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Think Insurtech And INSquary Forge Partnership

Insurance companies are keen on working only with those intermediaries who are fully compliant with the corresponding regulations.

The EU requirements (GDPR and IDD) act as a benchmark for such regulations. These companies are constantly looking for solutions which could facilitate and simplify the process of their increasingly demanding due diligence in terms of verifying the regulatory compliance of their partners.

In this context, the two innovative companies Think Insurtech and INSquary announce a partnership.

RELATED READING: iPMI Magazine Speaks With Olivier LE FAOUDER, CEO And Brian S. Piper, Co-Founder - Strategic Business Development, Think Insurtech

Think Insurtrech, through its SaaS platform, offers insurers, providers and brokers a platform to manage the compliance of the distribution of health insurance with the aforementioned regulations. This platform manages their commitment through a community, along with the digitization of the customer journey from the electronic signature to the online payment.

INSquary has developed an internet platform, accessible in SaaS mode on subscription. This allows distributors and outsourced services to assess the compliance of their practices with the regulations in effect. The process is as follows: 

  • A questionnaire is followed by the submitting supporting documents in a secure “virtual binder”.
  • The risk carriers (insurers) or wholesale brokers then learn about these “virtual binders”.

INSquary has a multilingual platform that presents several versions of questionnaires: a “global” version (based on European regulations) and “local” versions (based on national regulations).

The partnership between the two companies aims to use their complementing features and abilities to help their users, the professionals in the insurance sector, to comply with international compliance regulations in the best possible manner.

About INSquary:

INSquary is a "RegTech", awarded by Finance Innovation, which uses the potential of digital technology to facilitate and secure relations between insurers and their partners (intermediaries, outsourced services) concerning the dematerialized formalization of agreements and compliance of their regulatory obligations. INSquary aims to be the benchmark platform for "KYD" (know your distributor) at European level. Website: www.insquary.com.

Press contact: Rémi Villiers-Moriamé, CEO.

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cellphone: +33 (0) 6 87 23 71 10

About Think Insurtech:

Think Insurtech (LF Finance SAS a part of AOC Insurance Broker group) is a software publisher specialized in PMI & IPMI with a SaaS Platform to manage A to Z the distribution of medical insurance (Individual/families module – Corporate module – Community platform module – Compliance module - Travel Insurance module API) in a global and connected environment. We offer a comprehensive approach and process in working with clients to place both international and domestic healthcare cover including group life and protection.income

Website: www.thinkinsurtech.com

Press contact: team@thinkinsurtech.com

Phone: + 33 (0) 1 49 97 8038

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Insurers Place An Increasing Emphasis On Creating Long-Term Bancassurance Partnerships

Insurance companies that want to expand internationally face substantial distribution challenges: how do they establish their brand and how do they reach new customers? One way for them to try to solve these problems is through creating sales partnerships with leading banks, which gives them access to a new customer base using the bank's own brand. According to new research about global bancassurance strategies published by Finaccord, BNP Paribas Cardif is the insurance group holding the most bancassurance partnerships among the world's 500 largest retail banking groups, followed by AXA and MetLife.

Based on an investigation into the consumer banking operations of the top 500 retail banking groups worldwide (spanning over 100 countries), Finaccord's research established that BNP Paribas Cardif was being utilised as an insurance partner for at least one bancassurance product by a total of 81 of the 500 banking groups. The France-based insurance group was followed by AXA with a total of 78 partnerships, and MetLife with a total of 75 agreements. Overall, among the 20 most prominent insurance groups in terms of their number of relationships with the top 500 banking groups, ten originated from Europe, five from North America and five from the Asia-Pacific region.

"Competition among international insurance groups for bancassurance partnerships has been intense in recent years", comments Stefan Wagner, a Consultant at Finaccord. "This is a consequence of the high or rising importance of bancassurance as a distribution channel in a number of insurance markets including China, Indonesia and Thailand in the Asia-Pacific region, Poland and Spain in Europe, and Brazil and Mexico in Latin America. In addition, many banks have expanded substantially their offering not only into new product areas but also into alternative sales channels, including digital distribution, which has created more partnership opportunities for insurers."

Finaccord's research also classified insurance groups' partnerships with the 500 banking groups according to whether they were set up either as joint ventures, as strategic, long-term relationships, or as less substantial, ad hoc distribution partnerships. With regards to joint ventures and strategic agreements among the 500 banking groups, AXA is the insurance group with the most such arrangements at 15 (breaking down between eight joint ventures and seven strategic relationships). It is followed by BNP Paribas Cardif with ten, Allianz with nine, Aviva and MAPFRE with eight each, and MetLife with seven.

"While the total number of partnerships is certainly a helpful measure to identify key insurance groups in the global bancassurance market, it is also important to look at joint venture and strategic partnerships as these commonly have a long-term focus and often generate substantially more revenue than looser distribution agreements", concludes Stefan Wagner. "As such, international insurance groups are increasingly seeking these types of deal. For example, major agreements established during 2017 included those of Allianz with Standard Chartered and of Chubb with DBS, both for non-life insurance and spanning multiple countries in the Asia-Pacific region."

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MAPFRE ASISTANCE Launches "Rent a Car Pack" For Car Rental Companies

MAPFRE ASSISTANCE just launched Rent a Car Pack, a suite of products aimed at car rental companies and their customers and focused on providing support and warranty programs.

This product package includes coverage of the most common contingencies that may occur during the time when the customer has a rental car, and tire damage or loss of keys and Roadside Assistance Services.

As new, MAPFRE ASSISTANCE offers coverage of the amount deposited by customers as collateral and the problems that may arise if they make a mistake when refueling the vehicle. For example, if diesel refuel a vehicle that runs on gasoline. These two coverages are highly appreciated by customers when renting a car.

Moreover, Rent a Car Pack offers car rental companies Roadside Assistance services for breakdowns or accidents and Mechanical Warranty, so they can sell their fleets with that competitive edge when matching their vehicles on the used market hand. With this release, MAPFRE ASSISTANCE introduced into the market an innovative product suite that meets all of the insurance needs of the car rental industry, providing coverage to rental companies and customers the same.

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Medical, Travel And Technical Assistance

 

A guide to leading international medical and travel assistance companies and providers, operating within leisure, expatriate and corporate business travel markets globally.

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