Mooney, a corporate innovation initiative incubated as a start-up within an insurance company and born out of active listening to customers.
Mooney is a personal finance manager, a hybrid value proposition between finance and insurance based on the concept of financial freedom and which proposes a data-driven user engagement model that is new for the insurance sector. It also incorporates functionalities to promote savings and financial wellbeing.
Why is Nationale-Nederlanden applying for the Regulatory Sandbox?
When we presented the prototype internally in the company, when we analyzed it from a legal, regulatory and market point of view, we identified that there was no defined framework for launching this type of proposal from a regulated insurance company with all the guarantees, both for us as an innovation team, the compliance/regulatory team and the customers.
It is also a novel proposal for an insurer with some new use cases that we have addressed from a technological and innovation point of view. We believe it is also vitally important to incorporate the expert view of the regulator to see whether or not it is possible to extrapolate these cases to the rest of the sector.
Do you need help to boost your business?
If you’re a FinTech, InsurTech, RegTech or a large corporation in the financial market, you are interested in entering the Sandbox.
What objectives does Nationale-Nederlanden seek to achieve with the Regulatory Sandbox?
The objectives of the project’s entry into the Regulatory Sandbox are summarized as follows:
To validate and incorporate the regulator’s expert vision into the business model, service of the new proposal.
Identify the strengths and areas for improvement of the project to be able to launch it in the market with all the necessary guarantees.
Define the roadmap for the evolution of the future product in accordance with an appropriate regulatory framework.
“We seek with the Sandbox to identify strengths and areas of improvement to be able to launch the project to the market with guarantees”
Will Nationale-Nederlanden apply for future Sandbox cohorts?
We do not have any other projects in the pipeline at the moment. However, we are working to have a broader portfolio of innovation initiatives and the Sandbox is an ideal go to market instrument for those projects that, due to their innovative nature, do not yet have a defined regulatory fit.
What are the benefits of the project?
Transform the customer relationship into a more service-based model rather than a product-based model, based on knowledge of the customer based on their financial data.
Identify new use cases in emerging technologies to make protection and savings proposals more accessible to a younger and digital public.
Offer tools and encourage habits that help people to save and meet personal goals. In general, to foster financial wellbeing in users.
Make our financial and protection products more accessible and adapt them to the customer’s lifestyle.
How does the Sandbox contribute to driving innovation in the financial sector?
It is an opportunity to incorporate the regulator’s expert vision into highly technology-intensive projects and it is also an instrument for generating trust for clients in an area where it is a key factor for the adoption of new solutions and proposals.
It is a lever for systematizing and replicating innovation and making it transversal to all the actors involved.
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