BNP Paribas Cardif is partnering with Lemonade, a digital insurance company that leverages AI technology, to offer renter insurance.
Founded in 2015, Lemonade launched its flagship renters insurance in the US in 2016. Lemonade’s platform allows customers to get a quote, purchase contents insurance, file a claim, and get paid, within seconds.
The insurer entered the UK market in October 2022.
BNP Paribas provides customers with savings and protection solutions to help them realise their goals while protecting themselves from unforeseen events.
The company said that home insurance is an “essential pillar” among the personal protection solutions used by French consumers. BNP Paribas Cardif entered this partnership to meet the expectation of customers, in particular younger generations.
This B2C offer allows a simple and fluid client experience due to a 100% online policy subscription and claims submission process, all within seconds on any device.
The insurance policy includes standard coverage such as damage to personal belongings within the insured home (fire, break and enter theft, windstorms, water damage, etc.) and personal liability coverage (damage to the property rented, as well as injury or damage caused to others).
The coverage also included special coverages adapted to the French market and locals’ needs.
BNP Paribas Cardif will also be able to propose this fully-digital renters insurance to its distribution partners, and Lemonade will benefit from the deep experience of an insurer with a widely recognized brand that has been operating in the French market for 50 years.
Fabrice Bagne, BNP Paribas Cardif deputy chief executive officer, France and Luxembourg, said, “We are delighted to announce this collaboration with Lemonade, which is emblematic of our desire to continually innovate in forward-facing partnerships.
“We share a real commitment to combining the expertise of the two partners in order to facilitate access to insurance via digital channels while delivering top quality services for policyholders throughout the term of their insurance cover.”
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