Cardif IARD is Live
In November 2016, BNP Paribas and Matmut signed an agreement to create a new, joint P&C insurer in France. The new venture is 66% owned by BNP Paribas Cardif, the insurance subsidiary of BNP Paribas, and 34% owned by Matmut.
Une étape réussie pour notre nouvelle compagnie Cardif IARD grâce à une alliance entre des partenaires complémentaires @GroupeMatmut, @BNPParibas et @bnpp_cardif et grâce à des équipes hors pair. Un grand plaisir de travailler avec @mccapobianco @NicolasGomart et E. Marchandise. https://t.co/YUXL8NhUf8
— Renaud Dumora (@RenaudDumora) July 4, 2018
Based in Rouen near the head office of Matmut, Cardif IARD has a current staff of 230 employees with plans to recruit ~200 more by 2020. With a commitment to make property insurance an “everyday banking” product, BNP Paribas is targeting 12% penetration among its existing clientele by 2020.
The bank will rely on its advisors to drive growth – in October 2017, the bank introduced a special skills development plan for its staff, “equivalent to some 75,000 days of classroom training.” This training program enhances the ability of the 15k advisors in the retail banking network to address the P&C insurance coverage needs of their customers, with additional support provided by the new insurance company.
The new insurer is offering six products – home, car, motorcycle, legal protection, school and student accommodation insurance. Coverage is currently available to the bank’s French retail clients, with plans to offer it to BNP Paribas Personal Finance customer, and ultimately to third-party partners.
Btw, this isn’t the first JV between BNP Paribas Cardif and an insurer. The company, together with AXA France equally own Natio Assurances.