Group News

HDI Seguros agrees on joint venture with Santander

The Brazilian company HDI Seguros S.A., a subsidiary of Talanx, launched a digital insurer at the end of December in cooperation with Spanish bank Santander. Going forward, the new company operating under the name "Santander Auto" will offer exclusively motor insurance products through Santander's distribution platform.

Santander is the third-largest bank in Brazil and number one in the country in the car financing business: customers who purchase a vehicle in Brazil receive a financing offer from the roughly 9,400 cooperating dealers. This is backed by Santander, which extends the credit. With the aid of an online tool provided by the bank, the car dealer needs to ask just six standardised questions to determine the conditions under which a customer can be offered financing.

This is where the tie-in with HDI now comes into play: in future, based on the customer's responses, the subsidiary of Talanx International AG will calculate the motor insurance premium. HDI thus integrates itself seamlessly into the bank's processes. Ultimately, Santander serves as a one-stop shop for the customer's car financing and insurance – the risk carrier for the motor policy being the new joint venture. "We are setting a new standard in the Brazilian motor market and making it easier for car buyers to purchase their insurance policy at the same time", Dr Camillo Khadjavi, the Board member of Talanx International AG responsible for Latin America/Asia as well as the Best Practice Lab, commented.