Iberdrola busca una alianza para vender seguros a sus clientes

Iberdrola, the Spanish electricity company, is seeking an alliance with one or several partners to offer insurance to its millions of customers. The company has invited interested companies to submit proposals for selling its insurance to the 11 million users it has in Spain. This move follows similar steps taken by other firms from various sectors such as Carrefour, Masorange, Repsol, Correos, El Corte Ingl�s, who have leveraged their large customer base to provide the same to insurers through distribution agreements.

Interested partners could be those who have participated in similar processes with other companies, such as Mapfre Allianz Partners and AXA Partners, who were finalists in Masorange's bidding process in 2025 which ended with Zurich as the exclusive provider of home, travel, health, cyber security, payment protection, car and life insurance, as well as commercial and freelance insurance.

Both companies share a strategic investment agreement to invest jointly in renewable energy in Spain and a joint risk capital fund managed by Kobus Partners, aimed at investing in energy generation assets (solar photovoltaic and wind). Potential white label partners for Iberdrola could include Allianz Partners and AXA Partners, whose main objectives are to offer their insurance to the clients of other companies they have agreements with, often acting as white label providers for their partners.

Other possible participants could include DKV and Caser (now Helvetia Caser), as well as Occident. However, DKV only works with health insurance, so if Iberdrola opts for a single partner, it should be one present in the main sectors of automobiles and home insurance. Currently, Iberdrola's only insurance agreement is with American MetLife, with which it has been offering payment protection insurance to its energy customers for over twenty years.

The commissions from selling insurance to its customers contribute to the company's improved results and diversified activity, one of the objectives of large corporations with millions of users. Insurers, in turn, gain access to new distribution channels, a key aspect in an increasingly competitive market. Repsol entered the insurance distribution in spring 2024, alongside several insurers, offering policies for cars, motorcycles, and homes, with coverages similar to its own activities: fuel refueling and gas and electricity sales to individuals.

Repsol's lineup includes insurance from Allianz, AXA, Generali, Ocaso, Occident, Pelayo, Qualitas, Reale, Santalucía, Tuio, and Zurich. Health insurance is covered by Aegon, Fiatc, and DKV. Sales are made through the brokerage Projects and Services, providing customers with discounts on fuel purchases through Waylet, the petrol company's payment tool.

Operations include a comparison and coverage portal displayed on Repsol's insurance website and in the tool, where customers can select the necessary modality for each case. Repsol also sells direct line insurance over the phone and is working on integrating this partner into the portal for increased visibility. Carrefour recently launched its first alliance with Mapfre, starting with accident, death, and retail basket insurance products.

The partnership aims to significantly transform the retail insurance model in Spain. AXA's strategy is to partner with Correos, following their alliance last year, which has generated over 10 million euros in premiums across 30,000 customers. The telecom company achieved this by providing protection for 30,000 clients. For Iberdrola, the goal is to provide its customers with white label insurance, primarily in the automotive and home insurance sectors.

Currently, Iberdrola's insurance coverage is with Irish-based MetLife, which provides protection for the company's installations and losses. However, full operational risk coverage is not always possible or efficient, leading to limited coverage and certain limitations. The company also has a specific cyber risk insurance policy that is updated based on the changing digital environment.