BNP Paribas Teams With Matmut to Strengthen Position in Property & Casualty Insurance, Launches New Offer

PARIS, France, July 4 -- BNP Paribas issued the following news release:

Thanks to the new Cardif IARD insurance company created jointly with the Matmut group, BNP Paribas is strengthening its position in the property & casualty market, proposing a new comprehensive and adjustable offer for its customers.

As part of its strategic development plan, BNP Paribas is targeting 12% penetration for property & casualty insurance among its retail customers and aims to triple sales of its insurance policies.

With a current staff of 230 employees BNP Paribas has major development ambitions between now and 2020 to support all its customers

By 2020, BNP Paribas is targeting 12% penetration for insurance cover among its clientele and aims to triple sales of property & casualty insurance policies. These ambitious objectives reflect the Group's commitment to making property insurance an "everyday banking" product, just like payment means, savings products or budget management solutions.

Bank advisors drive growth strategy

All staff across the BNP Paribas retail banking network play a key role in growing the property & casualty business, from the policy subscription to claims management. In October 2017 the BNP Paribas French Retail Banking network introduced a special skills development plan for staff, equivalent to some 75,000 days of classroom training. This innovative training program enhances the ability of the 15,000 advisors in the retail banking network to address the property & casualty insurance coverage needs of their customers. Customers are further supported thanks to experts from the new Cardif IARD insurance firm.

Cardif IARD: a successful strategic alliance between BNP Paribas Cardif and Matmut

Located in the Normandy town of Rouen near the head office of the Matmut group, the new insurer Cardif IARD - in which BNP Paribas Cardif and Matmut hold equity interests of 66% and 34%, respectively -- is the fruit of 18 months of development in agile project mode by BNP Paribas and Matmut teams. The insurer, which will count 450 employees by 2020, was the leading private sector recruiter in the Rouen employment catchment area in the first quarter of 2018, representing 10% of net new job creations for the area.[2]

A new range of six policies to cover all the essential needs of customers

To meet all the essential property & casualty insurance needs of its retail customers[3], Cardif IARD has introduced a new range of six insurance policies:

Comprehensive homeowner and car insurance (marketed since May)

School and student accommodation insurance (launched in June and July, respectively)

Motorcycle insurance (available from the fourth quarter of 2018)

Legal protection insurance (available in 2019).

The combination of digital technology and human expertise ensures an optimum level of service and assistances to deliver a fluid customer experience.

Cardif IARD has contracted with the Inter Mutuelles Assistance (IMA) group, in which Matmut is a shareholder, for provision of the assistance services linked to its new car and home insurance offers. Cardif IARD also became a shareholder in the IMA group, acquiring a 2% equity interest in the parent holding company.

Property & casualty insurance has been Matmut's core activity since the company was founded in 1962. Matmut has played a central role in creating the offers and management infrastructures, as well as in defining the operational organization of Cardif IARD. Its longstanding expertise will provide concrete benefits for customers. [1], Cardif IARD plans to recruit more than 200 additional staff by 2020, primarily in the greater Rouen area.

Footnotes:

1. Subject to conditions and limits specified in the policy.

2. Complete terms and conditions available at mabanque.bnpparibas