Lovys enters a new BtoB partnership with Pumpkin

FACTS

While the French AssurTech market is currently performing well, Lovys is acting as a growth driver after its recent €17 million fund raising.

This success in no way limits its dynamism since AssurTech has just signed a partnership with another player in the French FinTech industry, Pumpkin.

As a result, Pumpkin and Lovys have entered into a commercial agreement, allowing customers to benefit from advantages at each other's facilities. For example, Pumpkin allows users of its mobile application to earn cash-back on the payment of their Lovys insurance premium, if it is made via a Pumpkin card.

The amount of cash-back will be 10%, allowing Lovys customers to benefit from a significant reduction on their membership fees thanks to this partnership.

Pumpkin thus completes its list of partners on its cash-back program, which already included around 30 national players (Booking.com, Franprix, FreeNow, Blissim and Faguo) and 150 local retailers.

CHALLENGES

Valuing digital positioning and proximity in terms of customers: Today, both players are seeking to value and reward the commitment of their young customers, familiar with 100% digital uses. In this context, cash-back is a highly sought-after element for this type of user. It is also consistent with the positioning of Lovys, with on-demand insurance, paid monthly and above all without commitment. This logic also continues in the proximity existing between Lovys and Pumpkin customers.

For Pumpkin, it's a way to expand its services beyond payments, a step already taken when FinTech began offering banking services last September. By joining the Crédit Mutuel Arkéa group in 2017, it has indeed evolved its strategy to move towards a neo-banking profile.

MARKET PERSPECTIVE

A few months ago, Lovys had already announced its intention to favour a distribution model based on partnerships. This resulted in a partnership with a software publisher allowing it to distribute its insurances through real estate professionals.

Lovys' quantified objective with this promotional offer is to attract between 2,000 and 3,000 new policyholders in 2021. A relatively modest figure, but one that will come on top of the multiplication of BtoBtoC distribution channels envisaged by AssurTech.

KEY FIGURES

Lovys

Pumpkin

Category : Alertes quotidiennes