BBVA Seguros and Sanitas, a Spain-based insurance group, have signed a new strategic partnership agreement for the next four years extending their relationship that was started in 2006.
The new deal entails signing a co-insurance agreement, which will come into effect on July 1 and means each company will have 50% interests in all new policies written in the more than 3,000 BBVA office in Spain.
The agreement pursue on the objectives agreed between BBVA and Sanitas to increase both their customer bases and revenue. The companies’ forecasts point to a portfolio of 120,000 policyholders by 2014, with co-insurance targeting mainly SMEs, the self-employed and private individuals.
According to the new deal each company will have 50% interests in all new policies written in the more than 3,000 BBVA office in Spain. BBVA customers become eligible for a health insurance product with special advantages created by BBVA Seguros and Sanitas.BBVA Seguros and Sanitas expect to have 120,000 policyholders by 2014.
Eugenio Yurrita, chief executive of BBVA Seguros, said: This strategic deal complements and reinforces the value-added offering we make available to our customers, giving them access to special health products through our collaboration with an expert partner and industry leader like Sanitas. It also paves the way for diversified growth in the coming years.
Inaki Ereno, CEO of Sanitas, said: “The agreement reaffirms Sanitas’ commitment to furthering its partnership in health insurance products with BBVA. For us, the bank’s extensive branch network is crucial, which we expect to be able to leverage in order to improve our capacity and commercial reach and boost our sales.”