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MAPFRE launches new insurtech scale-up program

28th February 2022 - Author: Matt Sheehan

MAPFRE has launched a new scale-up program for insurtechs that offers up to €100,000 of financing per project, focusing on health and wellness, climate risks, and cybersecurity for SMEs.

This version of insur_space is MAPFRE’s fourth to date, and is aimed at early-stage or growth companies that already have a product in the insurance market and want to scale or enter the sector through a partnership.

insur_space offers start-ups the possibility of launching a pilot in less than six months together with any MAPFRE organization globally, including the group’s digital brands, Verti and Savia.

And unlike some programs, the financing will be offered without MAPFRE becoming a shareholder in the start-ups.

“Together we can go further,” said Joan Cuscó, Director of insur_space “Collaboration between start-ups and large companies is an opportunity that neither party can let slip away.

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“We are positioning ourselves as the benchmark program in the insurance sector, reducing to a matter of weeks processes that otherwise take several months,” Cuscó continued. “After more than 30 pilots launched on the market, we know exactly what we have to offer and what we can expect in return.”

The start-ups participating in the insur_space program have access to MAPFRE’s 26 million clients and nearly 80,000 agents and brokers worldwide, as well as to historical data.

The funding offered is intended to cover the costs of the collaboration, and MAPFRE also offers access to Alma Mundi Insurtech for those looking for more capital, which is a venture capital fund of €350 million in which MAPFRE holds a stake.

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