Country: Spain

About Challenge And Opportunity

Insurance is a core component of Santander’s business, generating a profit contribution of approximately €1.6bn and serving more than 20 million customers globally . Insurance plays a critical role in customer loyalty, as insured customers stay longer with the bank, while supporting Santander’s mission of providing financial protection that enables people and businesses to prosper.

Over recent years, the business has grown at double‑digit rates (excluding 2020 due to COVID) and has made significant progress in expanding its product offering and transforming sales processes into digital journeys.

However, there is still substantial untapped potential. Digital penetration varies widely across countries and products, and conversion rates remain below their full potential. Capturing this opportunity requires scaling experimentation, simplifying journeys, strengthening omnichannel distribut...