CaixaBank chooses bsurance to help create first-of-its kind embedded life insurance products at the point of sale. Five month project will build a PoC to digitise and embed life insurance products in CaixaBank’s sales channels.
Leading Spanish financial institution CaixaBank has partnered with bsurance on a project to create and test new embedded life insurance products.
The collaboration is part of CaixaBank’s open innovation program Innsomnia. bsurance was selected alongside seven other startups from different industries to help create and test new products and solutions for CaixaBank.
For the PoC, bsurance is working with VidaCaixa, CaixaBank´s insurance branch, to integrate a first digital insurance product from the VidaCaixa portfolio. This will enable CaixaBank customers to add tailored life insurance products online at the point of sale. Not only does this increase the number of products offered to customers, by integrating them at the point of sale, it enables consumers to quickly and securely purchase appropriate insurance products.
Lorenz Graeff, CEO and Co-Founder of bsurance, said: “The digital and embedded insurance sector is flourishing, driven by progressive companies like CaixaBank and huge consumer demand. This project will showcase how intelligent insurance products can be quickly integrated into a financial institution’s existing offering to provide a range of new services to customers”.
“The future of the insurance market is all about convenience for customers. This means tailored, products presented at the ideal time, and quick, easy and secure to purchase.We’re delighted CaixaBank has selected bsurance to help build and test next-gen insurance solutions.”
bsurance’s partnership with CaixaBank follows a series of major announcements from the insurtech, including expansion across Europe and a partnership with Amodo to build new insurance products for the automotive market.
Caixabank Fintech by Innsomnia is the first collaborative Fintech accelerator in Spain. It has consolidated itself as the largest open innovation program of a Spanish bank, which has allowed the financial institution to co-create new products and services together with the best international Fintech startups. In the years since it was founded it has received more than 700 applications and accelerated more than 60 projects and consolidated its international vocation. Of these, 90% have developed a Proof of Concept (PoC) for the bank.
bsurance will join GK8, Onyze, aQuantum, TAIGER, SmartBiometrik and Inspiration-Q on the CaixaBank Innsomnia programme. These startups from Europe and Israel were chosen from 200 entrants from 28 countries.
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