Santander Brasil spins off auto insurance business – Valor

Banco Santander (Brasil) SA is spinning off its digital auto insurance business into a new entity, to be named Santander Auto Compara, launching later today, Valor Econômico reported.

Santander Auto Compara will quote policies with seven major insurers: Santander Auto SA, Allianz Seguros SA, HDI Seguros SA, Liberty Seguros SA, Sompo Seguros SA, Tokio Marine Seguradora SA and Zurich.

Ronaldo Rondinelli, CEO of Auto Compara, said the unit will initially focus on vehicle coverage, but aims to offer insurance products in general and double in size in three years. The auto insurance platform aims to have clients enter information, and receive a quote on their insurance policies in 10 seconds.

Through the move, the insurance platform which had so far been available exclusively to Santander clients, will be open to the public at large.