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.
From insuring assets to protecting mobility: Driving growth in the evolving mobility ecosystem
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.