MAPFRE and the U.S. company Solera Holdings Inc. opened a new technology development center today in Beijing. CESVI CHINA will focus on automobile repair work in China, via the joint venture entity STC, in which MAPFRE holds a 25 percent stake.
With a planned total investment of five million dollars, the new facilities will enable both companies to reinforce their presence in the growing Chinese automobile market, which is well on its way to becoming the largest in the world. STC has already provided comprehensive technical training for nearly 2,000 Chinese professionals working in the vehicle insurance, repair and appraisal industries.
CESVI CHINA is a new addition to the CESVIMAP (MAPFRE Experimentation and Road Safety Center) network. CESVIMAP started out in May 1983 in Spain with the twofold aim of conducting research in the automobile repair field and training appraisers and workshop professionals in matters relating to the repair and assessment of damages sustained by vehicles in traffic accidents.
There are currently six CESVIMAP centers worldwide: Spain (Avila), Brazil, Mexico, Argentina, Colombia and France. STC was created in 2009 by MAPFRE and Solera to further the constant updating of knowledge in the automobile repair world through the use of technological tools and technical training.
MAPFRE has been operating in China for more than 10 years through MAPFRE ASISTENCIA, although both MAPFRE RE and MAPFRE GLOBAL RISKS also have clients in this country. On the insurance side, the company is working on designing a business specializing in the online sale and management of automobile insurance.
MAPFRE is a global insurance company present in 49 countries across five continents. It is the leader in the Spanish insurance market, the top multinational insurance group in Latin America, and one of the top 10 European groups by premium volume. MAPFRE has more than 37,000 employees and nearly 29 million clients worldwide. In 2014 net earnings exceeded 845 million euros ($1 billion) from revenues of 26,367 million ($29 billion).