Verti - EMEA Insurer Innovation Award 2024

TDI
Insurer Innovation Awards - EMEA
25/06/2023
MOVERTI

Nowadays, and especially in cities, there has been an explosion of means of transportation
that are at our disposal.
This new mobility, more dynamic, digital, and sustainable, however, leaves a user who only
has his vehicles insured unprotected against incidents. In a society that is exploring new ways
to get around without having to own your own vehicle, who will take care of you if something
happens?
We no longer talk about vehicles; we talk about people.

Presentation of the innovation
MOVERTI ensures the mobility of people, no matter what means of transport they use
MOVERTI is the new multimodal mobility insurance product
that accompanies the person, regardless of the means of
transport the user uses.
MOVERTI is a modular insurance that covers the individual
needs of the person. It has three different modalities: 1) for
urban public transport, taxi and transport vehicles with drivers
(VTC); 2) for temporary use of shared vehicles (carsharing,
motosharing, bike sharing and rental scooters); 3) for owned
electric scooters. In this way, the client chooses which
modalities interest them the most based on their needs and
daily mobility. In addition, policy payment can be made
monthly, quarterly, semi-annually or annually, so that clients
can divide their expenses and manage their insurance with
greater flexibility.
All the modalities of the new Verti mobility insurance are linked
to the person, something that makes it special compared to
other competing insurance policies and covers the incidents that
the client may have in the different means of transport they use
daily.
Among the coverages included are civil liability, legal defense,
defense in case of traffic fines, personal accidents (among the
accident coverages are: Death Guarantee, Permanent Disability
Guarantee according to Scale, and Compensation for surgical
hospitalization of the insured) , Coverage of damage to the
insured scooter in the event of an accident, complementary
transportation and medical guidance. In the latter case, the
service is provided through Savia, MAPFRE's digital health
platform. In addition, it includes preventive maintenance of your
own scooter or reconditioning of scooters, in line with the
company's sustainability policy.
Given the emergence of new forms of mobility in cities, such as carsharing, or personal mobility
vehicles (MVP), Verti wants to guarantee the safety of its customers, whatever way they choose to
move.

Uniqueness of the
project
As Juan Pablo Galán, CEO of Verti, points out, “this
insurance reflects on the work the company is
doing to lead the new mobility. Verti, which is the
pioneer in Internet insurance in Spain, also wants
to be a pioneer in ensuring people's mobility, with
all the guarantees. Mobility is constantly evolving,
hence the need for insurance linked to the person,
not to a specific vehicle, since now people change
means of transport several times a day”.
MOVERTI represents a transformation of traditional
insurance. With Moverti, a new product is offered
to the market when customers need it, getting
ahead of other players and offering “complete”
insurance, and with a very differential added value
proposal.

Response to a specific issue
_ The way we move has changed. The outbreak of the
pandemic shook the foundations of mobility and other factors
such as the development of technology, or environmental
concerns are evolving the means of transportation that make
the economy and our own daily lives function. Public transport,
electric cars, reduced presence, or the use of private vehicles are
areas in which the imprint of more than two years of
transformations can already be seen, and in which some keys to
the future of mobility can be observed.
_ On/off insurance, embedded insurance, personal mobility,…
New types of insurance, a complement to traditional policies in a
large number of areas and markets, are growing in popularity. It
is not surprising, since clients increasingly demand more
personalized and adapted services, both to our needs and to our
times or budgets. We no longer talk about vehicles; we talk
about people.
_ In a market where profit and traditional demands are in
the vehicle, launching a product focused on the person, with
enormous future potential and that still needs to be built, is
being brave.
_ To develop the product we started from a blank sheet of
paper that we begin to fill out once we investigate the
market and interview and analyze the needs and aspirations
of the users.

Benefits
MOVERTI is insurance that accompanies the person,
regardless of the means of transport used. It is a
paradigm shift and represents a transformation of
traditional insurance. We are no longer talking about
vehicles but about people.
Modular, 100% digital and personalized. The structure of
the product is blocks of coverage, options according to
the means of transport and the individual needs of the
user. This scheme allows for high personalization of the
insurance.
Value-added services such as advice through a
personalized service called ‘Yo Me Muevo’, digital
medical guidance thanks to telemedicine services. In
addition, it includes preventive maintenance of your own
scooter or scooter reconditioning, in line with the
company's sustainability policy.
MOVERTI has been configured with users of electric
vehicles and non-polluting vehicles in mind,
incorporating maintenance services for their VMP
(personal mobility vehicle), collaborating with a startup
that helps recondition scooters; and including an
advisory service in urban mobility for our clients.
Being a new product, in an emerging market, the
impact in terms of people and economic valuation is
very incipient. However, we can indicate that we have
impacted more than 6,000 people who have shown
interest in the product through digital channels. ROI:
4.000 %

7
Challenges
Started production in
just 9 months
From the definition and preparation of the conditions to
the subscription regulations and the definition of the
processes by which the product is currently governed,
ending with the sale of the first policy.
01
Appified Product
Break the molds of the quotes developed so far due to
the change in the customer experience that is presented
in the first step of the policy pricing. The customer is
presented with an experience where they can customize
their policy and select the modules they wish to activate.
02
Generating interest in the Brand with
innovations
Insuring the person, regardless of the means of transportation
used is innovative. It should help Verti to continue
strengthening its brand, generating interest, and promoting the
sale of policies for other more conventional products
03
Resourcing
To create the product we start from a blank sheet of
paper, and we begin to conceptualize the product through
market research, interviews and analysis of the needs
and aspirations of users by launching surveys to find out
the real needs of potential customers.
04
Product design
There is no accident data available for VTC, VPM or
shared mobility, so the creation and design of this
product was a challenge from the pricing and
subscription point of view.
05
Common legislation
Supervisions and regulations often lag reality itself and public
powers have to be able to run as fast as society to adapt
legislation to this new reality. Thus, there’s a need for legislation
to adapt to this new reality. One of the main challenges is to
match the changes to the different needs of people, since the
solutions cannot be the same for a large city as for a small
municipality.
06

What’s next?
•
By creating an innovative product that focuses on the person and targets a market of users who are part of the new
mobility has been the first step to starting conversations with customers and establishing agreements with other
distributors.
We currently market in a direct channel (through our web) but the objective is to seek and collaborate with new partners
that guarantee a more extensive reach through mobility platforms (B2B2C).
Another of the objectives of Verti is to become an ambassador of new mobility safety and to ensure that the public
understands the implications of becoming part of a sustainable future through shared electric mobility.
We will continue to explore the need to extend the coverage of other mobility modalities and vehicles to ensure Verti can
offer the best product possible that covers our customer’s complete mobility scene.

Verti is a digital insurer with a presence in Spain, Italy and
Germany. It has more than 340,000 clients in Spain for
car, motorcycle, home and pet insurance. It is
characterized by its innovative products focused on user
needs, such as its 6Wheels insurance, Kms Account
insurance or Verti DRIVER.

Verti - EMEA Insurer Innovation Award 2024

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