Mutua And El Corte Inglés Begin With Discounts Of Upto 20% On Protection

The alliance between El Corte Inglés and the Mutua Group begins with an exclusive focus on deposits. The first campaign of its common insurance business offers discounts of up to 20% for life , accident and health products to new clients or existing clients, but who do not have similar policies subscribed through the distribution group, although they may have of coverage in other types of risks and branches (home, travel, etc.).

In some cases, the offer also seeks to add activity and even customers to the distribution group card, by providing extra savings if it is used to pay the premium. In life, for example, the promotion includes a product that can be subscribed to with discounts of 15% on the first year’s net premium and add another discount of 7.5% if it is paid through the El Corte purchase card English.

In accidents, it promotes a policy with discounts of 7.5% if it is paid with the same means of payment, and in Health , discounts can be obtained on the policy for three years without having to pay it that way : 20% the first year and on the net premium of 2022, 15% in 2023 and 10% in 2024.

The campaign started on the 1st, coinciding with the formal implementation of the agreement after receiving the relevant authorizations from Competition and the General Directorate of Insurance. Its plácet launched the process and it will be implemented through three joint ventures: an insurance subsidiary, a related agency and a securities agency -the latter will start operating in 2023 and will focus on investment and savings products-.

The alliance makes Grupo Mutua the exclusive insurance and asset management partner, although the subsidiaries will have autonomous operations and the vocation is to maintain the portfolio. Its commercial focus will be aimed at attracting new business or policies not underwritten by existing insurance customers.

The group chaired by Marta Álvarez was running the business in agreements with different companies such as Allianz, Axa, Génesis, Pelayo, Fénix Directo, Ocaso, Asisa, Sanitas or DKV and through a brokerage before joining forces with Mutua.

The current clients in the portfolio will continue with the same conditions subscribed to with their companies and El Corte Inglés will continue mediating these policies and promoting their maintenance with the companies that have been providing the service. The growth of the portfolio is to be generated with the sale of new insurance, which will already be provided only by Mutua.

15 million customers
The agreement opens a flow of 15 million clients to the group to intensify the commercialization of insurance and investment funds, and with the possibility of offering coverage of a very diverse nature in the future (travel, life, home, cars, health…) .

The group led by Ignacio Garralda has invested 1,105 million in an agreement with which it also buys 8% of El Corte Inglés. The distribution group has used the check to reduce its debt to around 2,500 million euros , its lowest level in 15 years.

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