Borrowers’ Insurance: Verlingue Goes Digital
Over the months many players focusing on individual borrowers’ insurance have been digitalising their subscription processes as they intend to make it easier to sell these products. The insurance broker Verlingue is now one of these players, with a full-digital white label platform. The point for customer institutions: saving time and, in turn, increase their own customer bases.
Verlingue launches Assur@ccess, a platform designed to digitise the enrolment process for borrowers. This entirely automated solution is meant to streamline and speed up subscription processes.
The borrower is first sent a quote, then files his supporting documents in digital format, and digitally signs his contract in a secure area. His contract is issued instantly.
In addition to opting for digital signing, this start-up also bets on simple health-related formalities to speed up the process. Assur@access proposes an interactive health insurance questionnaire for immediate medical acceptance in 90% of the cases.
Comments – A digital revolution underway
On January 19th, the constitutional council recognised borrowers’ right to cancel their creditor insurance policy after an initial period of twelve months after signing the offer. This reform should be in the best interest of consumers. A study conducted by MeilleurTaux.com, showed that 55% of the surveyed French people would be ready to change borrowers’ insurance if the price is considered worth it. Banks’ concern about this possibility might lead them to adjust their offers accordingly.
As for insurance companies and brokers, they seem to have been getting ready for the opening of the borrowers’ insurance market. Many industry specialists, including April and Banque Casino, have been making technological changes to also feature online subscription processes.
Verlingue counts on these market changes, and hopes they will be contributing to their turnkey paperless offer. Assur@access has already been adopted by a banking player. And the insurance broker even built a dedicated team by way of assisting institutions in rolling out digital solutions for borrowers.