Collaboration between Banco Sabadell and Zurich It takes another leap forward with the launch of a renewed Life and Home insurance offer, structured around the new range ZenithThis update to the bancassurance agreement aims to strengthen the weight of the insurance business within the group, enhance customer relationships, and consolidate the alliance as one of the most relevant players in the Spanish market.
The movement occurs at a time when BanSabadell Life, General Insurance and Pensions, the a joint venture The business shared by both entities maintains a clearly upward trajectory in both premium growth and market share. The new joint strategy focuses on higher value-added products, more stable contracts, and a strong emphasis on comprehensive protection and long-term customer support.
A strategic relationship that is strengthening
Banco Sabadell and Zurich have maintained a relationship for almost two decades bancassurance alliance which is channeled through BanSabadell Vida, Seguros Generales y Pensiones, the joint venture created in 2008 to market insurance through the bank's network. This structure allows the financial institution to offer a wide range of policies, leveraging the insurance group's technical expertise and risk management capabilities.
In recent years, the insurer has gradually increased its weight within the bank's capital, reaching approximately 4,9% shareholdingThis makes it one of its main financial partners. In addition to its industrial role as a partner in the a joint ventureZurich has been a key ally in times of corporate tension, such as the takeover bid launched by BBVA, in which it openly expressed its rejection of the operation.
The new phase of the agreement does not modify the existing corporate structure, but it does Updates strategic and commercial prioritiesThe focus shifts to more comprehensive protection solutions, more specialized advice, and longer-term relationships with clients, both individuals and businesses.
For Banco Sabadell, this reinforcement fits perfectly into its roadmap, since the insurance business has been identified as one of the growth levers for the period 2025-2027The bank seeks to increase recurring fee income and improve risk-adjusted profitability through insurance products linked to its traditional financial services.
Strong growth results for the joint venture
The recent evolution of joint insurance activity It supports the decision to deepen the alliance. BanSabadell Vida maintains its second-place ranking in the sector in Spain and has experienced a notable increase in market share, going from approximately one 11% in the second quarter about the 12,7% in the third quarter.
In terms of volume, BanSabadell Vida has reached around 3.471 billion euros in premiumsThis represents an increase of over 170% compared to the same period last year. This growth, well above the market average, reflects both the commercial strength of Banco Sabadell's network and the repositioning of its insurance offering.
In parallel, BanSabadell General Insurance It also shows positive growth. Its business is growing by around 11,6%This contrasts with a market that is growing by around 7,3%. Within this portfolio, multi-risk home insurance policies stand out, with a premium increase of nearly [percentage missing]. 14%and the Health sector, which is seeing increases of around 27%This performance consolidates the alliance as one of the most dynamic players in the Spanish insurance market.
The market context is also favorable for this strategy: the model of bancassurance It is gaining traction in Spain thanks to the broad customer base of financial institutions and the growing demand for integrated banking and insurance solutions. The collaboration with Zurich allows Banco Sabadell to rely on a partner specializing in product design, underwriting, and claims management, while also leveraging the extensive reach of its sales network.
New Zenit range: guaranteed premium for three years and more added value
The visible focus of this strengthening of the alliance is the presentation of the Zenit rangeA product line that applies to both Life and Home insurance. The main distinguishing feature of this offering is the three-year contract with premium guaranteed for three years, without increases for age, accident rate or inflation (CPI) during that period.
This configuration represents a significant innovation in the market, as it offers customers a greater stability in the cost of your policy In an environment of economic uncertainty and rising prices, the Zenit plan also allows for monthly payments without surcharge, making it easier for households to plan their finances by spreading expenses throughout the year.
The Zenit range is not limited to freezing the premium, but is complemented by additional services aimed at increasing the value perceived by the customer. In Home insurance, for example, services such as IT support, energy efficiency assistance, and commitments to fast claims handling are incorporated, with possible financial compensation if certain deadlines are not met.
In Vida, the Zenit modality adds advantages such as ongoing legal advice and access to a second international medical opinion, benefits that aim to respond to complex situations in which the insured may need professional support beyond mere traditional financial compensation.
These new developments are part of Sabadell Seguros' overall strategy, which aims to differentiate itself through products "for use during life," with coverage and services that are useful in everyday life and not just in extreme cases, thus fostering a closer and more recurring relationship with the clients.
Home Insurance: more coverage, services and specific solutions
Within the Home insurance sector, Banco Sabadell and Zurich have completely revamped their offerings with Sabadell Home Insurance in three coverage levels: Standard, Plus, and Premium. This is a range designed based on interviews with more than 6.000 clientsThis has allowed us to adjust the guarantees to the real needs identified in different profiles.
The proposal includes classic coverings such as fires, thefts, electrical damage, dampness or family and pet liability, to which extensions designed for owners, landlords, and tenants are added. These latter extensions include rent collection and eviction proceedings, garden restoration, protection against outdoor theft, and legal claims against landlords.
In addition, the policy incorporates a series of value added services that have been gaining weight in user demand: 24-hour assistance seven days a week, urgent attention in less than three hours in certain cases, handyman services for small home repairs, support for appliance repair or digital veterinary consultation.
In the Zenit Home plan, these coverages are maintained but with a three-year contract and frozen premium, adding the possibility of monthly payment without surcharge and additional benefits such as IT support and energy efficiency servicesThe company commits, for certain products, to sending an expert in less than 24 hours, starting repairs within short timeframes, and paying compensation quickly, even considering refunds of up to 200 euros if the agreed-upon timeframes are not met.
The company had already been introducing innovations in this field, such as the inclusion of specific coverage against the illegal occupation of housingThis goes beyond standard legal protection. This guarantee offers financial support for property recovery expenses, potential damages, utility costs, and compensation for lost rental income or alternative accommodation.
Life Insurance: comprehensive protection and a focus on well-being
In the area of Life, the alliance has launched Sabadell Life Insurance also in three modalities (Standard, Plus and Premium), with a structure designed for different age segments and family situations: families with children, adults in their prime working years and people over 50 with specific protection needs.
Policies include increasingly in-demand coverages, such as protection against serious illnesses (for example, cancer or heart attack), home care after hospitalization, or guarantees for cases of severe disability and situations that may seriously affect the quality of life of the insured.
One of the distinguishing features of this range is the declared intention to design life insurance “for use during life”This translates into the incorporation of benefits designed to support the insured at different life stages, such as family assistance for children's studies, coverage for broken bones, or psychological support services during difficult times.
To reinforce this approach, Vida's solutions integrate a catalog of prevention and well-being services24-hour medical guidance, advice on nutrition, pediatrics, sports training and allergies, as well as specialized mental health care through psychologists who help manage stress, anxiety or other similar situations.
The Zenit version of these insurance policies keeps the premium unchanged throughout the three-year contract and allows monthly payments without surcharge, also incorporating advantages such as Legal advice available 24 hours a day and access to a second international medical opinion, two resources especially valued by customers in surveys conducted by the company.
More advice and greater integration into the sales network
The strengthening of the alliance between Banco Sabadell and Zurich is not limited to products. It also involves a greater integration of insurance into business processes from the bank, with a prominent role for personalized advice and the use of digital tools to detect protection needs.
The financial institution is working to intensify the specific training of its teams so they can offer recommendations tailored to the profile and situation of each client, whether individuals, businesses, or the self-employed. The goal is to evolve from a more transactional model, focused on simply distributing policies, to one based on... financial and estate planning long term.
In the private segment, the offer is geared towards family ProtectionSavings planning and coverage for unforeseen events that could disrupt the household's financial stability are key components. In the business sector, the emphasis is on solutions tailored to the specific risks of each activity, including property insurance, liability insurance, and protection for key personnel within organizations.
From Zurich, the alliance reinforces its commitment to the bancassurance channel in Spaina market that the company considers strategic within Europe. The insurer contributes its product design capabilities, underwriting experience, and claims management, as well as its expertise in advanced protection and forecasting solutions, while Banco Sabadell provides its customer base and branch network.
The agreement rests on a shared governance model, which allows for the alignment of commercial objectives and service quality, while complying with the regulatory standards of the financial and insurance sectors. This structure seeks to guarantee a sustainable and balanced growth for both parties, avoiding dependence solely on specific sales peaks.
With these changes, the alliance between Banco Sabadell and Zurich positions itself as one of the leading examples of the bancassurance business in Spainsupported by a combination of product innovation (such as the Zenit range with guaranteed premium), good results in terms of premium growth and market share, and a strategy focused on providing more protection, stability and value-added services to Life and Home customers.