The collaboration between startups and corporations is incredibly exciting. Small, agile and flexible meets large, complex and regulated. It's a roller coaster ride through different worlds with different products and constant belly rubs. In order to steer the ups and downs into regulated channels, you need a roadmap. How good that there is the mentoring program within the InsurLab Germany Accelerator!
And there were also belly-flops in Batch 2020 with us as the R+V Group and Miss Moneypenny as the startup. The mentoring program has paid off for the second time in a row. Unlike the famous headquarters of the British Secret Service (cue 007), however, a tangible liaison between smart customer interaction and relevant use case has emerged.
A major challenge for us, as well as for many other insurance companies, is to be present at relevant customer contact points on a regular basis. The annual premium invoice, often the only customer contact after conclusion, is not exactly a showcase example. So how can an insurance product position itself digitally, personally, and always available in everyday life? Digital wallet passes can be a solution module for this!
And this is where Miss Moneypenny's service offering comes in. The team has managed to transform a simple insurance card into an exciting customer journey. The medium used is the "digital equivalent of the wallet" on the customer's smartphone. The insurance product is thus placed right next to the Visa card for payment or the boarding pass for the next flight. All cards can be viewed in an overview directly in Wallet (iOS) or Google Pay (Android). If you would like to know exactly how this works, you will find many answers in the following Video.
In mentoring, we looked at the entire customer journey together with Miss Moneypenny and focused on a very specific use case as an example: The new digital car insurance card of R+V Versicherung. Since fall 2020, we have been successfully testing the new interaction medium with approximately 2,500 users. Our motor vehicle customers have the card with the most important information with them at all times, receive information relevant to them via push message (e.g., the option to reduce the km benefit), and can digitally pass on a damage service card to their accident party in the event of an accident.
A complete success for our users, for R+V and for Miss Moneypenny! The tummy tingle has not disappeared even after the first six months and we are enthusiastically following the new approach! And by the way, we are already looking forward to the next Accelerator Batch 2021!
About R+V
R+V Versicherung is one of Germany's largest insurers for private and corporate customers and belongs to the Volksbanken Raiffeisenbanken Cooperative Financial Network. R+V has been an active member of InsurLab Germany since its founding and helps shape the life of the association.
About Miss Moneypenny Technologies
Miss Moneypenny Technologies manages customer journeys on digital wallets. Founded in 2014, the self-funded startup has been profitable since the beginning and successfully cooperates with corporations from various industries. Miss Moneypenny Tech places the brand of its customers in the predestined place for personal, digital values: the mobile wallet. Personalized customer journeys are mapped automatically in Mobile Wallet passports and help German corporations to bring relevant information into the digital everyday life of their customers.