Periodic Reporting for period 2 - PENSUMO (Savings Loyalty System Based on Micro-Contributions from Retailers)
Berichtszeitraum: 2018-07-01 bis 2019-06-30
"There is an increasing debate in society about the sustainability of the public retirement pensions system, since adverse factors such as: increase of life expectancy, lower birth rate, and higher wages.
One of the cornerstones of the welfare state is the public retirement pensions system: the possibility of being able to enjoy the final stage of life without the need to carry out any economic activity is the paradigm of our aging European society. Greece, Italy, Portugal, Romania, Cyprus, Malta, Austria, Bulgaria, Latvia and Spain spend more than 50% of the total social budget in pensions.
As a complimentary retirement fund for the general consumer, it covers the growing demand for additional financial stability, with an average extra contribution of €20.000 to the user's pension. For society, on top of an outstanding tool for the promotion of civic behavior, it provides a complementary financial source of pensions. As a company, after 5 years of full commercialization, we expect to generate 70 jobs and almost €60 million in revenue.
Since the last revision of the document, the problem of sustainability of the pension system not only maintains its validity, but it is also acquiring prominence as one of the problems that most worries the Spanish and European citizens. In this line, it is noteworthy in the Annual Report (28/05/2019) of the Bank of Spain on pensions, which warns of the ""dramatic"" consequences for society in the event of not carrying out the appropriate reforms.
In the last month of the project, PENSUMO has presented the book ""Pension Plans for the future of pensions"". This document contains opinions on the future of the pensions of 12 outstanding professionals from different social fields: insurance companies, pension funds, CSR, ODS, foundations, Fintech, university ... In addition, the document expresses a favourable opinion on our concept ""pension for consumption"" by the participating authors, and its consideration as the next ""fourth pillar ""of the pension system in Spain, and with possibilities of export to the rest of countries.
A good example of the consideration of the ""pension for consumption"" as a true ""fourth pillar"" of the pension system, was the appearance in 2017 of a copy of our model, by the largest insurer in the world. PENSUMO raises as a complementary solution to this issue. Our proposal has become reliable and solvent: our business model has been validated by the H2020 SME Instrument recognition, as well as the insurance sector is seriously considering this model as the “forth pillar for pensions system”."
One of the cornerstones of the welfare state is the public retirement pensions system: the possibility of being able to enjoy the final stage of life without the need to carry out any economic activity is the paradigm of our aging European society. Greece, Italy, Portugal, Romania, Cyprus, Malta, Austria, Bulgaria, Latvia and Spain spend more than 50% of the total social budget in pensions.
As a complimentary retirement fund for the general consumer, it covers the growing demand for additional financial stability, with an average extra contribution of €20.000 to the user's pension. For society, on top of an outstanding tool for the promotion of civic behavior, it provides a complementary financial source of pensions. As a company, after 5 years of full commercialization, we expect to generate 70 jobs and almost €60 million in revenue.
Since the last revision of the document, the problem of sustainability of the pension system not only maintains its validity, but it is also acquiring prominence as one of the problems that most worries the Spanish and European citizens. In this line, it is noteworthy in the Annual Report (28/05/2019) of the Bank of Spain on pensions, which warns of the ""dramatic"" consequences for society in the event of not carrying out the appropriate reforms.
In the last month of the project, PENSUMO has presented the book ""Pension Plans for the future of pensions"". This document contains opinions on the future of the pensions of 12 outstanding professionals from different social fields: insurance companies, pension funds, CSR, ODS, foundations, Fintech, university ... In addition, the document expresses a favourable opinion on our concept ""pension for consumption"" by the participating authors, and its consideration as the next ""fourth pillar ""of the pension system in Spain, and with possibilities of export to the rest of countries.
A good example of the consideration of the ""pension for consumption"" as a true ""fourth pillar"" of the pension system, was the appearance in 2017 of a copy of our model, by the largest insurer in the world. PENSUMO raises as a complementary solution to this issue. Our proposal has become reliable and solvent: our business model has been validated by the H2020 SME Instrument recognition, as well as the insurance sector is seriously considering this model as the “forth pillar for pensions system”."
Undoubtedly, our first goal has been the promotion and visibility of our model “pension for consumption” among financial and commercial distributors entities. We have constantly encouraged the potential user and clients during our communications in universities, congress, Fintech and Insurtech Forums, mass media, local and autonomous administrations, business owner organizations, social interlocutor (consumer association, syndicates…). We have travelled to Mexico in two occasions in order to explain, “under the U.E. flag”, the business model developed in Europe, achieving the explicit support of the Mexican CONSAR.
The social benefit of the business model generalised his use, it has been acclaimed in some forums and, in fact, Pensumo was rewarded by the Aragon Government with the “Premio Aragonés del Emprendimiento Social” and it was selected in the Iberic program “inclusion Plus” of the financial inclusion between the best 6 start-ups of this matter in Spain and Portugal.
No less important is the consolidation of the elements that the technology constitutes in Pensumo:
• Restyling the Pensumo web www.pensumo.com and creation of other related webs: www.compraspensumo.com (for shopping), and https://horizon2020.pensumo.com.
• Incorporation and daily use of the OCR technology with an own development by PENSUMO team under the technical direction of the technological centre of European ITAINNOVA.
• Great improvements in the CRM for to the optimal management of users, clients and invoicing.
• Big Data related work guided and subcontracted to ITAINNOVA.
• Prototype designed, manufactured and tested.
• Complete development for CASER of payment/savings/loyalty/gamification platform, which positions us as an ICT development company, with solvency.
• Realization of a pilot in which the recycling of containers and cans in the yellow container is encouraged, after the signing with ECOEMBES of a contract for the provision of services.
• 10% of the users registered, recycle with great frequency through the APP Pensumo.
• Conducting an event (I Fintech Savings Race) with great repercussion in the media and that awarded more than 600 participants who ran from anywhere in Spain, with cents for each kilometer traveled.
(www.expansion.com/directivos/deporte-negocio/2018/10/20/5bca291eca47419e6d8b46e4.html)
The social benefit of the business model generalised his use, it has been acclaimed in some forums and, in fact, Pensumo was rewarded by the Aragon Government with the “Premio Aragonés del Emprendimiento Social” and it was selected in the Iberic program “inclusion Plus” of the financial inclusion between the best 6 start-ups of this matter in Spain and Portugal.
No less important is the consolidation of the elements that the technology constitutes in Pensumo:
• Restyling the Pensumo web www.pensumo.com and creation of other related webs: www.compraspensumo.com (for shopping), and https://horizon2020.pensumo.com.
• Incorporation and daily use of the OCR technology with an own development by PENSUMO team under the technical direction of the technological centre of European ITAINNOVA.
• Great improvements in the CRM for to the optimal management of users, clients and invoicing.
• Big Data related work guided and subcontracted to ITAINNOVA.
• Prototype designed, manufactured and tested.
• Complete development for CASER of payment/savings/loyalty/gamification platform, which positions us as an ICT development company, with solvency.
• Realization of a pilot in which the recycling of containers and cans in the yellow container is encouraged, after the signing with ECOEMBES of a contract for the provision of services.
• 10% of the users registered, recycle with great frequency through the APP Pensumo.
• Conducting an event (I Fintech Savings Race) with great repercussion in the media and that awarded more than 600 participants who ran from anywhere in Spain, with cents for each kilometer traveled.
(www.expansion.com/directivos/deporte-negocio/2018/10/20/5bca291eca47419e6d8b46e4.html)
"The benefit system for the collective of 5.000 workers (from BSH company) is still in process, waiting for the company to execute the commissioning order.
The good results during the project in terms of dissemination, and the consideration as a distinguished social enterprise in different contests and contests, lead us to think that we will repeat in a short time some of the events carried out: SAVE IT Congress or Fintech Savings Career.
The consideration of our system as ""fourth pillar"" of pensions is going to take hold, and this theory has already been reflected in tutorials from WTW, BBVA and other types of mediators.
(https://www.youtube.com/watch?v=z8naLlQOGXQ)"
The good results during the project in terms of dissemination, and the consideration as a distinguished social enterprise in different contests and contests, lead us to think that we will repeat in a short time some of the events carried out: SAVE IT Congress or Fintech Savings Career.
The consideration of our system as ""fourth pillar"" of pensions is going to take hold, and this theory has already been reflected in tutorials from WTW, BBVA and other types of mediators.
(https://www.youtube.com/watch?v=z8naLlQOGXQ)"