The Groupama Group announces the signing of an agreement between its Italian subsidiary Groupama Assicurazioni and FairConnect, for the disposal of G-Evolution and the set-up of a long-term strategic partnership for the provision of connected insurance services.
A long-term strategic partnership for the provision of connected insurance services
The transaction is expected to be completed during the 2nd half of 2021 subject to obtaining regulatory approvals.
Groupama Assicurazioni has reached an agreement for the disposal of 100% of the share capital of G-Evolution to FairConnect, leading connected insurance services provider in Europe and in particular in Italy with the private equity fund Palamon Capital Partners as major shareholder. As part of the transaction, Groupama Assicurazioni has set-up a long-term strategic partnership agreement with the FairConnect Group for the provision of advanced connected insurance solutions aiming at enhancing the current service offer of the insurer leveraging on advanced IoT technologies.
By partnering with a leading connected solutions provider with a solid track record in the Italian market, Groupama Assicurazioni will foster its current service offer leveraging on advanced connected technologies to create unique data driven insurance products with a significant positive impact in terms of underwriting performance, claims management efficiency, customer satisfaction and overall business growth.
The partnership with FairConnect will allow Groupama Assicurazioni to successfully face the evolution of the connected services from telematic services to innovative motor connected solutions and explore potential opportunities in the currently under-penetrated connected Property and Health market.
The ambition of the partnership aims at extending the collaboration between Groupama Assicurazioni and FairConnect also to other French and European entities of the Groupama Group.
Pierre Cordier, CEO of Groupama Assicurazioni and G-Evolution
« The disposal of G-Evolution to FairConnect and the set-up of the long-term Strategic Partnership Agreement represent a strategic cornerstone for Groupama Assicurazioni to enhance its connected proposition with cutting edge connected solutions enabling a distinctive and customer centric offer. »
Carmine Carella, Chairman and CEO of FairConnect
« G-Evolution is a top-notch telematic platform specialized in claims handling and settlement. The cutting edge technologies of G-Evolution, combined with the consolidated technologies and operations we dedicate to delight insurance carriers, will enable FairConnect to support Groupama Assicurazioni in expanding, simplifying and digitalizing the product offering to increase customer loyalty and the company's technical profitability ».
FairConnect is a leading specialised provider of connected insurance services based on: risks scoring and analytics, data driven claims related services, user accepted digital coaching, smartphone-as-a- sensor (SmaaS) and Internet of Things (IoT) technologies. Headquartered in Switzerland with significant operations in Italy and France, FairConnect offers a wide range of services both for insurance carriers and connected policyholders in the motor and property segments designed to satisfy insurance carriers and their strategic priorities.
Groupama Assicurazioni is the first foreign subsidiary of Groupama, an insurance and banking Group with global international presence, based on people and customer centric strategy. Groupama Assicurazioni, with 800 employees and a network of more than 1,000 agents, has a widespread presence throughout the Italian territory, which ensures proximity to the customer. The international synergies and the professionalism of its network allow it to propose innovative solutions for the safety of people and assets, as well as professional activities, satisfying the most evolved needs with an offer that includes: property, motor, health, savings, protection, welfare and work, focusing on customer proximity and innovation.
G-Evolution is the captive telematic service provider of Groupama Assicurazioni, specialized in analyzing telematic data through the use of advanced AI algorithms and proprietary platforms. G- Evolution assists the insurer in managing the claims handling and settlement process, detecting possible frauds thanks to the use of telematic data, and supporting drivers in real-time in case of accident.