Renaud Dumora, Chief Executive Officer of BNP Paribas Cardif, explains why, as an insurer, we play a key role in people’s lives and in society.
“Our mission is to make insurance more accessible. That’s how we have a positive impact on society and this is what gives our profession meaning. Everyday, we help private individuals better protect themselves to better anticipate the future.” Detailed explanations through the four complementary components making up the characteristics of accessibility.
Making our products more comprehensible
“Making insurance more accessible means first and foremost ensuring that our clients clearly understand the cover they are taking out.” explains Renaud Dumora. This is achieved by simplifying the products and all of the commercial documents and correspondence; but also by using simple and helpful language as well as short and educational phrases so that clients can make the right choice with full knowledge of the facts.
More inclusive products and services
By reducing the exclusions provided for in policies, BNP Paribas Cardif is simplifying the conditions for accessing insurance. For example, in France the Cardif Liberté Emprunteur contract is now accessible to people suffering from certain pathologies including asthma, Parkinson’s disease and obesity. In savings, digital technology helps to democratise access to life insurance. With its partner Birdee, BNP Paribas Cardif, in France, has launched an online life insurance product suited to new uses and that relies on the robo-advisor of Gambit Financial Solutions. “We also integrate the notion of accessibility in our protection products across the world,” explains the Chief Executive. “In Columbia, we have created a service platform, a real ecosystem around our unemployment cover that uses artificial intelligence, in particular, to give individual employees and self-employed people access to training suited to the current labour market.”
Simplifying our customer journeys
Thanks to digital technology, the process of taking out insurance policies has been simplified. For loan insurers in France, 90% of clients now provide their health data online, in complete confidentiality, can finalise their policy with an electronic signature and receive an immediate insurance agreement online. It’s simple, quick and effective! “This simplification effort is also expected in terms of managing claims. In Spain, for example, we have launched a new service to accelerate the handling of loan insurance claims, the objective of which is to automate 80% of decisions. Thanks to artificial intelligence, we will be able to automatically analyse our clients’ documents and pay monthly instalments without having to wait for all the supporting documents.” Says Renaud Dumora.
Relying on an open ecosystem
BNP Paribas Cardif’s partnership-based business model is unique: it is leading us to be increasingly open, with partners, researchers, universities and startups. “Thanks to these collaborations, we have the goal of creating insurance products suited to poorly protected populations,” continues Renaud. We collaborate with 500 partners spread throughout the world and benefit from their distribution networks and geographical coverage, giving clients access to insurance.”
In addition to exchanges with these everyday-life players, such as banks, car manufacturers and retailers, BNP Paribas Cardif also collaborates with startups via its investment fund C. Entrepreneurs, particularly to make finance accessible to more people. This is the case, for example, in Mexico, with the online loan platform Kueski, in Chili and Mexico with the payment platform Lana, and in Brazil with the startup alt.bank.
The health crisis: an accelerator for achieving our mission
In the current environment, BNP Paribas Cardif has taken unprecedented measures to simplify processes for its clients by reducing the number of documents requested in the case of claims, but also by innovating to offer ever more accessible health services, particularly in France with a new teleconsultation service available at no additional cost. In Mexico, clients can access an ecosystem of modular health services through a digital platform to better understand Covid-19. “This crisis is also strengthening the commitment of each and every one of you to achieve our mission. We all have a role to play to make insurance more accessible. It’s thanks to our Cardif spirit that we can continue to create lasting value for society.” says Renaud Dumora.