Seyna develops a new risk-carrying offer in response to the Health sector crisis

In a Health insurance market under historic pressure, Seyna leverages its platform to enable brokers and partner insurers to continue thriving. Seyna announces today a tripartite risk-bearing solution, enabling partner insurers and mutual insurers to launch new profitable health insurance offers, manage risk efficiently, and support health insurance brokers.
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PARIS - 29 January 2024,
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Health: a market under pressure

The French national social security system is retreating, claims costs are at a record-high, inflation is rampant. These are tough times for the health insurance market. In addition to increasingly restrictive regulations, the pivot rate is estimated to lie between 8 and 11%. The pressure is so great that some long-standing risk carriers are even being forced to withdraw. Twenty of them pulled out in 2022, while the ACPR estimates that the number of players in the health insurance sector has been divided by 4 since 2001. (Source: Rapport Drees 2023, p.15)

As for the players still in operation, they are being forced to be more cautious by the ambient economic pressure.  

"We're seeing brokers struggling to find capacity for health programmes because, after several years in the thick of things, insurers are forced to be more conservative in their risk assessment," says Jean Nicolini, Chief Insurance Officer at Seyna.

And yet, the French population has never needed insurers more to offset the effects of a social security system in retreat. Brokers find themselves under fire from a growing and demanding consumer demand.

Seyna put together its new scheme to address the widening gap between growing demand and declining carrying capacity.
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Seyna, strategic and technological insurance partner for the healthcare industry

Seyna announces today that its insurance platform now enables the creation of tripartite health insurance carrying and distribution agreements between brokers, Seyna and carriers. In this innovative partnership model, Seyna leverages its strenghts to partner with health insurers and mutual insurers, so that they can continue carrying health risk and support brokers.

To achieve this, Seyna relies on its two strategic assets: its insurance licence and its software suite covering the entire insurance value chain. These enable Seyna to ... :

• take on the whole operational management of insurance programs, on behalf of traditionnal insurance companies: from the acquisition of broker partners, to the legal documentation, the audit of the delegates, the transfers of data and financial flows,
• manage claims monitoring and continuous improvement of insurance products, to quickly find the right balance.

By way of example, with Seyna, UNMI was able to build and launch a white label offer for the European leader, April. The launch took place within 1 month, and had the program listed among the Top 5 offers of the comparison service LesFurets.com the following month. This product enabled April to launch an innovative product on the market, and secrure risk-carrying capacity in record time. For UNMI, the Seyna platform goes beyond the creation of the insurance product. Once the programme is launched, Seyna leverages its actuarial technology unveiled to the market last quarter. This technology allows the automatic integration and continuous analysis of any insurance data, allowing a precise and continuous analysis of the claims experience. In addition to acquiring and monitoring programmes, Seyna is responsible for carrying out audits to minimise the impact of programmes on the operations of its insurance partners. The platform has already attracted 4 carriers to date, including UNMI and Mutuelles du Soleil, and aims to support 10 insurance companies and mutuals by the end of the year.

As well as delegating the creation and management of programmes, insurers are opening up to new sources of growth thanks to the new standards of responsiveness made possible by the tripartite model. In addition to April, almost a dozen brokers have adopted this novel model, including ACS, Soluprev and Véralis.

“When we obtained our Health risk-carrying licence in December 2022, we noticed that some insurers were retreating from that line of business, when they have never been so crucial," says Stephen Leguillon, CEO of Seyna.

"Seyna's DNA consists of putting our technology and insurance expertise at the service of existing players. Thanks to this new risk-carrying model, partner carriers can put their economic robustness and stability at the service of brokers in record time. In just 1 year, Seyna has been able to help some players to maintain their market positions, and even assist others in unlocking new opportunities."
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About Seyna

Seyna empowers insurance brokers to grow their business. Seyna’s platform combines tailored insurance products and technology to unleash brokers’ time and creativity.
Over 100 insurance brokers are already building their insurance business on Seyna, creating unique and personalized insurance experiences, from underwriting to claims handling. The platform automates administrative and compliance tasks, freeing up brokers’ time to spend with policyholders. Additionally, Seyna is built as an open infrastructure, enabling brokers to integrate new IT solutions, seamlessly.