Ignacio Hernando de Larramendi was a pioneer in the development of the modern-day MAPFRE Corporation, Spain's larger insurer and one of the most prominent insurers in all of Latin America. Before the proliferation of large and diversified global insurers, he created, in the l970's, an early model of a global insurer with a business philosophy he named "specialized diversification". His successful model of "on stop financial shopping" would later be emulated by many other companies around the world.
MAPFRE expanded into Latin America under Mr. Larramendi and today is in over 30 companies in that region of the world. The early hallmark of MAPFRE begun under Mr. Larramendi was the absolute devotion to the development of customer services. He initiated many creative user friendly services for customers which were later replicated by others, including a travel assistance plan for motorists, home assistance programs linked to homeowner's multi-risk insurance.