- LEFEBVRE, Mr ERIC Understanding Insurance: How Does It Work? What Should You Know? What To Expect For The Future? (The Mechanics Of Insurance, Band 1)Binding : Taschenbuch, Label : SBVV, Schweizer Buchhändler- und Verleger-Verband, Publisher : SBVV, Schweizer Buchhändler- und Verleger-Verband, medium : Taschenbuch, numberOfPages : 367, publicationDate : 2019-05-08, authors : LEFEBVRE, Mr ERIC, ISBN : 3952510203
Record fundraising, increasing market share: Insurance companies are on the move! Whether it’s health, auto, motorcycle, home, business or loan insurance, the online insurance market is huge and fiercely competitive. For a long time in the bosom of a few players, insurers and banks, the legislation has evolved, allowing new companies to position themselves.
All French people know the names of Allianz, Axa, AMF, CNP, GAN, GMF, Groupama, MAIF, Matmut and other MMAs. All these players started with physical agencies present throughout the territory, because contact and relationships are still essential elements for some of the customers. The prices charged do not allow them to increase their market share on this circuit, so they are developing other solutions, such as their online offer, which is the case with Direct Assurance, a 100% subsidiary of AXA.
The advantages of digital service
Online insurance has important advantages. First, the simplicity and speed allowing you to do everything from a nomadic device, at any time of the day or night. Then, just like e-commerce, they have lower fixed costs than companies with offices, so they can offer attractive prices, lower administrative costs, low rates for an identical level of guarantees. Finally, the procedures are secure: changing your contract or declaring a claim is done in a few clicks, customers have learned to trust this type of digital solution over time.
A new world to come
The transition has been smooth so far; insurers having broadened their offer via subsidiaries dedicated to online sales, the world of insurance was therefore not upset. However, many groups have had difficulty positioning themselves on the web if one examines the often poor financial results of these subsidiaries. Since 2017, we have witnessed the birth of another type of actor, the insurance companies, who want to upset the rules. With great difficulty, as this highly regulated sector requires capital. However, they have the characteristic of being totally customer-centric; a customer familiar with digital in his professional and private life.
Alan.com, 183 million to go far
If you don’t know Alan yet, you’ll have to familiarize yourself with this startup, which has become a tricolor unicorn. She is the rising insurance tech. Specializing in 100% online health insurance, the designed product has won over its audience, reaching 10,000 business customers, 180,000 users in total, and 100 million annual revenues. In the first half of 2021, Alan raised 185 million, unimaginable five years ago when it was created. It is not yet a giant in the world of health insurance with its just over 1% of the market, but is progressing in accordance with the objectives it has set itself, against the tide of the market, rather amorphous .
Jean-Charles Samuelian-Werve, co-founder of Alan, has already announced the ambitions of the startup: to cross one million members by 2023, and to continue its internationalization in Belgium and Spain. It already employs more than 300 people and plans to recruit 400 more. If the company evolves so quickly and manages to attract professional customers, it is not simply for a high-performance service and price offer, but for advantages that clearly set it apart from competing offers.
Two atypical insurers
Alan wanted to stand out in his customer relationship and announces a median response time to members of 2 minutes and reimbursement times made at 75% in less than an hour. A new vision of health insurance which largely explains the success of the brand new unicorn. Jean-Charles Samuelian and Charles Gorintin have proven that their offbeat vision can find its audience. They also have a look at the management of the company, associating the employees with their success after a presence of a minimum of two years in the company.
One way to facilitate recruitments and minimize turnovers in a world of geeks who are on the move. Their type of management is also innovative, favoring accountability, discussion forums, in order to minimize meetings and the multiplication of emails so dear to companies.
Dalma, animal health
Pets are a juicy market on many levels. But we often forget that health insurance can also concern them, a precaution which we understand the usefulness when we have already had to treat a sick animal. Launched in May this year, Dalma also focuses on efficiency and simplicity. Beyond traditional services, its promise is to reimburse its members within 48 hours, and to offer unlimited video consultations. It offers a competitive subscription, up to 7.99 euros per month for a cat. Alban de Préville and Raphaël Sadaka’s startup raised two million euros to get started.
They both know each other well from having worked at Frichti, the food delivery company. By consulting the reviews on pet insurance, they were able to realize that the satisfaction rates were very bad. A niche was to be taken, especially since the French insure their animals little, unlike other countries. The sector is also experiencing strong growth due to the high cost of veterinary fees.
Acheel, the youngest
Launched on a generalist offer, Acheel intends to nibble on Alan’s cake, and undoubtedly much more if one relies on the fact that one finds among its shareholders Xavier Niel and Jean de la Rochebrochard. Insurance companies definitely like duos. Ralph Ruimy and Francky Defossé are founders who already have several years of experience. Like Alan or Oscar in the United States, their company has a first name, the phonetic form of Achilles: Acheel.
The duo displays its ambitions, to become a unicorn, nothing less, and it starts off strong by completing its first funding round at 29 million euros, more than double the raises made by the two neo-insurers Alan and Seyna (specialized in property and casualty insurance). It’s clear, the revolution in the insurance world has really started!