A survey carried out in 2016 by YouGov indicated that French people have a rather poor opinion of insurance companies. Fully 58% of the respondents said the industry was too complex and20% of these actually felt it was unfriendly. More specifically, 59% of those polled were of the view that insurance policies do not contain enough information. YouGov found that young people especially were turning away from insurance, with 67% of the younger respondents complaining that they were poorly informed. In fact, as our lives become increasingly complex, one major challenge is how to simplify the way we manage our needs on a daily basis. Clearly French people need to have their trust in the world of insurance restored. For that to happen, the sector needs to undergo a thorough transformation, alter its management style and come up with a new paradigm, becoming more open and transparent and geared to handholding its customers more effectively on a daily basis. This is the challenge that Lovys, – which is partnering with L'Atelier BNP Paribas' Fintech Boost acceleration programme for business-focused Fintechs – has set out to meet. The French startup is taking an all-in- one approach, displaying a full range of insurance products on a single website with associated app. This personalized insurance services aggregator works rather likeNetflix: each product is categorized according to customers' precise daily needs, which should make managing their insurance simpler and more fun. The Lovys site enables you to track your insurance policies throughout their duration, manage the claims process smoothly and obtain information on your rights and entitlements with just a few clicks. Everything you need is on the same automated platform. This looks like an efficient means of overcoming the phobia of all kinds of bureaucracy that is rife in France these days and it is how Lovys hopes to rebuild public trust in the insurance business and become France’s favorite cover interface. By offering tailored services and transparent products on a user-friendly platform, the young company is aiming to profile itself as a supportive friend that helps people through all the key stages of their lives.
By Théo Roux