Last Updated on Tuesday, 19 November, 2024 at 7:01 pm by Andre Camilleri
Announces “Laferla Money” as a key feature of its new digital presence
Recently, the Laferla Group celebrated its 40th anniversary at Upper Barrakka Gardens in Valletta. With the stunning Grand Harbour as a backdrop, the event gathered hundreds of guests, including Laferla’s team, intermediary network and business partners, to commemorate four decades of success.
During the event, the company announced significant investments and corporate updates, including the upcoming launch of its new Fintech app, including a new line of business – Laferla Money. Laferla Money is an integrated wallet and debit card facility that
embeds payment services within Laferla’s existing digital offering, marking a significant new chapter for the brand whilst establishing a new unique value proposition in the local insurance scene.
Laferla marked a new era in its legacy with the official announcement of Laferla Money, which was introduced as “the first of many new vertically integrated services within our offering”. This innovative product, which is powered by Maltese- and UK-licensed Financial Institution, Andaria, is set to transform the company’s digital landscape. Laferla Money will offer customers a new range of services, including multi-currency IBANs and Mastercard debit cards. The services, provided by Andaria, shall be integrated seamlessly within Laferla’s new app – making it a one-stop solution for many daily needs, and the first Fintech application which focuses primarily on insurance services.
Mark Laferla Jr. emphasised the significance of Laferla Money during his keynote speech, marking it as a crucial part of the company’s strategic expansion into the fintech sector: “Our vision goes beyond just insurance. We are excited to introduce Laferla Money, a key addition to our product range which allows our app to become a comprehensive solution enabling users to manage their insurance and money needs, through one convenient platform”. He went on to add that “The result of our investments is a new digital platform which we will continue to build on, by bringing to market further complimentary products and services that will continue to enhance our value proposition, whilst continuing to grow our core operation in the insurance industry.”
Laferla Money will empower users to open an account within minutes, with the ability to hold balances and transact in several different currencies, managing their daily payments using virtual and physical Mastercard debit cards. Customers will also be able to easily transfer money globally via peer-to-peer transfers to other Laferla Money accounts, as well as SEPA or Swift transfers.
“The technology stack we are investing in, as well as the partners that we have chosen to work with, will ensure that our app provides functionality that rivals top Fintech brands whilst allowing us to scale up quickly”, said Kevin Laferla, also adding that “By embedding these payment products within our insurance offering, we aim to revolutionise customer experience in our industry. For instance, our customers will now have an option to easily open their Laferla Money account and receive all claim payments in it for a quicker and more cost- effective service.”
Laferla’s expansion into financial services represents a significant milestone, and the company’s leadership is confident that this new offering will enhance its value proposition. “We are extremely excited to be announcing these new services after years of development. This added value proposition is a key step in our brand’s long-term vision, which focuses on customer experience, diversification of services to enhance our value proposition, and internationalisation”, explained Keith Laferla. “A key value proposition in this journey will be our 40 years of experience in the insurance sector – a business line that is typically treated as an afterthought within finance-focused Fintech apps. With this, Laferla will position itself as a Fintech app with a real insurance offering”, he concluded.
The announcement of Laferla’s new digital platforms, including new products such as Laferla Money, took place during Laferla’s 40th anniversary celebration at the Upper Barrakka Gardens in Valletta. Hundreds of guests, including business partners and the Laferla team, attended this exclusive event, highlighting the company’s journey over the past four decades.
Mark Laferla Jr., Keith Laferla, and Kevin Laferla expressed their heartfelt gratitude to their father and founder, Mark Laferla Sr as well as his wife Helen, who were instrumental in growing the company from the ground up. Likewise, the brothers thanked their entire team, key partners and loyal customers, who have been instrumental in the company’s success. They reflected on Laferla’s history and vision for the future, reaffirming their commitment to innovation and customer-centric solutions.
The evening was capped off with a spectacular display of fireworks over the Grand Harbour, illuminating the night sky and providing a breathtaking tribute to Laferla’s rich heritage. The event celebrated the company’s past, and a powerful statement about its future.
