Nuda and Vittalias, respectively two Uruguayan and Spanish companies in the silver economy, joined the EU-LAC Digital Accelerator along with Ventia, a Uruguayan startup developing an AI-powered sales performance manager and CRM. Together, they started their partnership acceleration journey to help seniors live better.
Addressing the Challenge
In Spain, 6 pensioners out of 10 receive less than €1,000 per month and struggle to make ends meet.
Retired people have trouble with:
- Maintaining their home,
- Accessing healthcare,
- Paying the credit card statement without getting into another debt,
- Enjoying social and cultural activities (outings with friends, cinema, etc.),
- Having economic independence (and not borrowing money from family and friends),
- Fulfilling a dream of a vacation or trip overseas.
This can lead to dire consequences: many elderly people take out loans with high interest rates. This is a short-term solution, and soon, seniors deal with even more financial stress, leading to increased isolation and, in the worst case, depression.
However, unlike other generations, there is one financial asset that senior citizens generally possess in its entirety: property.
Despite not being a liquid asset, there are ways to convert a house or an apartment into immediate cash. It can be done through bare ownership, on which the Uruguayan company Nuda bases its business model.
Bare ownership allows owners to sell their property (at a discounted price) and still be able to live in it (until they pass away).
Buyers can buy a house below market value, while former owners can get immediate money to help them live better.
In this process, Nuda helps seniors assess the value of their property and find a buyer.
“Your home helps you live better,” says its website.
However strong Nuda’s value proposition is, much can be done to enhance financial solutions for seniors with technological innovation.
A Strategic Partnership
On the other side of the Atlantic, Vittalias, a Barcelona-based corporate, has also been offering services to meet the needs of senior citizens for the past 15 years. This includes, in particular, bare ownership and reverse mortgage.
Seeing how similar their value proposition was, both companies, Nuda and Vittalias, decided to join forces, in the framework of the EU-LAC Digital Accelerator, and create a joint-venture – Nudavitta – to strengthen their offer and positioning in the Spanish silver economy to begin with.
Additionally, a third partner joined the team: Ventia.
The Uruguayan startup (another one!) has designed a CRM specifically made for consultative sales. The platform allows salespeople to analyse their performance better and captures every point of contact to not miss a single sales opportunity.
They recently integrated AI within their solution to enhance Nudavitta’s commercial operations and customer engagement.
The Collaboration Framework
The EU-LAC Digital Accelerator will be delivering two acceleration services to the three partners in the coming months:
- PoC Design (delivered by Tecnalia)
– AI agent: The PoC service aims to evaluate in particular the feasibility and design of Ventia’s GenAI commercial assistant (on WhatsApp), leveraging existing databases from the company. The AI agent will suggest real-time responses and work with Vittalias’ human commercial advisors for a more reliable and empathetic interaction with elderly people.
– Support tool for sales advisors: Besides, partners will design a solution to generate automatic summaries of past conversations and facilitate the continuity of the customer relationship.
– Intelligent lead automation: This task consists in applying AI models to rank and prioritise customers with higher conversion potential.
- Mapping & Network with stakeholders in the silver economy (delivered by EBN)
Rubén Carrandi, from EBN, emphasises that ‘’during the acceleration, we will map potential partners, clients, and strategic collaborators, defining the most appropriate commercial strategy in Europe for the partnership. This will allow them to start building a solid network to expand their operations.’’
Vittalias will, for instance, identify and engage with stakeholders that can strengthen the commercial network of assistance for the elderly.
On the other hand, Nudavitta will map potential allies to raise capital for enhanced social impact, focusing on transforming housing into liquidity for the elderly.
Expected Results
Nudavitta wants to harness the power of customer data in order to advise its customers better while upholding the highest standards of transparency and trust.
Ultimately, Nudavitta wants to position itself as an international leader in home equity solutions, leveraging technology to scale its impact and provide greater financial security to seniors across different countries.
On the other side of the collaboration, Ventia intends to deliver a fully functional AI-powered commercial agent that optimises sales efficiency, enhances lead qualification, and enables Nudavitta to make data-driven decisions.
But Nudavitta would just be the beginning. Eventually, Ventia is keen on creating a scalable solution that can be applied across multiple industries, and not only home equity!
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