Confide, the insurance brokerage, has created a subsidiary to offer human resources consulting services. Its president, Martín Navaz, explained that the new firm, Confide Consultancy, will initially focus on advising the clients of the brokerage firm about the implementation of flexible compensation plans, which include benefits such as life and health insurance, restaurant tickets, gym fees, childcare checks, etcetera.
Confide is a specialist in providing insurance to companies, many of them large multinationals. “We have a customer portfolio of 8,000 client companies with 22,000 workers and we were providing many of them with health insurance, and we discovered that there was demand to incorporate other benefits that we, as brokers, did not have in our portfolio.
The new company broadens the range of service beyond insurance. And it will be self-sufficient to attract its own clients, focusing on companies with more than 100 employees” he explained.
Mr. Navaz added that the insurance brokerage has reached an agreement with a technology company to develop its own platform and he foresees that its subsidiary will manage flexible compensation plans for 30,000 workers over a period of three years, with a non-insuring income of 600,000 euros.
Confide made 5.3 million euros profit last year, with an increase of 15% and a profit growth of 50%. The firm intermediated premiums to a value of 60 million euros from its offices in Madrid and Barcelona and it has a staff of 50 people. The prospect for this year, he explained, is equally positive and foresees an 20% increase in production.
As a result of the 85% purchased capital of the company by the management team, Confide started a new stage in November. Navaz himself is the main investor of this group, with 70%, along with the managers of the commercial, technical and financial area. The rest of the capital of the brokerage is in the hands of an investor group, the Bertrán family, with 15%.
Confide, founded in 1990, managed 30,000 claims last year. The group concentrates the majority of its business in civil liability insurance (40%), followed by industrial risks (35%), health insurance (20%) and a small area of private insurance (5%) “Confide always makes an effort to expand services to company managers. Our vocation has always been to focus on highly specialized insurance, which has a high advisory component, “he said.