A pioneer in retail bancassurance in Italy, Cardif is currently Italian market leader in the CPI (Credit Protection Insurance) sector thanks to a philosophy based on creating innovative solutions, diversification of know-how, pooling of experience, and its focus on the customer and quality of service.
The Italian market
Cardif has been operating in the Italian market since 1989 with two Life and Non-Life agencies, Cardif Assurance Vie and Cardif Assurances Risques Divers, and since 1996 with the Italian branch Cardif Assicurazioni S.p.A. In September 2011 Cardif completed the acquisition of 51% of BNL Vita, taking control of the company, the remaining 49% stake being held by the BNP Paribas Group.
The Cardif range of services
The service provided by Cardif in Italy, as part of the Protection and P&C Line, is designed primarily to complement the products offered by companies with which it operates under a partnership approach. The main types of companies are banks and financial institutions. The Protection and P&C Line provides individuals and their families with the certainty that they will be able to calmly deal with the unforeseen events of life.
The range offered is divided into three main segments:
- Creditor Protection Insurance (insurance policy providing loan repayment protection): this is a line of products designed for banks, financial and other institutions that extend credit to households or businesses. The policy, always offered in conjunction with a financial product, takes over payment of one or more instalments or the outstanding amount when the insured party suffers one of the events covered by the policy.
- Personal Protection: this offers complete protection when specific events covered by the policy occur, providing for an indemnity or payment of unforeseen expenses or supplementing the family income when it drops. The provision of these products is not necessarily tied to a financial product (stand-alone distribution).
- Property and liability insurance (non-life): this segment protects the insured party’s property against multiple accidents, guaranteeing an indemnity that compensates the financial loss suffered in full.
Insurance
BNP Paribas Cardif’s mission is the insurance of individuals, their families and property. BNP Paribas Cardif markets products and services in the Protection and Savings sectors through the intermediation of various partners.
BNP Paribas Cardif is one of the top 15 insurance companies in Europe with a strong position in Europe, Asia andLatin America. (Source: internal study based on competitors’ volumes).
The three main distribution channels are:
- The BNP Paribas Retail Banking sales networks: inFrance,Italy,Belgium andLuxembourg
- Partners: banks, financial institutions and large-scale retail companies
- Brokers: networks of independent financial advisors, brokers and the internet
