November 10, 2022
Baptiste Auffret, Head of Affinity Partnerships at BNP Paribas Cardif France, explains why the partnership with Back Market, the leading dedicated renewed tech marketplace, illustrates the insurer’s strategy of integrating impact and platformization as growth drivers.
First of all, what is affinity insurance?
The affinity insurance business is the sale of a guarantee, assistance or an ancillary service distributed by a non-insurer distributor, and which is not the main reason for the customer’s purchase. For instance, we cover mobile devices against everyday risks such as breakage, rust or theft. Orange and Boulanger are our main distribution partners in France.
Why did BNP Paribas Cardif partner with Back Market?
Back Market is the leading dedicated renewed tech marketplace. Their business growth story is exceptional, but they also fit with our values around customer satisfaction. Customer satisfaction is at the centre of our value proposition. In our particular affinity business, where customers have regular interaction with their insurer, the level of delivery needs to be just right every time, otherwise, the customer will move on. We also share convictions about the positive impact we have on society. For instance, we worked together to launch an eco-responsible offer that actively promotes the circular economy by placing priority on repairs.
How do Back Market and BNP Paribas Cardif complement one another?
BNP Paribas Cardif offers a combination of financial stability and entrepreneurial agility. For instance, we launched our offer with Back Market in six European countries in only eight months. For a company like Back Market, which is a newcomer to the insurance market, we also provide reliable expertise and peace of mind. From our side, interacting with a digital native data focused start up is a boost for all our data scientists. Moreover, this partnership enables us to integrate the platform revolution in our distribution model by working with new digital players.
What is most impressive about Back Market?
Finding a more sustainable way to consume tech is a primary imperative in today’s world given the ecological emergency. And what’s most impressive about Back Market is their daily fight to empower people to favour circular economy and repair. But it’s also their ability to show that economic profitability and a real environmental commitment are not antagonistic: circular economy is a business model that works!
How does this partnership help make insurance more accessible?
For Back Market, insurance is a way of building trust. They see insurance as a way to heighten consumer confidence in refurbished products and eliminate barriers associated with this market. At BNP Paribas Cardif, we are proud to be making insurance more accessible to buyers of refurbished devices.
Find the full BNP Paribas Cardif Activity Report here.