La Parisienne Assurances: preparing its partners for the insurance of tomorrow
La Parisienne Assurances is a fully digitalized insurance company. It designs and distributes tailor-made white label P&C insurance products in 13 European countries to a wide range of partners: traditional brokers, insurtechs and non-insurance distributors, (e-commerce sites, retailers). La Parisienne aims to better serve the end-customers experience in today’s new shared and usage-based economy: it provides innovative bespoke on-demand & parametric insurance products, together with a fully end-to-end digital customer journey thanks to its APIs, data, and blockchain technologies.
La Parisienne launched a unique technological platform in April 2018, named IPaaS (Insurance Product as a Service), that gives distributors direct access to its insurance solutions, offered in the form of APIs (pricing, contract management, claims management, etc.), to automatically integrate them into their own customer journey. The threshold of one million API requests per week has just been exceeded and all La Parisienne products will be used via APIs by all its partners by the end of 2019.
IPaaS also uses a private blockchain to automate the management of contracts and claims for parametric products. The number of contracts stored in this private and totally secure blockchain is increasing by more than 10% per month and is already reaching several tens of thousands. Over 160 insurance partnerships are already live, and La Parisienne has generated revenues of €311.7 million in 2018, an increase of more than 40% compared to 2017, 40% of which was generated outside France.
Why we selected La Parisienne Assurances for DIA Amsterdam
La Parisienne Assurances addresses the fast-changing customer behavior by designing new Data-driven Services, and in particular through connected devices. The possibilities are infinite about automating pay per use insurance or automated claims payment when you create your sensors, have access to a network and own an insurance platform that offers insurance as a service through API and blockchain.
Check out their live demo here:
Announcement of a technological Partnership with Sigfox
At DIA Amsterdam Olivier Jaillon, Chief Enablement Officer of La Parisienne Assurances and Benoit Merel, Chief Operations Officer have presented a revolutionary new concept to address modern urban mobility for shared, fully owned or free-floating vehicles, meaning cars, motorcycle, e-scooters, bicycles, any kind of mobility : this is a personal pay per use mobility insurance based on IoT sensors and administered by a blockchain.
Motion is detected by an IoT sensors which can be installed very easily compared to complex and costly trackers (privacy is respected as there is no tracker and no collection of personal data). Instant insurance is handled by the blockchain with no need of any declaration by the final customer. Automation allow extremely low transaction cost compatible with premiums accountable in cent or max a few euros. La Parisienne will build various innovative automated insurance products based on the IoT sensors communicating through the Sigfox network and will propose insurance products to the retailers using Sigfox IoT sensors. Sigfox is a French Unicorn: its network already handles communication for more than 7 million IoT sensors and covers 1 billon people in 60 countries.
This partnership with sigfox allows La Parisienne to generate its own triggers by producing its own sensors and in pay per use insurance. It also allows the company to aggressively develop parametric insurance as it can roll out various functionalities in sensors to generate triggers to automate claims payments.
Who is La Parisienne Assurances?
La Parisienne Assurances is a French full stack insurer, created in 1829! In 2016 the Paris-headquartered company reinvented its business model to develop its new vision of insurance. La Parisienne is now a full digital player, designing P&C white-label traditional and non-traditional insurance solutions across Europe, so far in 13 countries, and ranked in the top 20 Property and Casualty insurance companies in France.
In 2018, La Parisienne Assurances generated revenues of €311.7 million, an increase of more than 40% compared to 2017, 40% of which was generated outside France. Its solvency margin is 141%. With a return on equity (ROE) of 18.4% and an expense rate of less than 6%, La Parisienne Assurances is one of the most successful players in the European P&C insurance market. They expect that La Parisienne will reach a minimum of 100M€ of premiums in 2021 thanks to these self-generated IoT’s triggers.
It has very stable and committed shareholders: 40% is a family office managing over one Billion of assets; 40% is SuissRe and the remaining pertains to Olivier Jaillon, his CEO.
“This technological partnership opens up new opportunities for us to develop usage-based solutions or products that require automatic claims management. Today we are taking a new step forward by generating our own triggers from the IoT sensors connected to Sigfox, which should open up a potential of several billion euro for the mobility market, in Europe alone”
Olivier Jaillon CEO La Parisienne Assurances