You may have read (it has appeared in many places) that we have "raised" a three million euro round of funding. Of course, we are very happy that this has happened, it has exceeded all our expectations and makes things much easier for the future, but this is not the end of anything, not even an important goal for us, this is just a step forward, because the important thing is not that investors have trusted us and have invested that money, the important thing is what we are going to do with it.
Innovation and research
The Vitaance product does not exist in Spain and we have to create and perfect it. Traditional life insurance is a great product with a magnificent social function: in the worst moments, when a person dies or becomes incapacitated, it protects their relatives from a double drama, the fact that in addition to losing a loved one they also lose their livelihood. Life insurance should probably be called death insurance, because that is the risk it actually protects. It's a great product, but it's not enough for us.
Vitaance was born to invent a better product, a real life insurance product that protects the lives of the insured. We want a life insurance product that helps you live longer and live better. A product that takes care of physical and mental health and all other aspects that can influence the quality of life of the insured. A better product, a life insurance product that the insured wants to use.
And that means a lot of research. We have spoken to a large number of experts in nutrition, health, wellness and other fields of research to understand which factors most influence wellbeing and we have dared to calculate the risks of life insurance with a new metric: biological age: a number that tells us much more about how a person is doing than how old they are and that, above all, helps us to improve their general state of health.
But we still have a lot of research to do and a lot to know. We will not stop improving our product and for that we have to keep looking for more data, more knowledge and more innovation, which brings us to the next point where we are going to invest that capital: technology.
The devices we all carry in our pockets, on our wrists or wear on our bikes are a great source of data that can help us understand how we are doing and how we can improve our lives. But data, without technology, is useless. Behind the analysis that helps us understand how we are doing are data platforms, management systems, mathematics, statistics and computer science. We need to invest heavily in technology to improve our product and make it ever more seamless, ever more accurate and, ultimately, make people's lives better.
Identifying the best data inputs, categorising and processing them is one of our priorities and making that data useful in real time is another. We will not stop investing in technology and we will not stop building a better product, always respecting one maxim: data is at the service of people and not the other way around. But technology, research and innovation are not things that happen by themselves, so in reality, when we are asked what we are going to invest these three million euros in, the main answer is simple: people.
We are a team of eight people with enormous energy and passion for what we do, highly motivated and with significant experience in our respective fields, but we can't do it alone. The main purpose of the money from this funding round is to find and attract more people like us. We want to attract the best talent to a team that takes its work very seriously, but also its values: honesty, transparency and diversity.
We need developers, usability experts, data engineers, actuaries? We want to find a team of talented and diverse people, who bring different points of view, sensitivities and concerns. And we want them to be part of a truly special company with a goal as unique as it is ambitious: to improve people's lives.