BNP Paribas Cardif and Lemonade Partner on Digital Renters’ Insurance

BNP Paribas Cardif and Lemonade have teamed up to offer digital renters’ insurance in France.

The partnership brings together BNP Paribas Cardif’s experience and brand recognition in the French market and Lemonade’s fully digital rental insurance, the companies said in a Tuesday (Feb. 14) press release.

“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,” BNP Paribas Cardif Deputy CEO France and Luxembourg Fabrice Bagne said in the release.

The new digital offering will meet the expectations of today’s consumers, especially younger ones, and will make insurance more accessible, according to the press release.

PYMNTS research has found that insurance companies and InsurTechs around the world are exploring how to use digital solutions to improve nearly all aspects of the insurance process.

In Europe, about 90% of insurance firms have embarked on some sort of digitization initiative to enhance the customer experience and make it easier for consumers to process claims and manage documents, according to the “Disbursements Tracker,” a PYMNTS and Ingo Money collaboration.

The report also found that 34% of European insurance firms are interested in boosting their digital payments capabilities.

Younger consumers are now accustomed to swiping through different products and services in a digital app, and they increasingly demand the same convenience from their insurance providers, Meeri Savolainen, founder and CEO of German InsurTech startup INZMO, told PYMNTS in an interview posted in December 2022.

“It’s all about the experience — everything younger generations are looking for,” Savolainen said at the time.

With the new collaboration of BNP Paribas Cardif and Lemonade, French consumers can complete their policy subscriptions and claims submissions entirely online, on any device, according to the press release.

The product also includes emergency assistance available 24/7, and the two companies are co-insurers for this offering, the release said.

“As a well-developed insurance market with millions of digitally savvy renters, France continues to be an exciting opportunity and focus for us since launching in 2020,” Lemonade Co-CEO and Co-founder Daniel Schreiber said in the release.