Prevention: a central aspect of our role as an insurer
10 December 2023
Risk prevention is an intrinsic part of what Covéa does, enabling it to safeguard the health and wellbeing of its policyholders, as well as protecting their assets and businesses. While our core role is clearly to cover risks and provide compensation, the issue at hand is still limiting the frequency of these risks and reducing the cost.
We have therefore rolled out a targeted prevention policy combining everyday utility and efficiency over the long term. We benefit from unique protection systems in France, whether with regard to health or compensation for natural disasters. Solidarity is a value held dear by our mutual insurance Group, and this is a source of strength. However, securing the future of our business means we have to control or even reduce costs, which inevitably means prevention. As prevention has always been a priority for Covéa and its brands, we have made it one of the aspects of our social commitment policy.
Prevention everywhere, for everyone
For the Group, prevention needs to encompass all areas of policyholders’ lives, reflecting the cover it offers. While road safety has long been anchored into its practices, particularly in view of the favourable regulatory framework, the same efforts need to be applied in all areas. It is essential to protect households against theft, fire, water damage and everyday accidents, which cause more than 20,000 deaths each year.
The serious damage caused by climate events and natural disasters also requires significant action. The ageing of the population, with the number of over 60s set to more than double by 2060, as well as the rise in chronic diseases and mental health disorders, can only be contained by means of prevention. Meanwhile, businesses face considerable risks in terms of loss of business, cyber attacks and civil liability. We cover a very wide range of areas. And for us, prevention doesn’t stop at these key areas. It also includes preventing domestic violence and even inequality.
MAAF, MMA and GMF share the same vision and, drawing on their specific cultures and close relations with their customers and members, they are rolling out measures suited to each of their needs, whether individuals, public sector employees, trades persons or small businesses. Prevention also applies to all of the Group’s stakeholders, in particular its employees, with the rollout of suitable internal policies, as well as its partners and service providers.
Vital risk expertise
Knowledge of risk is a prerequisite for drawing up a prevention policy. The Group obtains this knowledge by turning to its experts, engineers, data scientists and project managers. Its teams carry out studies, create models and map risks. Analysis of claims data provides concrete information to refine the perception of risk and its mechanisms.
With its 11.5 million customers and members in France, Covéa benefits from expertise across all the areas it covers. Its public partnerships, presence on bodies such as France Assureurs‘ Assurance Prévention association and Mission Risques Naturels, involvement in research and support of chairs help to develop and share knowledge of risk for the common good. This expertise also enables it to draw up an appropriate prevention policy, which can include R&D to trial new solutions, partnerships to disseminate best practices and even offering services to policyholders.
Risks and society are constantly changing, which means that our knowledge needs to be kept up to date and the strategies in place need to be reviewed regularly, also taking account of regulations and existing frameworks. Far from being rigid, prevention is dynamic. There is no need to be dogmatic. We need to be able to adapt what we say to the people we need to reach.
A culture of prevention infusing all society
A true culture of prevention needs to be shared with all stakeholders. This helps policyholders to choose, with full awareness of the facts, the services and recommendations that are right for their situation. Prevention is above all about personal responsibility. This culture has to feed into all discussions with stakeholders, who in turn pass on the message to their friends and families.
Thanks to its leading position, Covéa can act as a real spokesperson. Institut Diderot also plays an important part in discussion with opinion makers. In 2022, a symposium was held to highlight the urgent need for appropriate prevention in terms of health. In a world where risk is everywhere, prevention is absolutely essential. It works even better when it is applied over the long term with the support of an entire ecosystem.