April Launches Own InsurTech: Objhey !

FACTS

• Next September, April will be launching a new insurance product in France: Objhey !

• April Partenaires has been working on this affinity-based “on-demand” insurance offer for passion-related objects for several months.
• Covered objects:
  • High Tech
  • Sports equipment
  • Musical instruments
• Objhey ! will rely on a mobile app adjusted to feature highly flexible on-demand insurance offers. The subscription process will require the customer to send a picture of the object, and specify the term.
• Technology: AI techs will be used to identify items. A specific reference grid will enable the InsurTech to assess their value.
• Claim management process will also rely on the app, and will be made easier through a chatbot.
• April Partenaires will first be opening this new service to their customers only. But should later on feature this offer more globally via partnerships with travel agencies, challenger banks or merchants.

DELOITTE BAROMETER: on-demand Insurance sector

On-demand insurance options are considered of interest by more than 20% of surveyed French customers:

• 22% for objects
• 22% for temporary housing
• 23% for occasional means of transportation

CHALLENGES

• Addressing industry changes. French consumers haven’t yet shown much interest in on-demand insurance services and these offers are still applied to highly specific use cases. Even so, many options have already seen the day to meet ongoing changes in the industry and customers’ increasing interest in per-use, flexible options.
• Modernising offers and building an agile structure. Objhey ! enables April Partenaires to investigate new marketing models.

MARKET PERSPECTIVE

• The on-demand insurance concept first found its way in car insurance policies through Pay-as-You-Drive (mileage-based) options. It then started addressing other business sectors, allowing customers to activate/deactivate insurance premiums in one click for specific items and even for individuals. It was initially highlighted in launches by InsurTechs including Slice, Lemonade and Trov, for instance.
• Long-standing insurance players also been making room for the notion of flexibility, and building partnerships with innovative companies. In 2017, Crédit Mutuel Arkéa teamed up with Fluo, La Baloise teamed up with Trov, and SoftBank with Lemonade. And, just like April, Maif launched their own subsidiary, Altima.