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 Curmi, CEO of Mapfre MSV Life, Peter Miehle, CEO of Munich Re Malta and Finance Minister Edward Scicluna.
Mr 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 in the market,” he said.
Mr Miele said: “Munich Re has a long-standing 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 added: “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.”
He added that digital technology has become the future of our industry and Malta is currently legislating to regulate and supervise blockchain and cryptocurrency.
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.