In 2022, according to the Lynx, 20% French people admit to having defrauded their insurance in France. As there are numerous insurance bodies, fraud spreads at high speed. But what are the different sectors of insurance? More simply, how is the insurance sector composed? We take stock in this article.
Which organizations are authorized to offer insurance products?
Today there is three main insurance organizations who can offer their product on the French market. We tell you more!
Insurance companies
The main interest of insurance companies is to make a profit to benefit shareholders. To do this, they offer several types of contracts including life insurance, damage and civil liability insurance and insurance against risks linked to a human person.
Insurance companies fall under the Insurance Code.
To give you a more concrete example of the different insurance companies, you will find Axa, Generali, Allianz and Maif in particular.
Mutuals
Unlike insurance companies, mutual societies are non-profit. They obtain funds through member contributions.
They allow reimburse current healthcare expenses such as medical consultations or the purchase of medicines.
Mutual insurance companies are regulated by the Mutuality Code.
Here, we are thinking, for example, of Macif, Matmut, Groupama or even MMA
Provident institutions
The provident institutions are also non-profit. They allow an individual to be financially supported in the event of a hard blow: temporary incapacity or death.
Provident institutions are governed by the Code of Social Security and the Rural code.
You can, for example, find Humanis or Apicil.
What are insurance intermediaries?
Insurance intermediaries: what are they?
An insurance intermediary is an entity that sells an insurance product to individuals. Like a flight comparator which offers routes from different companies, the comparator offers various contracts from several insurance companies.
There are several categories of insurance intermediaries. We tell you more!
Insurance brokers
Insurance brokers find and negotiate contracts with insurance companies. Once the contracts are negotiated, they offer them to their clients. The interest of an insurance broker is to find the contract best suited to the client's needs, particularly with the best quality/price ratio.
👀 Good to know!
Insurance brokers are not subject to one and the same company, they can offer their services to various companies but also to individuals.
Insurance comparators
As its name suggests, the insurance comparator compares the different offers and services in a contract.
Who are the French insurance regulators?
Insurance companies, mutual societies and provident institutions are governed by bodies whose aim is to develop the offers on the market. There are several instances, let's see this together.
The French Insurance Federation: defender of insurers!
The French Insurance Federation (FFA) is a group of insurers. In 2019, the FFA represented 280 members, i.e. 99 %s from French insurance.
The French Insurance Federation has several main objectives, including:
- Defend insurers on the French market
- Represent interests from various insurers
- Organize events prevention and of training
Insurance Mediation
Insurance Mediation is present at the time of a dispute between an insured and his insurer. The role of the mediator is to find a compromise that can satisfy both parties. He is there to pacify relationships!
The Prudential Supervision and Resolution Authority
Whether insurance companies, mutual societies or provident institutions, all three come under the Prudential Control and Resolution Authority (ACPR).
This authority ensures that different entities are able to keep their commitments with their policyholders and members.
To put things more clearly, the ACPR ensures protection of insurer customers.
The Guarantee Fund for Victims
The victims' guarantee fund brings together two divisions:
- THE Personal Insurance Guarantee Fund membership of which is compulsory for all personal insurance companies
- THE Compulsory Insurance Guarantee Fund the aim of which is to compensate victims if the opposing party's insurer refuses compensation.
Why does Finovox offer its services to the insurance sector?
Today, there are numerous insurance bodies and the risk of fraud is increasing. To face this growing threat, Finovox offers to help you verify the documents provided by your policyholders. This analysis takes place in three stages:
- We offer you a consistency analysis in order to determine whether the information provided is consistent
- Finovox carries out a visual analysis
- Finally, we set up a computer analysis to detect signs of automatic generation or electronic tampering!
So, with Finovox, you analyze all types of documents, invoices, quotes, accident reports or even Kbis. The interest? Drastically reduce the document fraud suffered by your business!
Do you think our solution might interest you? Contact our experts, they will be happy to provide you with information and offer you a demonstration.
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