First major insurtech innovation launched in Malta making digital financial services a reality
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, Chief Executive Officer of MAPFRE MSV Life, Peter Miehle, Chief Executive Officer of Munich Re Malta, and Hon. Prof. Edward Scicluna, Minister of Finance.
Launching SavviSave, David G Curmi, Chief Executive Officer of MAPFRE MSV Life 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,” announced Mr. 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 Mr. Curmi.
Peter Miele, CEO of Munich Re of Malta 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.’ Minister for Finance Edward 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 have 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.
Darryl Stewart explained how Munich Re hasdeveloped, together with its clients and in close communication with potential users, a product platform including a flexible financial product underpinned by state-of-the-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, Michael 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.
Darryl Stewart also highlighted thedifferent 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.
MAPFRE MSV Life p.l.c. (C-15722) is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, 1998. Investment returns can go down as well as up and the past is not necessarily a guide to future performance. Changes in the rate of exchange of currencies may also affect the value of investments.