Belgian state bank Belfius launches car insurance in a few clicks
The insurance branch of Belgian state bank, Belfius, has launched a new feature in the app on Monday, which will enable customers to take a new car insurance entirely digitally in less than two minutes. This new application, called ‘app-normal’, is a first on the Belgian Market.
The principle is simple: you have to enter your number plate (or send a picture of the chassis number), then answer yes or no to a few questions (such as the number of kilometres travelled or the fact of having had a license withdrawn) to get an offer.
Payment – for example, a monthly direct debit – is made automatically. The application also allows you to benefit from a follow-up of the evolution of the vehicle repair. As the form is paperless, the green card is the only paper document sent by post. However, in the case of an accident, it will be necessary to continue filling in the report.
Claims can also be transmitted digitally. To validate the car insurance contract, a digital signature will do.
The price offered should be ‘inexpensive’ compared to that of competitors, the managers of the company say, but it will not be inferior to that proposed through other channels, such as agencies.
To determine the price, the insurer takes into account a certain amount of data, such as the number of accidents, but also the address (a car in the city costs more), first or second car (with a young person as a driver).
Gain market share
Car insurance is the first insurance that Belfius offers digitally, but in the long run other insurances will follow. “The next one will be the fire insurance”, says CEO, Dirk Vanderschrick.
Belfius Insurance hopes to gain market share with this innovation and to become the number three in the market in Belgium by 2025. Currently, the company is the number five (with a market share of 6,4%), after KBC, Ethias, Axa and the number one, AG.