Annabelle Delestre, founder and CEO of Insurtech Lidix, was interviewed by Nelly Brossard and Frédérique Cintrat about her experience as an entrepreneur.
What is your background?
I have a double education in human sciences (Philosophy) and economics (Sciences-Po Paris-Ecofi). I worked in the banking and asset management sector (Amundi) before entering the insurance sector at AG2R La Mondiale, in digital and financial marketing. Passionate about innovation, I developed many digital projects within large groups before embarking on entrepreneurship with the creation of Lidix.
Why and how did you launch your start-up?
It is, in 2017, the desire to take responsibility and have more freedom. In this regard, I was also led by the rise of the startup ecosystem.
Given the ambition of the project, I immediately tried to join. I contacted Bruno Urvoy, a digital and UX expert with whom I had worked in the past and who had just sold his company “En selle Marcel”. He also wanted to start a project, so he was pretty good!
What is Lidix’s value proposition?
Lidix is a BtoB insurtech that is reinventing beneficiary management in life insurance. This is a delicate issue for the conciliation between insurers and customers, whether it is the problem of the escheat, the complexity of the management of claims or the updating of the beneficiary clauses. Few players have internally developed digital spaces dedicated to beneficiaries, which is why we decided to start with a digital management module specialized in successions.
Our succession management tool has several interfaces for the back office, beneficiaries and intermediaries. We put artificial intelligence at the service of the user experience and thanks to our algorithms each beneficiary has a personalized path. All forms, including taxes, which until now were paper, are generated on the fly, electronic signature included. The advantages of our platform are decisive for our insurance customers: productivity, compliance, strengthening of the brand image and empathy. The cost of processing the beneficiary clauses by companies is enormous, the solution offered by Lidix allows them to save about 30%!
What is Lidix’s business model?
The economic model of Lidix is that of a SaaS platform with subscription to the solution and costs per file, decreasing price based on volume. Before deployment, we also have a configuration phase that allows us to customize the solution according to the specific needs of each customer.
There is therefore a strong technological dimension and an initial investment required before the solution can be commercialized. Starting suddenly without money or customers is not really possible: we have invested personally and with the support of the famous “love money”.
How do you work with insurers?
There are different types of partnerships depending on the expectations of our customers. For our succession management module it is a classic commercial partnership with a design phase for the customization of the tool and API connections, then a production deployment that involves the signing of a fairly dense contractual package (SaaS contract, quality charter , security guarantee plan, GDPR commitments, etc.).
For forms in the design phase or with large accounts with a complex IT ecosystem, a Proof Of Concept (POC) phase is a useful option to ensure relevance and test innovation before continuing.
The principle of experimentation is also an option that we are implementing thanks to the financial support of BPI and the IDF Region as part of the “Innov up experiment” program. This involves making a prototype to test with an involved partner, before augmenting. This is what we are doing right now with a large insurer and administration.
We have confidentiality clauses for the moment but we will soon be able to reveal some partnerships …
What about fundraising?
In our BtoB insurance market, where decision cycles are quite slow, most funds wait until the start-up is already generating recurring revenue before investing. The success of our first product now allows us to launch a fundraiser in September to accelerate technical and commercial developments.
What were the accelerators?
We immediately sought the support of an incubator, essential to be accompanied in our development. We were selected in 2019 by Swave, the leading Fintech incubator. It is not only a help in optimizing the schedule, but also an opportunity to meet people who share the same adventures.
We joined Finance Innovation from the very beginning, from which we received the Label that opens new doors for us. There are also associations of entrepreneurs such as France Fintech which animates the community and organizes very useful events.
In Insurtechs there are few women, how do you explain it?
It is therefore probably reasons or cultural prejudices that unfortunately struggle … We also see that women are less inclined than their male colleagues to develop their own professional networks and focus above all on competence. As a result, we have a lot of work to promote diversity in fintechs.
What are the development prospects of Lidix?
They are sizable and the subject is rather the time and money to implement them. Regarding services, we already have a lot of customer feedback to enrich our succession management tool. We will also start optimizing the beneficiary clause and updating contact details to increase prevention. On the market side, after life insurance and individual pensions, there are collective pensions and pensions that have great needs. On the internationalization side, we have the first contacts underway in Luxembourg, an excellent gateway to Europe …
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