MAPFRE Insular Insurance Corporation (Mapfre Insurance) is now officially Oona Insular Insurance Corporation (Oona Insurance), as the Securities and Exchange Commission approved its amended articles of incorporation.
This comes after Mapfre Internacional SA of Spain divested its business interests in Asia last October while The Insular Life Assurance Company, Ltd. (InLife) increased its stake in its non-life insurance business to 40%. Warburg Pincus, a leading global growth investor, set up Oona in Southeast Asia with a US$350 million equity commitment.
Oona Insurance is guided by its mission to help customers live life boundless, and its vision to be Southeast Asia’s most customer-driven and transformational insurer. Its aim is to continue the growth of existing distribution channels; agency force, banking and broking partnerships through digitally enabled tools and processes, while also expanding its digital business portfolio. The de-novo digital general insurance platform is led by its Founder and Group Chief Executive Officer Abhishek Bhatia, a seasoned insurance executive.
“We are thrilled to receive this news from the local regulator. This approval helps us move forward as a new brand and marks the start of our transformational journey from a good company into one of the most formidable general insurers in the market. We are all set to provide quality services to our customers, enabled by digital systems and processes on all fronts,” Bhatia said.
Tirso Abad, President and CEO of Oona Insurance added, “This marks a celebratory milestone for all of us and kickstarts our operations to break new ground and deliver on our promise for all our Filipino customers.”
“InLife believes that this joint venture will enable us to expand our reach and relevance to the insuring public. We will provide stronger and better general insurance products delivered through current and future distribution channels using technology to scale up,” said Insular Life Executive Chairperson Nina D. Aguas.
Oona Insurance will continue offering a wide range of products including motor, property, and group health insurance. The company will also introduce new products such as new age lines, cyber risk and health insurance, as well as solutions that are emerging on the back of increasing adoption of internet, e-commerce, and digital payments.