France and Italy. Two insurance markets that have a lot in common, but also some significant differences. One thing is certain: the first platform entirely dedicated to Digital Claim represents a disruptive novelty for both. Here are some in-depth statistics.
The total amount of indemnity paid on insurance claims in 2018 for France alone were 13,200,000.
With an astonishing 23,500, every day related to vehicle claims. These figures show that France in terms of volume of business, is the highest in the EU (Italy is the third). Clearly, this means that the French market represents a very interesting target.
In France, 13.2 million claims were paid in 2018, of which per day: 23,500 vehicle claims, 2,700 company claims and 10,000 domestic claims.
(Source: Fédération FRe d’Assurance 2018).
A world of intermediation.
An important similarity is shared by France and Italy: intermediaries play a fundamental role in both countries. The numbers are clear: their position is a majority in France of 52% in 2016, while the monopoly is higher in Italy with more than 86% in 2016.
How is the percentage of agents and brokers distributed?
In this area the composition of Franch and Italy is divided: in fact, in France, there are fewer agents and intermediaries than brokers.
Even when you take into account the sharp decrease of agents in Italy for 2016 (-13% or at least 4,500 fewer agents) the number of agents still remains two and a half times more conspicuous than in France. In contrast, the broker category is over 4 times greater in France than in Italy.
Who are the policyholders for claims in France?
For Italy, as we know, we generally rely on our personal insurance contact. Also in France, the intermediary remains the first point of contact for the insured:
In France, 39.8% of people turn to their claims agent, 31.4% use the telephone, 15.2% claims handling department, 7.6% use the internet and 3.6% use digital tools such as applications.
(Source: GT Motive).
How is InsurTech developing in France?
Digital is revolutionising the French market, supported by the massive use of mobile devices. Home banking, for example, is wildly used on both desktop and mobile devices.
Given the fundamental role of insurance intermediaries and brokers and the widespread use of digital tools, Claider offers itself as an innovative solution for the French market.
To date, the only digital insurance solutions are addressed to companies or are limited to detailed categories of claims. Claider, on the other hand, offers management for all types of claims (more than 140 scenarios), accompanying the insured and insurer in a complete process, from reporting to closing, simply and immediately.
We will be present in Paris, at the Fintech Forum, from January 28th. https://www.parisfintechforum.com/.