Hogg is the translation of "protection" in Japanese. This young company, created in 2018, aims to reinvent the management of insurance contracts by offering the best guarantees at the best price for professional clients and their employees. A simple service without paperwork to save time in managing your business.
In the buoyant and competitive environment of health insurance and group provident schemes, what place for Hoggo?
The brokerage market is doing well and is growing, especially since 1 st January 2016 with the establishment of a new additional mandatory health for all employees. The development of new digital players, and in particular insurance companies, makes competition all the more important.
In 2018, according to data collected by the CTIP, FFA, and FNMF, the health and provident insurance market grew by 2.8% and represented € 60.3 billion in contributions. This growth is all the more marked for collective contracts (+ 3.3% against + 2.4% for individual contracts).
Also, faced with the complexity of the process of choosing the right insurance, more and more companies are turning to intermediaries (brokers) - guaranteeing security, saving time, and saving money.
According to a recent study, the number of Assurtech rose from 106 to 187 between 2018 and 2019. Of these 187 players, 36% fall into the “distribution” category, that is to say, that of brokers. This corresponds to 7 points more than 2018.
The number of 100% online brokers is multiplying. Fluo, for example, targets individuals by relying on artificial intelligence to offer a detailed analysis of insurance contracts for the same household (auto, HRM, etc.). For its part, Clara analyzes, once again thanks to AI, the insurance coverages of companies.
Thus, faced with the emergence of many players, it is difficult to pull out of the game. Digital technology offers better knowledge of customers, speed of processing, and simplification of processes, making it possible to reduce management costs for users. It is with this lever that Hoggo wishes to stand out by specializing in collective health and provident contracts.
Hoggo managed, barely 6 months after its creation, to raise 2.4 million euros and went from 2 to 25 employees. It managed 2.5 million euros in contributions in 2018 and aims to increase to 10 million by the end of 2019. How has this young growth managed to raise so much money in such a short time?
This new player is shaking up the market by offering a double offer:
Hoggo is a free insurance brokerage web platform. It offers comparison services, subscription and management of collective insurance, mutual and provident contracts for companies.
It innovates and differentiates itself from its competitor's thanks to its algorithm for analyzing existing contracts, which quickly compares data via a repository of 1,500 contracts. When we know the complexity of this type of comparison, we can expect a lot from this new service. The contracts most suited to the specific needs of customers are therefore offered, all at the best price.
One of the start-up's major arguments is not only to be a digital broker but also to offer an end-to-end service. She promises to take care of all termination, subscription, and affiliation procedures.
Its target customers are VSEs, SMEs, and self-employed workers. The acquisition of new customers is done via 2 channels:
This service is completely free for professionals. Hoggo is remunerated by receiving commissions through its 30 partner insurers.
Hoggo also provides a contract management service for companies. There are two areas in this service: the company area and the insured area, for their employees.
The "business space" allows businesses to manage group contracts that they have previously taken out via the site. In this space, Hoggo provides the user with all the documents relating to the conclusion and execution of the group contract, including in particular the signed contract, calls for contributions, DSN (Social Nominative Declarations) slips, notices, amendments, information relating to the employees of the company who have joined the group contract.
This tool is a facilitator because it makes it possible to know if all the employees are indeed affiliated to the mutual insurance company and the provident fund corresponding to their collective agreement and thus to be in good standing with the URSAFF.
The “insured space” allows employees to subscribe to a group contract taken out by their employer through Hoggo, to send various requests, and to receive insurance proposals.
This AssurTech tries to respond as well as possible to the problems of simplifying processes and reducing costs. Thus, she does not intend to stop there. After securing her business model with a substantial portfolio of clients, she wants to tackle new markets.
For Guillaume Ferre, Project Manager, “While Hoggo is now focusing on health and provident insurance, we want to quickly expand our service, by offering new administrative management tools to business leaders. In any case, our first objective is to reach 10 million euros in contributions by the end of 2019 ”.