It is
admitted from now on that every consumer owns at least one credit card. To make
them attractive, banking institutions often associate with insurance offers. Unfortunately,
customers struggle to know which guarantees are included into them. According
to an OpinionWay survey launched in April, 2014 by Fluo.com, 56% of the French
people who are less than 50 years old declare that they know rather badly or
very badly the risks covered by the insurances included in their bank cards.
In the
travel business, customers are constantly requested to sign insurance products:
when booking a flight ticket, renting a car or purchasing a ski pass for
example. As a result, many sign a new contract without knowing if they are
already covered via their own banking card insurance. And even more concerning,
some don’t subscribe thinking that they are already covered when they are not.
This is the
reason why Jehan de Castet, founder of the insurance comparator LesFurets.com (French
favorite comparator), imagined Fluo.com. The goal of this website is for
consumers to avoid situation of insurances accumulation with those included in
their credit cards. With only a few clicks, Fluo reveals the insurances of your
credit card and shows how you are covered by highlighting the key points of
your contract.
Available as
an app on IOS and Android, Fluo is also reachable at any time through a call
center.
Fluo can be
defined in 4 words: Free – Practical – Independent – Personalized. Indeed, insurances
are generally complicated subjects to tackle and to understand. And even more
in the case of an accident when eventually emotions get involved. This
application aims to facilitate these moments by helping customers understanding
their purchases, car rentals and travels. Fluo’s app is very simple, free and
visual. It gives a summary of what is covered and what is not. The main
advantages are the comparator function with other insurance companies and the
tricks to be sure that the insurance of the banking card will work.
While
integrated insurance with banking cards should be a selling point for financial
institutions, they are ultimately little highlighted. So, not surprisingly, a
startup came once again to take this opportunity, intelligently flipping the model
to its advantage. In 2015, Fluo innovated and added a new service: custom
travel insurance that complements the insurance of banking cards. It now gives
the customers the opportunity to complete their insurances, without the risk of
duplication, by offering 3 different formulas based on the level of the credit
card: Classic +, Premium + and Elite +.
Meanwhile, Fluo
fills a certain vacuum since, according to a survey that the company itself
commissioned, 88% of consumers would be interested in its services. For now,
Fluo is only providing this service for users of banking insurance but the
company plans to expand its offer by providing the details of home insurance
policies.
Sources:
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