Mapfre Paraguay has partnered with Sudameris Bank to expand its bancassurance business and presence in the country.
Under the agreement, the bank will distribute Mapfre’s insurance and assistance products to customers through its insurance brokers.
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The bancassurance partnership between Mapfre Paraguay and Sudameris Bank will last until 2035.
Sudameris Bank CEO Jeronimo Nasser said: “By pooling the skills and potential of two leading groups, this great partnership will mean that we can offer our clients—businesses and private individuals alike—the most innovative product offering, digital skills, and the best quality service.”
Sudameris, which has 62 years of experience, operates 20 branches in the country.
Founded 30 years ago, Mapfre Paraguay has 34 sales offices across the country, providing advisory services to customers.
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By GlobalDataThe insurance company serves 79,000 clients and has a market share of 18%.
Mapfre Paraguay CEO Pierina Santos said: “This is a strategic agreement that increases Mapfre’s trade capacity in Paraguay.
“The Sudameris partnership increases our reach with more than 20 points of sale. It also complements our already powerful agency network, made up of 34 offices, and the other existing distribution channels.”
