La Parisienne Opts for Sigfox’s IoT to Craft New Insurance Offers
FACTS
- La Parisienne Assurances partners with connected devices maker Sigfox.
- This agreement already led them to craft an IoT-based pay-per-use insurance offer.
- The insurance policy is based on using connected objects to first aim for the mobility market.
- Covered objects include cars, motorbikes, scooters and Light Electric Vehicles.
- Targets: individual customers and managers of small fleets.
- Insured parties will receive a low-power “0G” sensor equipped with an accelerometer, and to be installed in or on the vehicle. This sensor detects the vehicle’s movements and lets La Parisienne feature a pay-per-use insurance coverage based on their customers’ actual needs (per minute, hour or based on mileage).
KEY FIGURES
Sigfox’s low-speed “0G” network:
- 60 countries covered
- 1 billion people addressed
- 7 million connected objects
Possibly, more than 25 billion connected sensors in the world today
CHALLENGES
- La Parisienne bets on emerging on-demand trend. La Parisienne and Sigfox are considering designing other per-per-use insurance policies (home, travel, health), as well as an automated solution for settling claims.
- This may be a way for the insurance company to further boost their approach to customisation. La Parisienne came up an IPaaS platform (Insurance Product-as-a-Service), for implementing affinity-based insurance products within extremely short timeframes. Sigfox’s sensors should enable them to increase their automation ability in dealing with parametric insurance policies.
- Stressing a digital approach. La Parisienne also takes advantage of this announcement to underline their digital approach, whereby they favour low transaction costs.
MARKET PERSPECTIVE
- This launch is in line with previously highlighted indicators of dynamism on this specific market, especially when considering mobility-related services.
- Also, this partnership is an occasion for La Parisienne to shed light on a study conducted by McKinsey & Company, which deems that by 2025 the number of connected devices will climb to more than 50 billion, entailing tremendous opportunities for their insurance sector.