strategic plan apply to Malta?
MAPFRE loves Malta. We have a team of just over 300 here, and I have been so impressed by what has been achieved over the last 12 years. In that time, we have adapted in many different ways, both to the market and to the island’s regulation environment. We’ve also learnt so much from Malta and implement corporate strategies here that have helped drive international change for the Group in terms of our use of customer data, how to increase loyalty, and our relationships with our strategic partners. Locally, BOV is an exemplary partner for us and it has developed to become one of our most important bank partnerships in the world.
Now, our focus for Malta, is to continue our digital transformation here, thus making our offering ever-more competitive and so that we can bring exciting new products into the market. The industry is developing fast, and we are creating products to match – both in the ‘life’ space, such as pension plans and personal investments, as well as ‘non-life’, to help people improve their standards of living. Making our products more accessible to everyone is a core goal for us over the next three to five years, and we now have everything in place to make that happen so that we can provide the absolute best to the Maltese population.
Fundación MAPFRE plays a very important role in the MAPFRE story. Does its work extend to Malta?
The Foundation’s goal here is the same as it is elsewhere: to help local society through powerful partnerships with homegrown organisations. Our goal here isn’t just to help people with specific needs but to promote a better approach overall – whether that’s in terms of education, better road safety, or improved digital tools, for instance. We feel closely connected to Malta’s society and consider it a very important part of our duty as a company working here.
What would you like your own legacy at MAPFRE to be?
I started working at MAPFRE on an internship out of university. I began in a branch trying to be a good employee and, 34 years later, I have now been Group CEO for 10 years, so it’s certainly been a journey! I am proud that we have achieved many things in that period, despite the fact that we are living through uncertain and volatile times. It hasn’t been easy but, thanks to the solvency and culture of the company, we have weathered well and focused on readying the company for the future.
Today, as a result of our transformation, we can face new challenges head-on, and with enthusiasm. We are able to do more good in our communities and we know our customers better than ever. We will continue to take good care of our employees, intermediaries, shareholders and customers, and are in good shape to continue our legacy.
As I look back on my time, I can believe strongly in the work we have completed and am therefore positive about our future, and that is my legacy as much as everyone else’s. MAPFRE – and I – are committed to people, planet and profit, but always by putting people first. It’s people that make MAPFRE, and there can be nothing else without them.