Spain’s CaixaBank has joined forces with the InsurTech platform bsurance to create and test new embedded life insurance offerings.
The company announced the partnership on Friday (Oct. 29) in a news release, saying it is part of CaixaBank’s open innovation program, Innsomnia. CaixaBank picked bsurance as one of eight startups to help test new products and solutions.
This project will see bsurance collaborate with VidaCaixa, the bank’s insurance arm, to integrate a digital-first product into the VidaCaixa portfolio, allowing CaixaBank to offer customers tailored life insurance products 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, but it also enables consumers to quickly and securely purchase appropriate insurance products,” the bank said in a news release.
Added Lorenz Graeff, CEO and co-founder of bsurance: “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 — quick, easy and secure to purchase. We’re delighted CaixaBank has selected bsurance to help build and test next-gen insurance solutions.”
According to bsurance, this partnership comes on the heels of a series of milestones for the company, including expansion throughout Europe and its team-up with Amodo to create new insurance products for the automotive sector.
The other companies working with CaixaBank include GK8, Onyze, aQuantum, TAIGER, SmartBiometrik and Inspiration-Q. These startups, all based in Europe or Israel, were selected from 200 entrants from 28 nations.
Last year, CaixaBank announced plans to merge with Spain’s Bankia in a $5.2 billion deal that created the country’s largest domestic bank, a title once held by Santander.
According to Reuters, the deal was ultimately approved by regulators in March, with Spain’s competition watchdog requiring CaixaBank to guarantee the sale terms and conditions to existing Bankia customers in some parts of Spain.