Founded in 2017, the neo-insurance Leocare raised nearly 110 million at the end of last year. The company, which wishes to recruit 100 to 150 employees in 2022, focuses its strategy on proximity to its customers and the creation of innovative services.
“If I ask you what makes the difference between TV before and Netflix? Between your bank down the street and Revolut? Neo-insurance is exactly the same.” This is how Christophe Dantois, co-founder of Leocare, positions neo-insurance against the historical players in the sector. He specifies: “These are companies that have put technology at the service of the customer to offer them simpler and more innovative services to simplify their daily lives”.
The start-up relies on three pillars to maintain a differentiating position with large insurance companies. Simplicity, adaptability and proximity are these pillars. “We want to have the same customer experience, 100% mobile, for all our insurance products and to be able to adapt to the customer’s needs by obtaining the right guarantee at the right time, assures Christophe Dantois. We also want to exist in the daily life of our customers and not only in underwriting or claims”.
In a sector where trust between the client and his insurer is not always there, Christophe Dantois believes that proximity is the main issue. “The historical actors did not succeed in their communication during the confinement where people left their car in the garage paying the same price for two months, he says. Thanks to our technology, we can lower our guarantees under these conditions, with 15% savings. The challenge is to invite people to use our services and not to hide them, to make notifications for more understanding. All these things are not usual among classical actors”, estimates the boss of Leocare.
The “Waze of the accident”
In an attempt to maintain a link with users outside of the two phases of underwriting and claims, the company has created a series of innovative services at no additional cost to policyholders. Takecare is one of them. Currently being tested in Brittany and Île-de-France, this “Accident Waze” allows customers who have shared their location to be notified when they are in an accident-prone area. “We built it thanks to open data by recovering GPS coordinates of all bodily accidents from the Ministry of Transport, explains Christophe Dantois. We also bought feeds from players like Michelin and weather professionals”.
With all this data, the R&D teams based in Rennes reconstructed the traffic and light conditions of all the accidents. “We then consolidated all that and put in place algorithms to determine the percentage of risk at the time, adds the co-founder of the company, We then send a notification to the customer when he is in this zone and in accident-prone conditions ”. This system should be extended to the whole territory at the start of the school year in September.
Thermal, electric: same price
The company also wants to position itself in the ecological transition by helping its customers to develop their means of transport. “Today, ecology remains accessible to CSP+ because an electric car is more expensive, and so is its insurance”, notes Christophe Dantois. While candidate Emmanuel Macron has promised a leasing offer of 100 euros per month for an electric car for the less well-off, the boss of Leocare also wants to adapt his prices. “To make this transition accessible to as many people as possible, we provide a thermal vehicle and its electric equivalent at the same price,” he explains.
Between 100 and 150 recruitments
At the end of 2021, Leocare raised nearly 110 million euros to continue its growth. Today the company is eating a share of 40 million euros out of a 35 billion insurance cake in France. Investments will take place in R&D for the consolidation and creation of new services or in the sales force to accentuate the notoriety of neo-insurance. But the start-up also wants to forge strategic partnerships. “We will announce two partnerships with leaders in their market at the beginning of June. One in the field of automotive expertise and the other in home security,” says Christophe Dantois.
Finally, the company, currently only established in France, has desires for Europe. Spain will be the first country targeted by Leocare with a deployment scheduled for October. For the future, the ambitions are great. “We want to be on a rhythm of two countries per year”, assures the co-founder of the company. All of these projects will require significant recruitment, which should double the workforce. Leocare currently has 104 employees, but wants to see 100 to 150 new employees arrive during 2022.