MAPFRE updates Innovation Model to accelerate growth

Spanish insurer MAPFRE has announced an update to its innovation model, aiming to increase agility, encourage collaboration, and maximise the effectiveness of company initiatives.

The new model, MAPFRE Innovación, is already operational and will serve as a strategic guide for the coming years. It is viewed as a tool to create business value, reduce risks, and explore long-term opportunities.

MAPFRE Innovation enables the company to anticipate market changes and develop features that differentiate it in the market. It helps reduce uncertainty by providing solutions aligned with the priorities of the strategic plan and accelerates MAPFRE’s cultural transformation toward a more agile, collaborative, and open organisation.

The updated model was developed based on lessons learned in recent years and a thorough review of the original innovation framework, which identified key challenges and opportunities for improvement.

It is structured around understanding the strategic context and challenges of each country and business unit while aligning with the Group’s overall strategy. It complements the work of specialised areas focused on innovation, including technology, data and AI, operations, and business areas.

MAPFRE will continue collaborating with start-ups to develop proofs of concept, pilot programs, and scalable projects efficiently, ensuring that innovation directly benefits the regions where it operates and its customers. Initiatives will be closely tied to the business, contributing to both the company’s strategic plan and the plans of individual countries and business units.

The model also incorporates intrapreneurship initiatives, partnerships with consortia and universities, CESVIMAP as a driver of R&D in mobility, direct investments in start-ups aligned with MAPFRE’s vision, and business intelligence and venture capital initiatives.

Leire Jiménez, Chief Innovation Officer at MAPFRE, said, “MAPFRE Innovation is the natural evolution of the work we’ve been doing since launching our first open innovation model in 2018.

“The model is a key lever in the company’s transformation, supported by a dedicated, diverse, transversal, and multidisciplinary team, along with the methodology and funding needed to execute high-value projects identified by different areas. We work within the framework of the strategic plan, providing scalable solutions, while also helping to identify threats and seize early opportunities that drive MAPFRE’s growth.”