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Flora, the 100% digital response from Ethias - Finance

Flora, the 100% digital response from Ethias – Finance

In an insurance market that is seeing its digitization accelerate, Ethias is playing the all-digital card with Flora, a brand entirely dedicated to the smartphone generation. Objective: to capture 45,000 customers within five years.

Less than two minutes, a few clicks and a bank card: this is what you will need to take out insurance with Flora, the new subsidiary of Ethias specializing in 100% digital offers, including a brand new insurance for colocation . Special feature of this new specific insurance for roommates? All are registered on the same contract. Direct debits are automatic. The principle is no longer that of the invoice paid annually but of the monthly subscription (10.79 euros per month on average, civil liability and content included). Above all, the product is 100% digital and mobile. “Subscription, claims management, reimbursement follow-up, everything is done via a single app and a dedicated chatbot. All transactions are signed with itsme, there is no paper”, explains Jessica Lion, head of Flora at Ethias .

Less than two minutes, a few clicks and a bank card: this is what you will need to take out insurance with Flora, the new subsidiary of Ethias specializing in 100% digital offers, including a brand new insurance for colocation . Special feature of this new specific insurance for roommates? All are registered on the same contract. Direct debits are automatic. The principle is no longer that of the invoice paid annually but of the monthly subscription (10.79 euros per month on average, civil liability and content included). Above all, the product is 100% digital and mobile. “Subscription, claims management, reimbursement follow-up, everything is done via a single app and a dedicated chatbot. All transactions are signed with itsme, there is no paper”, explains Jessica Lion, head of Flora at Ethias . The initiative bears witness to the difficulties that young people experience when buying a first home. With real estate prices and rents constantly rising, more and more young workers are renting their first home together. With the risks inherent in this way of life: who is going to pay for one person’s cup of coffee spilled on the other’s laptop? But the novelty is also indicative of the profound transformation currently at work in the insurance sector. “Today we live on time right away, explains Jessica Lion. We no longer consume services today as we did yesterday, and insurance companies are no exception. Customers are becoming more and more more digital. They want speed and ease. More and more, what matters is the customer experience and not just the product. Insuring or declaring a claim must be as simple as ordering a pizza .” The trend can be seen among traditional insurers, whose digitization of the entire value chain, and not just underwriting, is accelerating. This is even the norm for neo-insurers, insurance start-ups like Alan, Luko or Lemonade, which are on the rise. It is precisely to join this movement of neo-insurers and respond to new consumer habits, which are sometimes more complex, that the insurance group led by Philippe Lallemand decided to create Flora in early 2020, just before the health crisis. . “Our target is not defined in terms of age but in terms of mode of consumption, specifies Jessica Lion. The profession of insurer is still there. There is always coverage and a price. is totally different. Flora aims to be a neo-insurer, i.e. an insurer whose products are only available through an app. If a client does not have a smartphone, we will explain to him that the product is not really made for him.” Moreover, Flora is not a product but a sales channel in itself. A separate concept with a brand distinct from that of Ethias. “Flora is aimed at what we call digital seekers who want to take out insurance remotely via their smartphone, adds Jessica Lion. Of course, it is already possible to take out contracts online with Ethias, but claims management is much less digitized than at Flora. The majority of Ethias’ customers still want human contact, either by telephone or in an agency. Flora has no agencies or contact center. In other words, Ethias should not be cannibalized and disappointed its customers less accustomed to all-digital.” And why the name Flora? “We wanted a disruptive brand name that did not bring to mind the world of insurance or Ethias. Flora is pronounced in the three national languages ​​and it is a feminine first name, which is reassuring. As for the green color, it underlines the ecological character of Flora: the customer does not have to move, there is no paperwork, etc.”, supports the head of Flora at Ethias. With Flora, Ethias therefore wants to equip itself with an offer specifically dedicated to the smartphone generation. While the launch of family insurance is planned for next year, the objective is to capture 40,000 customers within five years. The first results are positive but Flora still has to really establish itself on the market. “We should reach just over 1,000 customers by the end of the year, which is below our objectives, confides Jessica Lion. Several factors explain these figures below our expectations. Arriving with a new brand on a traditional market such as the insurance market is not obvious. We do not have the marketing budgets of the large insurance groups. The market in Belgium is still very much dominated by brokers and Belgians are very conservative in this area. We must make him understand that he will have quality insurance at Flora, cheaper and that it will go faster.As for the health crisis, even if it has accelerated the use of digital, it has not helped. Customers did not want to take any risks during this period. Everything was already so uncertain that they did not dare to change insurance. We must not forget either that during the covid, the real estate market and the removals ended up at a standstill t. But now it’s back. In recent months, we have seen a boost in new subscriptions. In the month of September alone, we recorded a growth of 45% in terms of new customers.” Alongside these commercial ambitions, the creation of Flora not only has the objective for Ethias of reacting to the rise in power of It is also a way of anticipating the arrival of Gafa (Google, Amazon, Facebook and Apple) in the field of insurance and of acting as an innovation laboratory for the entire Ethias group. offices are not housed at the insurer’s Liège headquarters, rue des Croisiers, but at the Pôle Image de Liège. “The idea is to be totally autonomous to test new products and how to design them with a multidisciplinary team,” explains Jessica Lion. Of the 25 people on the team, almost half are IT developers who come from our IT subsidiary NRB. Again, Flora not only sells insurance but also services and digitization. This is why these developers are fully integrated into the Flora team. We work completely in agile method. Communication lines are very short. We truly operate like a small start-up, without silos, in a spirit of co-creation. All of this allows for much greater velocity in the market. In less than two years, we managed to launch two new new products. And this, while we started from scratch. I recruited and hired the people myself.” So much so that the head of Flora now finds herself in charge of disseminating this experience to all levels of the direct insurer. “More and more, a good part of my job is to ‘floralise’ Ethias, that is to say to explain internally what we do and how we work”, concludes the main interested party.

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