BPCE deploys enhanced borrower insurance for professionals

The group COPD has once again completed its panel of offers and services for professionals. Its new initiative this time takes the form of borrower insurance for businesses. It is marketed through the networks of Banques Populaires and Caisses d'Epargne and is presented as an enriched solution.

FACTS

• The new Borrowing Insurance Offer for Professionals and Businesses offered by BPCE was designed as a co-insured offer by BPCE Insurance and LWOP Insurance.

• The new offer is designed in blocks. It proposes:
  • a basis for guarantees of death and total and irreversible loss of autonomy (PTIA),
  • optional guarantees including, for example, temporary incapacity for work (without waiting period, including for mental illness or back pathology), occupational incapacity (taking over the remaining capital if the insured person can no longer practise his profession), reduced to 30 days (instead of 90 days).

• Each contract allows several people to be insured within the same company.

• The BPCE group also stated that it wished to simplify the accessions to this new offer by requiring, inter alia, a simplified health questionnaire for coverage up to EUR 150 000. But this borrower insurance for businesses can also cover a maximum of EUR 3 million.

ISSUES

• Facilitating access to credit : BPCE states that the launch of this new offer of borrower insurance for professionals and companies was motivated by the group's ambition to facilitate access to credit for this category of customers. This is why the bank proposes simplified membership conditions for some of these contracts.

• Promoting broad coverage : BPCE stresses its ambition to offer a wide range of services, without exclusions related to professional activity, leisure or routine activities, and capable of covering non-objectivable diseases.

PERSPECTIVE

• The reduction of accession formalities for loans up to €150,000 with a simplified health questionnaire is a significant step forward in administrative simplification. This move towards simplification for professionals represents, however, an adaptation of innovations in the private insurance market.

• It was Credit Mutuel that opened the way for change in 2021, announcing abandon the health questionnaire when subscribing to a borrower insurance contract for the acquisition of their principal residence.

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