Laying Foundations for Renewed Growth — and a Secure Future

Health insurance is undergoing a ‘moment’ in Spain, and one dynamic company has its finger on the pulse.

The health insurance has continuously expanded in Spain since 2012 — and is responsible for more than a quarter of the nation’s non-life insurance premiums.

That’s impressive in a country with reported premiums of more than €11bn for 2023. Nearly one in four citizens is covered by a healthcare policy.

SegurCaixa Adeslas, part of the Mutua Madrileña Group and owned by CaixaBank, has established itself as a stand-out performer for its ability to take advantage of market conditions. It has consolidated its leading position in the health sector. Last year, it obtained premiums worth €4.7bn euros, 6.6 percent more than the previous year.

Those results were largely thanks sterling performances in the health, multi-risk and motor divisions. This market leadership has been reinforced by the incorporation of Basque firm IMQ, resulting in a market share of 31.6 percent in the health sector — twice the sum of its two most direct rivals.

These impressive results stem from a strategy focused on sustainable growth, and on SegurCaixa’s strength in commercial, traditional and bancassurance channels. In the latter case, the CaixaBank alliance proved to be a strategic asset. The firm boosted growth with triannual insurance solution ranges — without premium increases.

The digitalisation of processes has given customers increased accessibility and delivered personalised services. Adeslas Salud y Bienestar’s digital health hub, with some 1.2 million registered users, offers a range of self-management and service functionalities focused on preventative healthcare.

The Adeslas Salud y Bienestar digital platform plays a proactive role in the promotion of customer wellbeing and concedes a special attention to family health. It includes the provision of health cards, vaccination schedules and other solutions for specific targets, including paediatric coaching for families.

If pathologies appear, the platform enables the monitoring and control of acute episodes. The insurer hones healthcare resources geared to the country’s increased average population age. Chronicity, comorbidity, and general societal healthcare needs are catered for.

SegurCaixa Adeslas also excels in the accident division, with a market share of 8.3 percent in multi-risk, highlighting business insurance (specifically, stores). It reported the highest growth of the top 10 in the segment (11.9 percent). The death segment, too, saw significant growth (10 percent). In the car insurance sector, SegurCaixa Adeslas had truly spectacular growth: 51.9 percent last year, and 6.6 percent of the market total.

SegurCaixa Adeslas is engaged in the first phase of its Strategic Plan for 2024-2026. The focus is on three axes:

• Reinforcement of the commercial offering and the exploitation of new opportunities to renew growth
• Changes in commercial and management capacities
• The transformation of customer experience.

With initiatives such as this, the firm has established itself as an industry benchmark. Add to that, the alliance with CaixaBank establishes SegurCaixa Adeslas in a positive position to cement its leadership position.