Leocare diversifies and launches "high-risk" insurance offering

26/09/2023 News

Following the introduction of a motorcycle insurance product, Leocare has announced the launch of an all-new "High-Risk" offering aimed at local brokers. True to its promise of accessibility and its goal of becoming the leading personal P&C insurance partner for French brokers, the insurtech has designed this product to be as broad and inclusive as possible for its broker partners. The high-risk offering caters to drivers with a poor claims history, those who have been terminated due to non-payment, lost their license, or have a history of significant accidents. It's worth noting that approximately 800,000 drivers are currently driving uninsured in France.

An ambition: becoming the leading personal P&C insurance partner for French brokers

While insurance is one of the last sectors to undergo digital transformation, it has quickly caught up in terms of adoption. Habits formed in other sectors have enabled French individuals to better embrace digital tools for managing their insurance needs. Forty-eight percent of them use digital channels such as websites, email, mobile applications, and instant messaging for insurance management, compared to only 23% who rely on physical methods such as in-person visits to agencies and postal mail.

However, despite insurance remaining essential for the French population, many insurance companies have decided to significantly reduce the availability of insurance products for their B2B2C segment, primarily due to the increasing risks associated with natural disasters, which reached a record amount of 10 billion euros in 2022.

Insurance intermediaries represent 42% of the personal P&C insurance market.

"At a time when some insurance companies are disengaging from intermediary distribution, we are committed to supporting local brokers by providing them with exclusive access to an ever-expanding range of competitive and sustainable auto, motorcycle, and home insurance products. Insurance intermediaries have a deep understanding of the evolving needs of the French population, and their expertise is crucial for our growth. We are intensifying the introduction of new products that will enable our distributors to address all their preferred customer segments in the personal insurance market," said Grégoire Rastoul, Chief Business Officer of Leocare.

High-risk drivers – Leocare caters to all motorists

Because obtaining insurance is not just a duty but also a right, Leocare is expanding its offerings to address the needs of high-risk profiles as well.

Available to drivers with as little as one year of driving experience, this new solution is intended for those with a poor claims history, individuals terminated due to payment issues, those who have lost their license due to driving under the influence of alcohol or drugs, or those with a history of significant accidents.

Leocare: Technology in the service of care

This new offering aligns with Leocare's mission: to relieve and assist policyholders, regardless of their profile, in their everyday lives. At Leocare, it is understood that there are as many issues as there are policyholders. Each case is unique and requires personalized treatment. That's why the solutions offered are flexible and adaptable so that everyone can find coverage that suits them at the best price.

Innovation is not pursued for its own sake. The goal is always to create something new and innovative that addresses the real needs of policyholders. Simplicity, flexibility, transparency, and inclusivity are the four guiding principles of Leocare.

The high-risk insurance product will initially be made available to Leocare's broker partners and will be quickly expanded to be accessible to all French customers.

Related news & insights

Sustainability & Regulation
10/12/2023 News

Chubb's Methane Resource Hub: A pioneering move for climate action

In collaboration with the Environmental Defense Fund (EDF), this resource hub represents a crucial step in Chubb's commitment to reducing...

09/12/2023 News

Cover Whale unveils AI chatbot "Bob" for commercial trucking insurance

Bob enhances communication between agents and policyholders, significantly improving response times critical for Cover Whale's growth.

Digital Reinvention
06/12/2023 Interview

Innovation unleashed: Navigating the future with Lloyd's Lab

Innovation lab, innovation center, whatever the name, companies need to centralize their innovation activities. But how do they operate effectively?...

06/12/2023 Video

Paradigm shift for motor insurers: Collaborations with OEMs

Markus Collet, Partner at CVA, faces the challenge of explaining, in less than 5 minutes, how insurers must comprehend the...

06/12/2023 News

NAVER Pay unveils "My Insurance Analysis" for independent peer-comparison of premiums

This feature, an upgrade from the previous "All-in-One Insurance Overview," allows users to independently assess their insurance needs with data-driven...

Sustainability & Regulation
04/12/2023 Article

Navigating the green wave: Insights from the French financial experts

The convergence of minds at a recent Qorus panel discussing ESG (Environmental, Social and Governance) factors in financial services painted...

04/12/2023 Study

The aging well opportunity: How trust and engagement can unlock growth for insurers

This report made by Capgemini with the participation of Qorus emphasizes the importance of early engagement with clients and beneficiaries,...

04/12/2023 News

Max Life leverages AI for hyper-personalized customer engagement

Max Life Insurance is employing artificial intelligence (AI) in collaboration with cricket icon Rohit Sharma to enhance customer engagement. This...