Matmut: Diversification of major insurance players does not wait for the end of the crisis
Matmut, Covéa… How do these insurance companies stay the course with COVID-19? The insurance company is trying to diversify in order to be able to rebound and to be able to continue its activity serenely. Thus, insurance companies offer complementary services, like Matmut. The latter meet the needs of the members, interested in the know-how and advice of insurers. Like many industries, the recovery is important, and rebounding is critical.
Insurance players, mixed in health context
Many groups of insurers and reinsurers have adapted quickly to containment, such as Covéa or CCR (2), respectively insurer and reinsurer. These two companies have adopted telework for all their employees, and are perpetuating this operation. The procedures for signing or contacting customers have become completely digitalised in order to limit physical appointments. A way to be part of an ecological and health-friendly approach… without neglecting trade relations. Overall, insurance is doing well, from an economic point of view. However, their role is paramount, especially at present, with companies. The insurer’s role is to support and save companies in difficult situations. In France, 740 insurers (3) are involved in the daily lives of companies and individuals. That is to say how much their impact counts on the economy and the restart of the country.
In addition, companies face several scenarios in response to the COVID-19 crisis. Some contracts are postponed, others cancelled. As a result of the containment that marked the shutdown of many sectors, the companies impacted are now experiencing failures, over-indebtedness, payment difficulties… Even a turnaround or a judicial liquidation, an uncomfortable situation for a company. Thus, the insurer places itself as a support, a solidarity advisor who accompanies certain sectors particularly affected, such as tourism. Above all, it wants to act in the long term, to prioritize urgency and importance. However, the insurer can only apply the clauses of the signed contracts, so not all situations are covered… In the long run, they wish to offer their clients services to cover fixed costs that government aid does not cover.
Rebounding and diversifying, a measured choice for Matmut
For insurers, and reinsurers, the pandemic is changing behaviour and disrupting everyday life. Indeed, insurance is involved in many areas: home insurance, automobile insurance, professional insurance… For this reason, some groups, such as Matmut (1), are looking to diversify by offering new services. Thus, Matmut has acquired OFI Heritage 100% and creates its Matmut Heritage branch. The team, made up of expert heritage advisors, provides solutions on life insurance or real estate solutions. The solutions proposed by the group are therefore investment solutions, financing, but also foresight. In this period of severe recession, insurance claims are falling. Nevertheless, members and clients are showing greater awareness of the risks. Thus, they want to have insurance to protect themselves against different situations, in many branches.
Insurance players are in a sector whose activity remains stable and constant. Indeed, among individuals and professionals alike, insurance plays a central role. They are privileged interlocutors for clients and members, and allow them to be supported during more difficult times. The evolution of consciousness as a result of COVID-19 also leads to paradigm shifts in order to reduce the risk of future operating loss. Learn lessons while diversifying to meet new needs, and those to come…
1 – Press release – Matmut – The Matmut Group structures its heritage consulting business with the creation of its subsidiary Matmut Heritage – 6 October 2020