French GI market "offers considerable opportunities," says BGL boss
The BGL Group is set to target the aggregator market in France after snapping up insurance price comparison company, Courtanet.
The Paris-based company, which has 17 staff, will be majority-owned by BGL with Courtanet’s founder and chief executive also Jehan de Castet retaining a stake.
BGL Group chief executive, Peter Winslow, said: “We believe that the French general insurance market offers considerable opportunities. It’s a similar size to the UK.
"Broadband internet penetration is also at similar levels to the UK, yet the French market has been slower to embrace the research and purchase of insurance online. But there are signs that this is changing, as insurers invest in better online systems."
He added: “Both internet purchase activity and the revenues of aggregators in France are reminiscent of the UK market in 2005. Of course, no investment is without risk, but we are confident that we will be entering the market during a period of rapid growth.”
Courtanet initially offered price comparison services to independent insurance brokers when it launched in 2005.
In 2009, it launched assuremieux.com, a consumer price comparison service for car, health, loan, home and motorbike insurance.
This year, Courtanet launched creditmieux.com, a price comparison service for consumer loans.
Jehan de Castet said: “We believe that French consumers should benefit from impartial comparison in order to better choose their insurance products and save substantial amounts every year.
"French consumers are ready to embrace comparison as a new way to research and buy insurance thanks to the strong growth of insurance online."
Courtanet will continue to operate as a standalone business, under the governance of the BGL Group board. Jehan de Castet will report to BGL group chief operating officer, Matthew Donaldson.
