The Spanish CaixaBank has joined forces with the InsurTech bsurance platform to create and test new integrated life insurance offers.
The company announced the partnership on Friday, October 29, in a press release, saying it is part of the open innovation program of CaixaBank, Innsomnia. CaixaBank chose bsurance as one of eight startups to help test new products and solutions.
This project will see bsurance work with VidaCaixa, the insurance arm of the bank, to integrate a digital product into the VidaCaixa portfolio, enabling CaixaBank to offer customers tailor-made life insurance products at the point of sale.
âNot only does this increase the number of products offered to customers by integrating them at the point of sale, but it also allows consumers to quickly and safely purchase appropriate insurance products,â the bank said in a statement.
Lorenz Graeff, CEO and co-founder of bsurance, added: âThis project will show how smart insurance products can be quickly integrated into a financial institution’s existing offering to provide a range of new services to clients.
âThe future of the insurance market is all about convenience for customers. This means tailor-made products presented at the perfect time – a quick, easy and secure purchase. We are delighted that CaixaBank has chosen bsurance to help create and test next generation insurance solutions.
According to bsurance, the partnership follows a series of important milestones for the company, including its expansion across Europe and its partnership with Amodo to create new insurance products for the automotive sector.
Other companies working with CaixaBank are GK8, Onyze, aQuantum, TAIGER, SmartBiometrik and Inspiration-Q. These startups, all based in Europe or Israel, were selected from among 200 participants from 28 nations.
Read more: Merger between CaixaBank and Bankia could create Spain’s largest financial institution
Last year, CaixaBank announced plans to merge with Spain’s Bankia in a $ 5.2 billion deal that created the country’s largest national bank, a title once held by Santander.
According to Reuters, the deal was finally approved by regulators in March, with Spain’s competition watchdog demanding that CaixaBank guarantee terms of sale to existing Bankia customers in parts of Spain.