In France, more than 910,000 hearing aids were sold in 2020. It is this colossal market that Mark'Assur, the pioneer of hearing aid insurance, started to target almost 10 years ago.
Founded by former insurance professionals, the specialist firm will have more than 100,000 insured devices by 2021.
To date, the Normandy-based company is the leading player in the hearing aid insurance market in France. Its strength lies in the quality of its insurance products and its wide variety of channels, ranging from direct end-consumers to professional networks, central purchasing agencies and independent shops.
In 2021, Mark'Assur turns to Seyna for help.
The first challenge was to build an offer in a context of regulatory evolution. Indeed, since January 1st 2021, the law provides for a full reimbursement of hearing devices. But it is applicable only once every 4 years.
For the end customer, this means that no financial support can be received over a 4-year period, even in the event of loss. Yet these are fragile devices, used on a daily basis, expensive, and essential to their owners’ well-being. Mark'Assur and Seyna saw an opportunity to bring more protection to an exposed fringe of customers.
Moreover, Mark'Assur had been looking to modernise its underwriting and claims management processes to improve the customer experience.
Seyna and Mark'Assur designed a Loss/Theft/Breakage offer to complement the legal manufacturer cover and bring an additional level of security to consumers. Addressing a fragmented market composed of a large variety of players, the offer was designed with great modularity. The Norman firm became free to adapt the offer to each of its distributor partners, and develop its activity in complete autonomy.
Beyond the construction of the product and the carrying of the risk, Seyna provides Mark'Assur with its insurance platform. This platform allows considerable time savings, in particular in terms of reporting or compliance. Indeed, it automises the integration of insurance slips and carries out systematic anti-money laundering screenings across all portfolios. Mark’Assur can also access at any time a business intelligence tool monitoring the programme's performance to facilitate the portfolio’s management.