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International	20/06/2007

Finaref Assurances : aiming for faster European growth

Relying on its energy and expertise and an innovative method, Finaref is speeding up growth in the European insurance market. Claims managers are using their operational skills to support the growth drive.

Finaref is growing its insurance business in Europe using an innovative approach based on European law: the freedom to provide services (FPS). Using a Dublin-based platform, the company is now marketing its products throughout Europe.
As a member of the Crédit Agricole Group since 2003, Finaref has been able to expand its European insurance business. The Dublin platform is now a major asset when it comes to deploying products and services in the form of partnerships with Group companies and outside partners such as financial services companies and distributors.
A multilingual claims-management team uses handling methods that take into account the characteristics of each partnership, such as local laws, specific processes and local practices. Additionally, it validates payment protection claims under FPS-compliant insurance policies before compensation is paid. The Irish platform also relies on the claims management department of Finaref France, based in the northern city of Lille. In the space of five years, the department has built up tried-and-tested skills and technical expertise in the fields of customer relations and healthcare for the purposes of processing claims. Relying on the know-how of its 97-strong staff in France and Ireland, Finaref Assurances has extended its offering to 25 partners in 14 European countries. Its ultimate goal is to cover all of Europe.
Finaref also plans to export its payment protection development model to other partners outside the Crédit Agricole Group. Three pilot sites have already been launched in Italy, Germany and Spain.
Today, the company’s growth outlook is impressive. “In 2006, our insurance business generated premium income of €422 million,” says David Atkinson, deputy head of the Insurance Division in charge of operations. “Our goal is to reach close to €1 billion by 2010, of which 70 per cent from abroad, compared with 45 per cent at present.” By the end of 2007, Finaref Assurances will increase the size of its staff to 130 to help cope with the expansion.

A solid source of growth

Finaref is Crédit Agricole Group’s primary international consumer credit insurer. The company designs, distributes and manages products tailored to the needs of a variety of sectors: payment protection and bank-related risk insurance (bank cards), insurance for mobile electronic devices, and life, health and accident insurance to protect policyholders and their families against unforeseen events. Finaref is constantly expanding its range by adding new covers and new products, such as property lease insurance and lease payment protection.

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