Camilo A. Pieschacón is using DepositPass/AvalVida to change millions of lives
First of all, how are you and your family doing in these COVID19 times?
Camilo A. Pieschacón: Fine. Thanks
Tell us about you, your career, how you founded AvalVida.
Camilo A. Pieschacón: I am the founder & CEO of prizewinning InsurTech & PropTech AvalVida and DepositPass (UK). Former non-executive member of the board of directors Seguros RGA. Economist & executive from insurance and banking industry. 35 years international experience at global life insurer and bank in LatAm and Europe. Deep knowledge and broad understanding in distribution, bancassurance, sales, cooperations, product development, startups, business development, corporate banking and finance and leadership. Speaker, panellist and radio guest. Intercultural and interdisciplinary skills to build and lead teams
How does AvalVida innovate?
Camilo A. Pieschacón: Innovation and uniqueness lie in the use of pledge (assignment) of life insurance-savings or annuity policy by the tenant in favour of the landlord to guarantee the obligations under rental agreement charging a one-off and all-in fee independently from the term of the rental agreement. DepositPass/AvalVida do not require any underwriting, credit assessment and/or risk scoring compared to other products. DepositPass/AvalVida’s one-off and all-in fee save tenants millions of euros. Other rental guarantees like those issued by banks and insurers charge fees and premiums regularly on a yearly basis during the whole term of the rental agreement and the tenant has to move and disburse cash.
How the coronavirus pandemic affects your business and how are you coping?
Camilo A. Pieschacón: It affected our business as people move less and, therefore, rent fewer properties.
Did you have to make difficult choices and what are the lessons learned?
Camilo A. Pieschacón: For sure you have to make difficult decisions like continuing the business or not. But our awards and achievements motivate us to continue.
How do you deal with stress and anxiety, how do you project yourself and AvalVida in the future?
Camilo A. Pieschacón: You should focus on your strengths and not forget your weaknesses, on which you must work hard.
Who are your competitors? And how do you plan to stay in the game?
Camilo A. Pieschacón: Competition: Tenancy deposit (only UK): disbursement of cash, costs for lettings agents and landlords and no commission for the intermediary.
Banks: deposit (=disbursement of cash), annual fees, notarial costs (only Spain), contracting of additional products, credit assessment and risk scoring and no commission for the intermediary.
Rental Insurers: annual premiums, underwriting, employment contract, payroll and tax declaration, limitations on the type of property, feasibility study, maximum rent, final claims settlement subject to court ruling and commissions for the intermediary.
Focusing only on rental guarantees will enable us to stay in the game.
Your final thoughts?
Camilo A. Pieschacón: Any crisis is also an opportunity.
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