La Parisienne Assurances and Sigfox presented a first usage-based insurance offer with IoTs at DIA Insurance Amsterdam
During the Digital Insurance Agenda, La Parisienne Assurances and Sigfox France present a first usage-based insurance offer with connected objects.
At this major insurtech event in Europe, held in Amsterdam on June 25-27, La Parisienne Assurances and Sigfox France announce a partnership to develop innovative products using the IoT in the insurance sector.
The technological partnership between La Parisienne Assurances and Sigfox is part of the ongoing transformation of the insurance market, particularly in terms of usage-based insurance. It will enable La Parisienne Assurances to offer new innovations based on Sigfox’s 0G network, now available in more than 60 countries and reaching 1 billion people with nearly 7 million connected objects.
A very promising market outlook
It is now clear that IoT is a major technological breakthrough in many areas. The insurance world is no exception to this rule, as McKinsey & Company, a consulting firm, recently pointed out in an article on the opportunities and upheavals that connected objects will create in the insurance market.
The insurance market based on indexes generated by IoT sensors is still in its infancy but is expected to increase very rapidly with the maturity of technologies, the development of new uses and above all thanks to the soaring number of these sensors, which already number more than 25 billion worldwide.
A new vision of insurance
It is in this context that La Parisienne Assurances and Sigfox France are today announcing a first usage-based insurance solution using connected objects, focusing initially on the mobility market (cars, motorcycles, electric scooters, etc.).
Individual customers or small business fleets subscribing to this offer will receive a sensor to be installed very simply on their vehicle. This object connected to Sigfox’s 0G network will be equipped with an accelerometer, allowing the detection of movements and thus providing them with insurance based on their real usage (per minute, per hour or per km).
While the electric scooter market is taking off and transforming urban mobility, La Parisienne Assurances and Sigfox have developed a product that meets consumers’ needs. This technological solution has just been presented by La Parisienne Assurances on June 27, 2019 during the Digital Insurance Agenda (DIA), in Amsterdam. The live demonstration of this service featured an electric scooter equipped with an IoT sensor, whose starts and stops triggered messages to be sent over the Sigfox network, which were then received by La Parisienne’s technological platform, placing a secure transaction in its private blockchain.
An operating model perfectly adapted to this market
The use of IoT represents a real transformation of the insurance business because it will make it possible to develop insurance solution based on usage, as well as the automatic declaration and payment of claims.
La Parisienne Assurances is a fully digitalized insurer, with very low transaction costs (around a few cents), which can therefore address these usage-based insurance markets, for which premiums are generally lower. In 2018, the company also launched a technological platform, which uses a private blockchain to automate the claims management of its parametric products, previously based on public or private events, and now generated directly by connected objects.
“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, Chief Enablement Officer of La Parisienne Assurances
With this partnership, La Parisienne Assurances and Sigfox are responding to the need for simplicity and transparency demanded by European consumers, i.e. to drastically reduce their reimbursement time and invoice them on the basis of real time usage.
“We are delighted to have this collaboration with La Parisienne Assurances. IoT is causing a disruption in some value chains, particularly in insurance. We have been convinced of this for years. With La Parisienne Assurances we have found the right partner, allowing us to offer a 4.0 insurance with a benefit for distribution and users.”
Patrick Cason, CEO of Sigfox France
“Usage-based insurance is a revolution that requires relying on data transferred from objects to the blockchain. Only 0G can meet the expectations of this transformation through its frugal and global nature.”
Ludovic Le Moan, CEO and co-founder of Sigfox
With this first offer around mobility, and thanks to the possibilities offered by the combination of blockchain and IoT, La Parisienne Assurances will be able to offer a range of new products based on Sigfox’s 0G network and its customized sensors, for other types of markets ( housing, travel, healthcare, etc.)
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About La Parisienne Assurances
La Parisienne Assurances is a full digital player, designing P&C white-label traditional and non-traditional insurance solutions across Europe, so far in 13 countries. Its integrated and customized insurance solutions are designed to enable its partners to provide offers adapted to the expectations and new lifestyles of their customers. La Parisienne offers innovative insurance products, on-demand and parametric, distributed in the form of APIs to be easily and quickly integrated into the digital platforms of its distributors. This complete automation of pricing, contract management and claims payment through its APIs and private blockchain allows its partners to design and launch tailor-made products on the market in less than 10 weeks. For several years now, La Parisienne Assurances has experienced strong revenue growth and in 2018, the company achieved a turnover of 311 million euros, an increase of 40% compared to 2017, of which over 40% in the European market. Directed and chaired by Olivier Jaillon, La Parisienne Assurances is in the top 20 Property and Casualty insurance companies in France, resolutely international, tech-based and fully digital.
For more information go to www.la-parisienne.fr/en
About Sigfox
Sigfox is the initiator of the 0G network and the world’s leading IoT (Internet of Things) service provider. Its global network allows billions of devices to connect to the Internet, in a straightforward way, while consuming as little energy as possible. Sigfox unique approach to device-to-cloud communications addresses the three greatest barriers to global IoT adoption: cost, energy consumption and global scalability. Today, the network is available in 60 countries, with 1 billion people covered. ISO 9001 certified and surrounded by a large ecosystem of partners and IoT key players, Sigfox empowers companies to move their business model towards more digital services, in key areas such as Asset Tracking and Supply Chain. Founded in 2010 by Ludovic Le Moan and Christophe Fourtet, the company is headquartered in France, and also has offices in Madrid, Munich, Boston, Dallas, San Jose, Dubai, Singapore, Sao Paulo and Tokyo.
For more information go to www.sigfox.com