ITI: Why is now an exciting time to be a rising insurtech?
Christophe: Because the market is now booming and a new era is beginning, more and more companies have been created to change the latest non-digitised market and give life to a whole new ecosystem where risk is not at the center of insurance’s business model. Now, everything revolves around customers, and the challenge is to offer more protection, high level of services, top-notch technologies and tailored customer experience.
Of course, such a dynamic environment attracts more and more capital and creates even more value. Since the beginning of 2021, more than €11 billion has been raised by insurtech to get a share of the €1,254 billion European market.
ITI: What has been the highlight of your career to date?
Christophe: Being able to build Leocare with our customers. For 6 months, we have worked with our first 150 users and we built our insurance products to make it their own. The way we interact with our users, the services we offer, the guarantees we implemented… the core of Leocare was structured by them. That’s why Leocare now has an additional 40% growth every month with a 69-NPS score – ten times the industry average.
ITI: If you could meet yourself on the day you started your business, what would you tell yourself?
Christophe: The multiservice approach is the best approach. Customers want seamless experiences. They want to feel comfortable, and pay – if possible with their smartphone – one, and only one, insurer and change guarantees whenever they feel like it. No more hassle finding different numbers for all their insurances or wondering where the house or the car are insured. One insurance. Many products. One experience.
ITI: What problem did you see in the market that led you to create Leocare?
Christophe: The main problem we saw when we created Leocare was the lack of technology in insurance. For the last 20 years, insurance has not really changed: the products remain the same, the guarantees don’t change, and on top of that, the way customers interact has never changed.
Leocare was recently featured as part of our Future50 Europe. See the other 49 insurtech unicorns of the future here.
Moreover, the Hamon Law in 2017 changed the way French people deal with their insurance. Now, they can freely cancel their subscription after a single year of contract. With those two elements combined, an opportunity to create Leocare was born, to finally use technology to better take care of our customers.
ITI: What is the next step for your insurtech?
Christophe: Implementing even more technology in our products. We recently launched ClaimCare, our claim management automated service. We aim now at offering more protection to our customers with patented technologies such as TechCare, a road-safety algorithm.
Another step is to create an ecosystem around our insurance products. Not only can you insure your home, but you can benefit from a customer-curated marketplace to find the best repairmen.
