By signing a fundraiser of ten million euros less than six months after the creation of their startup, Maximilien Dauzet and Fabien Cazes, the co-founders of Neat, have made a name for themselves in the insurtech segment. A universe that they have known well for fifteen years, having worked with startups Gritchen, Seyna, Deposit Solutions and Lovys. This round, completed with Octopus Ventures, New Alpha, Mundi Ventures, Founders Future and business angels, allows Neat, which has twenty employees in Bordeaux, to nurture big ambitions in the growing market of onboard insurance.
Prioritize the user experience
Also called affinity insurance, this is a new method of distributing insurance offers that are offered to the consumer with a few clicks when purchasing a product or service or, for example, subscribing to a bank card. Between complex clauses, redundant uses and a lack of advice, this mode of distribution is regularly criticized.
“This sector has evolved by gradually removing the product to the benefit of the remuneration of insurance companies, distributors and brokers, but to the detriment of the user experience and the quality of contracts”, like to recognize Maximilien Dauzet.
With Neat, the co-founder ensures, on the contrary, to base his offers “only on the needs of the 95% of honest customers rather than on the 5% of fraudsters, allowing to target as accurately as possible”.
The startup operates exclusively in BtoBtoC, that is, it allows, in white label, insurance companies, banks or service providers to offer their customers products designed, calibrated and powered by Neat to secure stay holidays, healthcare offers or goods. She has already signed with Casino, Maeva or even Krys.
And to get ahead so quickly, Maximilien Dauzet walks on two legs: “algorithms and solutions that facilitate the distribution, management, conversion and after-sales service of the product” and “the fact of systematically favoring repair and restoration over replacement with a new product”.
An innovative offer with Floa
These principles are found in the offer implemented on behalf of Floa Bank (formerly Banque Casino), now a subsidiary of BNP Paribas, around “lifetime warranty”. In short, it is an insurance offer, on subscription but non-binding. For six to fifteen euros per month, the customer insures against breakdowns – but not against breakage or theft – between one and three families of products (household appliances, stereo, computer) for all members of the household. “In the event of a breakdown, the repair is fully covered, with no excess, and if the device cannot be repaired, it is refunded at new value and the replaced equipment is recovered and reused”assure the two partners and adds that “all devices less than three years old are covered regardless of their origin, including refurbished equipment”.
Unlike traditional on-board insurance, this warranty is available to everyone, with no obligation to purchase a product or service from Floa or Neat. “We already support four million French people in their purchases with our split payment and mini-credit services. With this new guarantee, we bring security to the consumer while promoting repair and restoration over new.”, says Marc Lanvin, general manager of Floa. This bank, based in Bordeaux and Niort, also sees it as a commercial lever to win and retain new customers.
A maximum of two units per year
Backed by an insurance company, Neat and Floa have calibrated their fairer offering, limiting it to two units replaced per year and promising to make an effort on their respective margins:
“It will take some time and some volume to amortize the product. But when colleagues take X% margin on a contract, we take on average 2.5 times less, thanks to the absence of a broker and the tools. This makes it possible to return this value for the policyholders. That is the real secret”, smiles Maximilien Dauzet.
“This makes it possible to offer very reasonable prices and a product that is very easy to understand. The customer can take out a subscription at any time, even months after the purchase. It is entirely at his discretion and the non-binding subscription can be canceled with a single click. We are very far from the aggressive approaches of certain insurers on board.”also supports Marc Lanvin.
Reconditioning is currently only planned for tablets and smartphones, but is intended to be extended to all product families. Similarly, to replace defective and irreparable equipment, the offer favors equipment with a high repairability index. And to keep the promise of a repair within 48 hours, Neat has built a network of partners throughout the area. “With Floa and Spareka, we will also offer policyholders who want it a self-repair offer by sending them the parts and helping them with a video”specifies the co-founder of Neat.
