DepositPass

Which customer problem does DepositPass solve?
To rent a property is expensive and stressful for the millions of tenants in any market due to: fees for letting agent, deposit (=cash), move, possible home renovation or commercial property adaptation and in some markets bank deposit (=again cash) in order to obtain the tenancy deposit and the deposit's recurring fees. A tenancy deposit is necessary, because it is demanded by landlords in any market.

What makes DepositPass unique and hard to duplicate?
Use of pledge (assignment) of life insurance savings policies by tenants in favor of landlords to guarantee obligations under tenancy agreement charging an one-off and all-in fee independently from term of tenancy agreement. Other rental deposits - banks and insurers - charge fees and premiums regularly yearly during whole term of tenancy agreement. Underwriting process, credit assessment and/or risk scoring are not necessary making DepositPass/AvalVida technically very simple.

What are benefits of DepositPass for life insurers and their intermediaries?

• "Turn-key" access to new business opportunity and product category
• Simple add-on and customer retention tool that reduces lapse rates on in-force portfolios
• Low up-front and set-up costs: no underwriting required, simple product design, admin and technology integration
• White labelling
• Cross-selling of new life savings premiums
• Additional income from commissions
• International insurers can scale DepositPass across markets/regions and other product lines
• Socially responsible: DepositPass has low requirements/risks

In Spain we work with insurance brokers focused on life insurance savings.  We enable them to write new life premiums and generate new sources of commissions.  

Member of BARCELONA INSURHUB

July 2022:  among top 12 to Forward's Funding Lab

June 2022:  participant in K-STARTUP GRAND CHALLENGE 2022 | Global Audition

September 2021: semi-finalist Hong Kong Fintech Week | Global Fast Track Pitching Competition

February 2021: candidate to final at FINSUM FINTECH SUMMIT 2021, Tokyo

October 2020: finalist in Norton Rose Fulbright's Insurathon 2020, London

February 2020: European semifinalist for Fundación MAPFRE Awards for Social Innovation, Madrid

November 2018: winner of Spanish InsurTech Award 2018, InsurTech with Greatest Social Impact

May 2017: finalist at Bankia's accelerator, Madrid

January 2016: finalist at 1st edition of Caser's Digital Incubator, Madrid