Insurance and pension plans

Insurance and pension plans

A positive year marked by digitalisation

The financial context in 2018 was positive for the insurance business, making it possible to achieve strong results in the Life sector and the Savings and Corporate businesses. The commitment to digitalisation made it possible to update and modernise platforms and processes at the institution.

The characteristics of the different businesses over the course of the year were as follows:

  • Life Insurance. Growth was up on recent years, both in terms of individual customers and legal entities. At year end, the portfolio stood at €85.1 million, representing an increase of 5.9%. This increase came to 6.4% for private individuals and 3.6% for legal entities. Simulators were set up on the website and the option of taking out certain insurance policies online was also rolled out.
  • Pension plans. Net activities came to more than €148 million, with an increase in customers of 5% and unit holders by 2.7%, in contrast to the market contraction of 1%. However, the negative performance of the markets prevented these positive data from being reflected in managed property assets. In 2018, we continued to promote a culture of saving and conveyed the importance of complementing the public pension system with private savings to customers, placing a particular emphasis on periodic contributions.
  • Savings. These products performed very strongly, both in terms of Life Annuities and Individual Systematic Savings Plans (PIAS), with year-on-year growth of 54.7%. In terms of Life Annuities, the range of products was expanded to cover customer needs. In this connection, financial planning simulators were developed to make it easier for customers to predict their savings through to retirement age and how this compared to their salary.
  • Corporate insurance. In the Multirisk and Civil Liability businesses, considered essential products in the correct undertaking of business activities, the portfolio increased by 12.9%. Furthermore, the sale of credit insurance, which mitigates the risks assumed by companies when expanding abroad, began successfully.

New law in 2019

This year, the new Insurance Distribution Law is expected to come into force, which will regulate the framework for the sale of insurance, incentives, governance and training in the sector. Its main objective is to promote transparency and provide adequate information to customers about insurance products, placing a special emphasis on the most complex insurance types.

Bankinter has made significant efforts in preparing for the entry into force of the new law and has prioritised the training needs of all employees involved in the sale of insurance products.

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