Poupança Auto Qorus Banking Innovation Awards 2013

“Poupança Auto” is a savings insurance plan that offers customers both protection and a disciplined way to save regularly to pay for automobile insurance. The concept for this product derives from the difficult that consumers are experiencing in paying for basic necessities, as a result of the Portuguese economic crisis, often needing to turn to their savings plans to finance policy premiums and incurring on penalties fees as a result of early withdrawal. This led our marketing team to think of ways to help clients save specifically for their insurance needs within our company. “Poupança Auto” allow our customers to monthly build up a cash sum to pay for future expenses with their automobile insurance, which is mandatory in Portugal. Designed to generate a guaranteed cash value with an annual return of 2,2% (rate revised annually), this plans does not charge a withdrawal fee if the money is used to pay auto policy premiums at Fidelidade. It further allows savings as it gives customers the financial capacity to pay their premium annually, thus avoiding heavy installment fees on auto policies. Being a unique product in the Portuguese market, it is a key competitive aspect in retaining clients as it reinforces the role of our sales force as financial advisers, providing a comprehensive service that helps develop customer’s relationship. This solution generated great enthusiasm within our sales force, which has embraced “Poupança Auto” as a star product that helps diversify client’s insurance portfolio and generate cash flow within the company.