Digital Insurance Agenda

SaveUp: Revolutionizing the savings life insurance space

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Oct 30, 2017

MunichRe’s Life Financial Solutions Business has developed a new variable annuity product concept called SaveUp. It’s the first attempt to revolutionize the savings life insurance space in Europe, through new product offerings and an entirely new distribution channel via a smartphone app. SaveUp is a simplified savings product suitable for online self-service sales and management via web and smartphones. It is packaged for young consumers as a guaranteed savings and investment offering, allowing them to participate in investment markets while maintaining the security of their chosen guaranteed amount.

Central in the development of SaveUp was a user-centric process involving over 500 user interviews and tests to ensure high probability of success and user acceptance of the financial product and user tools. SaveUp’s white label service offering covers the complete value chain of the life insurance business.

Modular package
SaveUp has a modular package, with the following independent and selectable elements:
Tools: the Sales & Admin Tool supports traditional distribution via agents, brokers and banks

  • Front-end retail consumer tools embodying user-centric design principals for enhanced user experience: app accessible via mobile, responsive website application for laptops, desktops and tablets.
  • Complementary corporate user tools for distributers, customer service staff and administrators: responsive website application for laptops, desktops and tablets as well as sales & administration tools.

Services:

  • Back-end policy administration services with integrated customer services: live video identity online verification service, general help call center assistance.
  • Customer behavioral analysis based on granular app and website usage data.

Financial Product:

  • Delivery of Guaranteed Minimum Value via reinsurance.
  • Delivery of investment performance for base chassis account via reinsurance.

The SaveUp service offering comprises 5 different modules that can be selected according to individual needs

Why we selected SaveUp for DIA Munich
SaveUp is the first attempt to revolutionize the savings life insurance space in Europe, through new products offering and an entirely new distribution channel. We think SaveUp can be attractive for both the ‘old’ and ‘new’ insurance industry.

Who is SaveUp?
MunichRe is one of the world’s leading players in the reinsurance industry. Their primary insurance operations have essentially been combined in the ERGO Insurance Group. Their business model is based on the combination of primary insurance and reinsurance under one roof. They take on risks worldwide of every type and complexity, and their experience, financial strength, efficiency and first-class service make them the first choice for all matters relating to risk.

MunichRe backs more than a half-dozen fintech providers, including London-based cell-phone insurer So-Sure and U.S. home insurer Lemonade Inc. Investing in these startups provides reinsurers with an opportunity to diversify without encroaching on the business of their big insurance-company clients. It could also mitigate the effects of record-low interest rates and below-average catastrophe claims, which are reducing demand for their services.

“Among the thousands of startups out there, some really good ones will emerge,” Torsten Jeworrek, a member of MunichRe’s management board, said. “We want to be at the forefront of this.”


Munich Re’s Life Financial Solutions Business responsible for SaveUp

Website: www.save-up.net

Presenter 1: Darryl Stewart
Presenter 2: Michael Galea

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