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Aiming for an augmented net assurance customer experience

In an extremely competitive insurance market, clients tend to favour price over a good coverage when selecting their insurance on-line. If they are lucky, they do not even realize they are at risk….But if life decides otherwise, they could face huge costs on the top of the trauma inherent to any accident. Insurance advisors often warn them against this situation and recommend their products. Yet, they do not always find the right arguments to convince them. Chenda Botticchio, project manager at BNP Paribas French Retail Banking and Stéphane Favaretto, co-founder of Minalea start-up joined forces to solve this. How? Keep reading to find out…..

On the way to an augmented insurance sales speech thanks to Minalea

Chenda Botticchio, project manager at BNP Paribas French Retail Banking, started to work with Minalea mid June 2015, just a few months before the launch of the Net assurance activity at the end of 2015. The start-up had been introduced to her by Nicolas Bertrand, Marketing Manager at Cardif. This encounter was timely as Minalea’s solution coincided with BNP Paribas’ ambition to develop the distribution of its insurance solutions via the Net assurance channel, by enriching its advisors’ sales pitch.

Launched in 2015, Minalea proposes a smart assistant that analyzes the insurance offers in the whole market. It has subsequently provided the appropriate sales arguments to support the sale of BNP Paribas’ most relevant Insurance policies. The startup won EFMA’s 2016 Award in London.

Both BNP Paribas and Minalea started testing the solution on one of their most demanding channel: phone selling via the Net Assurance. This specialized Call Centers’ role, based near Orléans is to bring an expertise on Provident and Non-life insurance, by advising customers on products adapted to their needs. On the phone, insurance advisors have a maximum of 15 to 20 minutes to convince and answer clients’ questions. In such a short time, they’d better focus on the most impactful sales arguments, a task which is greatly facilitated by Minalea’s solution.

A strong cooperation between BNP Paribas and Minalea contributed to enrich the net assurance customer service

It took 6 months for both to test out the solution with 40 Net assurance advisors.  Throughout the process, BNP Paribas and Minalea worked hand in hand.

BNP Paribas valued the support provided by Minalea to train all the advisors participating in the initiative. Their reactivity and intimate knowledge of the insurance sector made the difference. For instance, they provided BNP Paribas with insightful remarks on the key points to be addressed to clients to improve their advice.

For Minalea, the cooperation with BNP Paribas worked well too.  As soon as Stéphane Favaretto, Minalea’s co-founder and Chief Management Officer and his team started working on the project, they understood that their BNP Paribas counterparts were used to working together, and that innovation was not frightening them. From the very beginning, Chenda Botticchio and the rest of the team proved their capacity to act fast and bring together all the project stakeholders from the outset. They also had a clever vision of the insurance distribution’s future evolutions. Their strong communication with the Net Assurance team in Orléans  was also a key element to facilitate the project run. The Net Assurance team was motivated and excited to start this new activity. They were keen to embrace a solution that could empower them and help them deliver higher customer service quality.

The starting point of many more cooperation projects with Minalea

In the aftermath of this cooperation, several other projects came up. The solution provided BNP Paribas’ marketing department with precious information on its product positioning and the areas to be addressed to stay competitive. On the eve of the new insurance offers to be launched in 2018 after the recent partnership with Matmut, these insights proved to be very useful.  Likewise a selection of BNP Paribas French Retail Banking branches decided to test out the solution too to enrich the sales pitch of their advisors on a face to face relationship format.

In the meantime, Minalea has developed with Cardif a smart assistant for Credit insurance business, a very competitive market.

 A Mooc to train beginners and a chatbot to ease up the dialogue with web visitors are the latest projects still in the pipe. For BNP Paribas, Minalea has now become a strong partner to rely upon and their successful cooperation has given way to innovative and effective solutions for their clients. Both Minalea and BNP Paribas have benefited from this promising collaboration.

About Minalea: Minalea has developed the Smart Sales Assistant, the first robo-advisor for P&C insurances sales forces. It analyses the insurance offers in the whole market and generates the perfect sales pitch for the vendors. It scans the products contents and services from a market, and brings for the first time unique transparency on insurance products.

About OpenUp: the OpenUp Platform connects BNP Paribas employees, working on innovation or business projects, to startups around the world. These startups can be Fintechs as well as startups in other adjacent services and technologies. The OpenUp App allows startups to apply for projects within the bank, connect to BNP Paribas' experts and post ideas, explaining how their solution can improve the bank.  

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