Focus on: Our legal department

The MAPFRE Chile legal team is actively involved in important transactions and operations, including purchases, acquisitions, and the management of significant claims. Currently, our team is working on an assignment operation involving reinsured portfolios of life annuity policies with a value exceeding USD 40 million in financial assets.

Given the heavily regulated and supervised nature of our industry, as well as the wide range of subjects we regularly handle, it is crucial for MAPFRE’s legal team to undergo continuous training through internal and external programs. This ensures our readiness to navigate the ever-changing landscape and maintain our flexibility and focus on the business.

In fact, in 2022, the Chilean insurance industry regulator issued 91 new regulations, a 23% increase compared to 2021, with 54% directly affecting the insurance sector. These new regulations, along with upcoming laws on economic crimes and data protection, as well as a law strengthening consumer protection, pose significant challenges not only for our legal team but also for all departments within the company. The effective management of these new challenges requires timely and accurate responses from the legal area.

Given the aforementioned, we believe that the adoption of new technologies is essential for in-house legal teams to effectively address the multitude of regulations affecting our industry. Embracing these technologies enables us to expedite our responses and enhance decision-making processes. MAPFRE Chile is progressively implementing technological platforms to align with the trend of legal operations. This approach has already yielded excellent results, automated processes and providing faster and more organized access to relevant information. It has also improved our legal analysis capabilities, allowing us to deliver more efficient and effective responses to the increasingly demanding business areas of the company, even in a persistently challenging and dynamic environment.