This digital solution transforms young people’s experience with finance by helping them make decisions about their savings and get more out of their money.
Several studies show that, while people under the age of 35 (who will soon make up half of the labor force in Spain) want to save, they don’t know how or aren’t motivated to do so. This is due to a strong aversion to uncertainty and a tendency to think short-term.
Finnite—a decision bot that offers a completely personalized client experience through artificial intelligence—was created based on this premise. This solution enables young people to develop a saving culture and empowers them to make their own decisions regarding finance and investment strategies. The project includes insights from B-Bites, Spain’s winning idea in the first edition of #innovate, MAPFRE’s intrapreneurship program.
Thanks to its unique and remarkable concept, Finnite was awarded a Blue Award, created by INESE to recognize teams from companies in the Spanish market that have set themselves apart from the competition thanks to their stand-out initiatives. These awards are given to innovative projects designed by insurers, reinsurers and insurance service companies related to creating products or services to help improve the service quality offered to clients; innovating and improving internal processes that add value to the company; and developing new successful forms of customer loyalty.
In an increasingly competitive market like insurance, finding innovative proposals to stand out from the competition is becoming more and more important. Hence the relevance of this award, which received proposals from 26 projects at 15 different companies. When accepting the award on behalf of the MAPFRE Vida team, Juan Cumbrado, Director of Innovation at MAPFRE ESPAÑA, shared the initiative’s achievements: “Thanks to this project, we were able to reach a younger audience. Using Artificial Intelligence and Machine Learning, we managed to identify this group’s needs and provide them with a solution. Finnite has also increased motivation among young people to take an interest in financial and savings products by 25 percent.” They themselves endorse these positive results as “We were given a score of 4.6/5 from clients who’ve used the project’s offering. With this in mind, we’re very proud to have met this goal and will keep working to improve our client experience.”
To learn more about Finnite, visit: https://www.jubilacionypension.com/economia-domestica/te-ayudamos-a-ahorrar/finnite-herramienta-aprender-invertir/