Leading Spanish financial institution CaixaBank has partnered with B2B2C insurtech platform 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.
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.