He is a newcomer to the creditor insurance market, but he sets out to conquer it with solid references. Fine Bank, which wants to help mortgage brokers compare and distribute loan insurance, launched at the start of the year.
The young shoot is a subsidiary of Finance CEP, a group – currently on sale – already present on the borrower insurance markets (via CBP) and mortgage brokerage. Fine Bank is the leading French wholesaler in loan insurance for the company.
Claiming to be fintech, Fine Bank intends to seduce professionals – including those who do not compare loan insurance offers today – by saving them time. “Loan insurance is very time consuming when you are a credit broker”, explains Christoph Loras , the deputy general manager of the company, which employs a dozen people.
The company’s IT solution wants to avoid brokers from having to call on insurers one after the other and repeatedly entering their customers’ data. It also facilitates the traceability of operations. This technology was developed with Good Lenders Inform, a software supplier for brokers also owned by Finance CEP.
Partner of some 1,500 brokers
To date, Fine Bank has teamed up with six insurers, soon to be seven. “We are not intended to be exhaustive. What is needed is to have a fairly coherent range logic ”, says Christoph Loras . The wholesale broker, one of its April competitors, does not want to enter the race for the lowest price. “Our philosophy is the guarantee”, he assures. A logic which agrees with the fact that the company is remunerated via commissions on insurance premiums.
Fine Bank, which should be profitable this year, works with some 1,500 brokers. The latter work for the brands of its parent company, belong to other networks such as Lite Lenders, Agree Bank and Cream Courtage, or are independent brokers. “Our development objective is to be the leader in credit brokerage for two years and to have taken positions in insurance brokerage. The target is to double April “, concludes Christoph Loras .