Groupe BPCE creates a single insurance division within Natixis
The creation of Natixis’ single insurance division, launched in March and finalized in December 2014, meets one of the main overriding ambitions of Groupe BPCE’s strategic plan, “Growing Differently”.
A single insurance division serving the Groupe BPCE retail banking networks' clients
Groupe BPCE has longstanding presence in the insurance business, but its activities were dispersed. The Insurance division, under Jean-François Lequoy's responsibility, now groups the business lines and expertise together under one roof, for the benefit of the Groupe BPCE networks' strategy.
In France, Natixis markets its products and services in the Groupe BPCE retail banking networks, specifically with Caisse d'Epargne and Banque Populaire banks.
Unbridled confidence in the strategy
Bancassurance is a successful model: in France, bancassurers have secured the lion's share of the personal insurance market and boast a two-thirds market share. They regularly gain additional market share in the non-life segment: 1% every two years.
It has been an undisputed fact for years that providing non-life insurance to network clients fosters loyalty and strengthens the banking relationship.
The very high satisfaction rate of Groupe BPCE insurance clients is one of the factors underpinning this loyalty. In the non-life insurance segment, 95% of our clients are satisfied and 70% are very satisfied with the way their claim was settled.
A strategic ambition: make Groupe BPCE a full-fledged bancassurer
The creation of Natixis' single Insurance division, launched in March and finalized in December 2014, meets one of the main overriding ambitions of Groupe BPCE's strategic plan, "Growing Differently": to become a full-fledged bancassurer, with a position on the French market commensurate with its place in the banking sector, i.e. that of France's second-largest banking network.
Natixis' key challenges
- Personal insurance segment*: roll out the Insurance division's offering in Caisse d'Epargne banks from 2016 through a program entitled assurément#2016; continue to keep up with Banque Populaire banks' expectations; roll out the renewed partnership with CNP regarding borrower insurance;
- Non-life insurance segment**: step up the development of contract sales in the Caisse d'Epargne and Banque Populaire networks, with the goal to provide damage and/or health and benefit protection to one out of three clients by 2017 (against one client out of five today);
- Develop innovation and digital resources to stay connected with the world of tomorrow;
- Last, implement the latest and very onerous changes affecting the insurance sector, e.g., Solvency 2, the Hamon Act and the National Inter-Company Agreement on Collective Health.
* Personal insurance: life insurance, savings, asset transfer, retirement, death insurance, dependency insurance and borrower insurance.
**Non-life insurance: car insurance, home insurance, supplementary health insurance, non-work-related accidents cover, mobile insurance, legal protection, non-bank insurance, remote surveillance, professional insurance