Mapfre MSV Life launches SavviSave – dig­i­tal sav­ings sim­pli­fied

• First ma­jor in­surtech in­no­va­tion launched in Malta, mak­ing dig­i­tal fi­nan­cial ser­vices a re­al­ity

The Malta Business Weekly - - FRONT PAGE -

Mapfre MSV Life has launched SavviSave, a highly in­no­va­tive dig­i­tal sav­ings prod­uct that is be­ing con­sid­ered as the first ma­jor in­surtech in­no­va­tion to be launched in Malta. SavviSave, which is be­ing de­scribed as “dig­i­tal sav­ings sim­pli­fied”, is the first fi­nan­cial prod­uct that makes use of mo­bile tech­nol­ogy and where the client ex­pe­ri­ence is fully dig­i­tal.

The launch event was ad­dressed by David G. Curmi, chief Ex­ec­u­tive of­fi­cer of Mapfre MSV Life, Peter Miehle, chief Ex­ec­u­tive of­fi­cer of Mu­nich Re Malta and Prof. Ed­ward Sci­cluna, Min­is­ter of Fi­nance.

Launch­ing SavviSave, Curmi ex­plained how the com­pany has worked closely with Mu­nich Re and the Mapfre Group for the past two years on the devel­op­ment of an in­no­va­tive dig­i­tal sav­ings prod­uct that is de­liv­ered to cus­tomers through a smart­phone app.

“SavviSave is the first fully dig­i­tal sav­ings propo­si­tion that is be­ing launched in Malta. It is now avail­able to cus­tomers through a mo­bile app that can be down­loaded from the App Store or Google Play and through which the cus­tomer can start sav­ing to­wards per­sonal goals. The en­gag­ing and gam­i­fied sav­ings goal set-up, as well as the on­board­ing process, is fully dig­i­tal and pa­per­less. Clients are able to mon­i­tor and man­age their sav­ings goals at all times through the SavviSave app, mak­ing this the first cash-less, pa­per­less and pres­ence-less sav­ings prod­uct avail­able on the mar­ket,” an­nounced Curmi.

“SavviSave is be­ing con­sid­ered as a break­through in the sav­ings mar­ket and a ma­jor in­surtech devel­op­ment at a Euro­pean level with Malta be­ing one of the first Euro­pean mar­kets where this type of dig­i­tal sav­ings propo­si­tion is be­ing made avail­able to cus­tomers. We are very ex­cited to be the first to launch such an in­no­va­tive dig­i­tal sav­ings prod­uct in Malta and we be­lieve that this will be a pace set­ter for dig­i­tal in­no­va­tive devel­op­ment within the Mal­tese fi­nan­cial ser­vices sec­tor and be­yond,” con­cluded Curmi.

Miele said: “Mu­nich Re has a long­stand­ing tra­di­tion of pi­o­neer­ing new mar­ket ap­proaches and adapt­ing to global change. We have with­stood ma­jor global shifts in our sto­ried his­tory. To­day, in the 21st cen­tury, we are ex­pe­ri­enc­ing a new kind of shift – one cen­tred on chang­ing con­sumer pref­er­ences and tech­no­log­i­cal ad­vance­ment. For us, as a rein­surer, we pay close at­ten­tion to tech­no­log­i­cal ad­vance­ments in con­sumer mar­kets. SavviSave is one out­come from this and we are proud of this mile­stone.”

Prof. Sci­cluna said: “It is clear that the dig­i­tal econ­omy has trans­formed our so­ci­ety. This trans­for­ma­tion was brought about by ad­vances in in­for­ma­tion and com­mu­ni­ca­tions tech­nol­ogy. To­day, it can be said that most sec­tors are be­ing im­pacted in one way or another by the rapid spread of dig­i­tal­i­sa­tion.”

Min­is­ter Sci­cluna re­marked that “Malta has al­ways been in favour of the in­tro­duc­tion of in­no­va­tive tech­nol­ogy with an ap­pro­pri­ate reg­u­la­tory frame­work, to help in chang­ing busi­ness pro­cesses and bol­ster­ing in­no­va­tion across all sec­tors of the econ­omy”.

The min­is­ter added that the dig­i­tal tech­nol­ogy has be­come the fu­ture of our in­dus­try and Malta is cur­rently leg­is­lat­ing to reg­u­late and su­per­vise blockchain and cryp­tocur­rency.

Prof. Sci­cluna ex­plained that Malta’s sav­ing cul­ture is be­ing in­cen­tivised by the in­tro­duc­tion of third pil­lar pen­sions, vol­un­tary oc­cu­pa­tional pen­sion schemes and later this year, eq­uity re­lease schemes. He added that Malta “does not ex­clude the fine-tun­ing of th­ese schemes”.

“We are ready to lis­ten to what in­dus­try has to say on th­ese new in­cen­tives so as to con­tinue to gen­er­ate wealth,” claimed Min­is­ter Sci­cluna.

“Malta is aware of the re­cent devel­op­ments and we are work­ing hard with a view to lead in this area of busi­ness,” con­cluded the Min­is­ter for Fi­nance.

A live demo of SavviSave was also de­liv­ered dur­ing the launch event by Dar­ryl Ste­wart, ac­tu­ary at Mu­nich Re and Michael Galea, chief of­fi­cer, Busi­ness Devel­op­ment of Mapfre MSV Life.

Ste­wart ex­plained how Mu­nich Re has de­vel­oped, to­gether with its clients and in close com­mu­ni­ca­tion with po­ten­tial users, a prod­uct plat­form in­clud­ing a flex­i­ble fi­nan­cial prod­uct un­der­pinned by state-ofthe-art user ex­pe­ri­ence. SavviSave, the first live ver­sion in pro­duc­tion, is fi­nan­cially flex­i­ble, cap­i­tal ef­fi­cient and user-cen­tred, al­low­ing cus­tomers to man­age their sav­ings via mo­bile app and web­site.

Dur­ing the prod­uct demo, Galea said that SavviSave is a sav­ings prod­uct that lets cus­tomers save to­wards per­sonal goals and the money saved is in­vested in in­dex funds with a cho­sen guar­an­tee level by the con­sumer. The process that the client goes through after down­load­ing the app is very in­tu­itive and com­prises just three steps.

Ste­wart also high­lighted the dif­fer­ent op­tions avail­able to the cus­tomer to mon­i­tor and man­age his sav­ings goals and to have full up­dated in­for­ma­tion, at all times, on the per­for­mance of the in­vest­ment funds be­hind the goals. Apart from the de­tailed in­vest­ment over­view, po­ten­tial cus­tomers can also deposit or with­draw money from their sav­ing goals or pause pay­ments to a goal at any time di­rectly from the SavviSave mo­bile app. This is another fea­ture of SavviSave that puts the cus­tomer in con­trol by pro­vid­ing full fi­nan­cial flex­i­bil­ity.

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