wedou.fr, the French neo insurance, announces that it has reached the milestone of 300 million insured real estate loans.
The startup has already enabled thousands of French to save more than €13 million in purchasing power by reducing the cost of their borrower insurance by 30 to 50%, while offering equivalent or improved guarantees. Over the next 2 months, the startup also plans to multiply its activity by 3 and return €62 million in additional purchasing power to the French thanks to the application, on September 1, 2022, of the Lemoine law. Indeed, 6500 new wedou.fr customers are awaiting the opening on 1st September brought by the Lemoine law.
Supporting the liberalization of the borrower insurance market
Oligopoly out of competition, prohibitive tarifs, voluntarily complex transfer processes... Borrower insurance is a competitive aberration skilfully maintained by banks that hold 88% of contracts and collect more than 7 billion incontributions each year. Faced with this observation and to support the opening to competition desired by the French authorities, Patrick Bacchetta and Stanley Zahov created wedou.fr in 2018. Their objective: to allow 12 million French customers insured by their bank to pay the right price to insure their mortgages without suffering from the administrative complexities of transfer or cutting back on their levels of guarantees.
Reduce the cost of your borrower insurance by 30 to 50% in less than 10 min
To achieve this, wedou.fr has developed a platform of phygital services allowing to subscribe in less than 10 minutes to a new borrower insurance. Thanks to an artificial intelligence technology developed in-house, wedou.fr customers instantly have access to a tailor-made insurance offer that meets all their bank's guarantee requirements (equivalence rule respected and level of guarantees maintained or improved). To this technology, wedou.fr combines a customer service that takes care of all the formalities and steps so that the insured doesn’t have to do anything to disengage from his previous contract.
In addition to radically improving the customer experience, this phygital approach greatly reduces management costs and thus allows wedou.fr to offer insurance rates that are 30 to 50% cheaper than those offered by traditional players.
€13 million already saved by the French thanks to wedou.fr
With an innovative value proposition and perfectly in line with market developments, wedou.fr has been a great success since the launch of its offer. The start-up has just passed the €300 million mark in insured real estate loans.Its customers, who are on average 51 years old and mostly live in the provinces, save an average of 63 euros each month. In total, wedou.fr has already reduced the cost of its clients' real estate projects by €13 million since its launch.
An activity multiplied by 3 and 60M€ of purchasing power returned as soon as the Lemoine law is applied (1st September 2022)
Given the impending regulatory changes, these first promising results are expected to evolve strongly in the coming weeks. Like all alternative insurers, and despite the efforts of the law, wedou.fr daily faces the practices of the big banks aimed at countering the liberalization of the market. To date, the start-up has more than 6 500 customers whose change of insurance is blocked by banks that oppose the anniversary date or remain silent for lack of sanction. Nevertheless, from 1st of September 2022, thanks to the application of the Lemoine law, banks will only have 15 days to refuse a transfer and will have to justify their reason under penalty of sanctions ranging from € 3,000 to €15,000. The liberalisation of the market will thus be fully effective. In this finally liberalized market, wedou.fr anticipates a very strong activity growth. At the end of September, the start-up will multiply by more than 3 its level of activity. It will insure nearly a billion outstanding mortgages and will save their customers more than 60 million euros in September thanks to the Lemoine law. The objective of wedou.fr is to help customers to save €350 million annually.
About wedou.fr
Born out of the meeting between insurance expertise and tech, wedou.fr was founded by Patrick Bacchetta and Stanley Zahov. wedou.fr is an insurtech specialist in income protection including loan protection insurance. Bycombining the best of technology with increased customer service, wedou.fr offers an ultra-simplified and augmented insurance journey and usage-based pricing. The startup thus makes possible to reach 30 to 50% savings on your mortgage insurance while offering equivalent or improved guarantees.
Samuel Beaupain – samuel@edifice-communication.com – 06 88 48 48 02
Laetitia Guittard – laetitia@edifice-communication.com – 06 76 13 71 55