Giraez, a cash-to-service solution for sending money between people in different countries, has won the Insurtech Lab from IE University and MAPFRE
- Giraez allows friends and relatives of people in other countries to receive remittances in the form of goods or services, with total control over the amount transferred and avoiding travel, excessive fees and security issues.
- The winning team will become part of insur_space, MAPFRE’s fast-track-to-market program where, as well as receiving 30,000 euros to develop their project and become an established company, they will be given expert advice.
For people living and working outside their country, sending funds to their loved ones is often an expensive and tedious process to say the least. This is because of the fees applied and the need to identify a company that operates in both origin and destination countries. For those at the receiving end of the transfer, there can be a number of other problems, such as having to travel to another city to complete the transaction or the security problems that come with traveling with large amounts of cash. Thinking about these real needs—that go hand-in-hand with current lifestyles—and rising to the challenge of finding solutions to them, Gabriela Caso de los Cobos and Alfonso Javier Valín García (alumni of the IE Executive MBA — EMBA’20 and IE Masters in Corporate and Marketing Communication — MCM’18) took part in the first edition of Insurtech Lab from IE University and MAPFRE and won the award for their category, which was presented at IE Venture Day.
Giraez was conceived as a platform that allows migrant workers to directly buy services in their home country in a range of sectors, including food and catering, healthcare, education and mobility. In this way, Giraez is proposing a change in the concept of money transfers, offering to convert it directly into concrete solutions, such as a shopping basket or enrollment in a training program. This cash-to-service conversion system avoids complications such as loss of cash through fees or travel, which in addition to implying a cost in terms of time and money often also involve security problems. For the ideologists behind this solution, “Giraez can change the lives of many people. There’s nothing like it on the market. In the last few months, we got in touch with people who currently have these problems and would be delighted to have a solution like this. We have focused on the Latin American market first, but the model is scalable to other regions with the same needs.”
This year, with the support of MAPFRE, IE University’s Center for Entrepreneurship and Innovation launched the Insurtech Lab program for the first time, which focused on innovation in the insurance industry. This award was open to students and alumni of this educational community and, of the 5 teams selected from nearly 200 candidates, and after 10 weeks of work, 3 projects were shortlisted: MyAllergeaze (intended for people with food allergies), Chido (a fintech solution to facilitate everyday spending needs) and Giraez. They were set the challenge of finding lifestyle solutions, through products or services that could respond to the needs associated with lifestyle changes, in line with the criteria of responsibility and sustainability that are written into the DNA of institutions like IE and MAPFRE.
Isabel Alcázar, Global Head of Sustainability at IE University, is clear that “it should never be a question of profitability versus sustainability. Today, sustainability is key to ensuring profitability, and our students understand that. That’s why the vast majority of the startups that entered incorporate ESG criteria into their business models.”
Allison Rohe, Executive Director of the IE Impact program, points out that “MAPFRE’s support of the program gives students and alumni the opportunity to explore and contribute to disruption in the world of insurance, a sector that is well prepared and also very much in need of ideas that anticipate future needs.”
For Joan Cuscó, Global Head of Transformation at MAPFRE, partnerships like the one with IE make it possible “to respond to the changing demands and new needs of users and, at the same time, fill the void between academia and the world of entrepreneurship.”
About IE University
IE University is an international, humanist, disruptive and sustainable educational institution that creates leaders who promote innovation and change in organizations. It has a staff of over 500 professors who currently educate students from 130 different countries. Recognized as one of the world’s leading educational institutions, it has centers in Madrid and Segovia, and delegations in 28 countries across 5 continents. IE University develops online and classroom learning methodologies that benefit the institution’s network of communities, which is made up of more than 60,000 graduates in positions of responsibility in 165 countries. For more information, visit: https://www.ie.edu/
MAPFRE is an international insurance company that protects what matters most for 27 million clients worldwide. It is one of the main operators in the Spanish market and the largest Spanish-owned insurance company in the world. MAPFRE is the third largest insurance group in Latin America and ranks sixth in Europe in Non-Life premium volumes. With more than 34,000 employees, in 2020 MAPFRE generated revenue of almost 25.5 billion euros and net operating profits of more than 650 million euros. In 2018, the company presented MAPFRE Open Innovation, the company’s strategic commitment to drive client-centric transformation through associations and by using emerging technologies that have a positive impact on business and society. Since its implementation in 2018, the insur_space by MAPFRE initiative has grown to become a global fast-track-to-market program for startups. For more information, visit: https://www.mapfre.com/ and https://www.insur-space.com/
IE Communication contact::
Yolanda Regodón (Deputy Director of Communications at IE University)
MAPFRE Communication Contact:
Javier Ortega (Innovation on Corporate Communication Manager)