AGF’s announcement that it would launch an on-line p/c insurer, OKassurance, on July 3 validates the promise, made last March, to create France’s first such site
The third largest French P/C insurer, which is 51 percent owned by Germany’s Allianz, aims to capture 20 percent of the market in direct insurance sales.
Starting with automobile and comprehensive homeowners coverage, the company will expand its product line later this year to include sites aimed at “students, packaged offers, and health and personal accident policies.”
OKassurance will concentrate on providing “easy and rapid transactions in all areas related to policies, i.e. estimates and underwriting on-line, claims filing with settlement within 3 to 6 days, depending on type of policy, personal information changes, etc.”
It will also try to simplify “the insurance routine” as much as possible by providing easier to understand policy language, summarizing information and creating links for discussions and questions concerning its coverages.
Over the next five years AGF has budgeted €100 million ($ 93.68 million) on capital investment with an additional €20 million ($18.74 million)for on- and off-line advertising. It estimates operating costs at €15 million ($14.05 million) a year, and expects OKassurance “to be profitable after 5 years.”
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