SUSTAINABILITY
Being more responsible together
DEVELOPING MORE ACCESSIBLE AND INCLUSIVE PRODUCTS
Product scopeextension
Making insurance more accessible: improving product accessibility and inclusivity
In line with its mission to make insurance more accessible, BNP Paribas Cardif already offers creditor insurance for the most vulnerable people, in particular by covering certain pathologies. The insurer works to strengthen this commitment by continually seeking to extend the coverage of its products and to reduce contract exclusions so that a larger number of people can benefit from better protection.
INCLUSION
FRANCE, EUROPE
Adapting pricing to vulnerable segments of the population
In France, after adjusting the rates of its insurance products for people with ischemic heart disease, asthma, paraplegia, valvular heart disease and coronary heart disease, BNP Paribas Cardif, also met the needs of people with inflammatory bowel disease (IBD), taking into account recent advances in medical research.Drawing in particular on work by Professor Matthieu Allez, Head of the Gastroenterology Department of Hôpital Saint-Louis in Paris, teams from BNP Paribas Cardif have been able to assess risks with greater precision and evaluate the impact of these diseases on the lives of the estimated 270,000 people who suffer from them in France. Rates for creditor insurance products have been adjusted to make coverage more accessible for people with these types of conditions.
“The launch of this new approach, spearheaded by our actuarial team in France, has clearly been beneficial for clients affected by IBD. During the rollout across the BNP Paribas retail banking network, which acted as pilot for the approach, we offered complete creditor insurance without exclusions for over 90% of customers seeking insurance as part of a property or professional purchase – nearly twice the number compared with previously. Moreover, in two-thirds of the cases, the insurance proposition comprised standard conditions with no additional premium, again twice as often as before. Lastly, the number of insurance applications approved reached 98%,”