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 dual education in human sciences (Philosophy) and economics (Sciences-Po Paris-Ecofi). I worked in the banking and asset management sectors (Amundi) before joining insurance 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 carried by the rise of the ecosystem of startups.
Given the ambition of the project, I quickly sought to join. I contacted Bruno Urvoy, 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 on a project, so it 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 sensitive subject for reconciling insurers with customers, whether it is the problem of escheat, the complexity of claims management or the updating of beneficiary clauses. Few players have internally developed digital spaces dedicated to beneficiaries, which is why we decided to start with a digital management module specializing 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 journey. All forms, including tax, which were made on paper until now, are generated on the fly, electronic signature included. For our insurance clients, the advantages of our platform are decisive: productivity, compliance, reinforcement of the brand image and empathy. The cost of processing beneficiary clauses by companies is enormous. The solution offered by Lidix allows them to save around 30%!
What is Lidix’s business model?
The economic model of Lidix is that of a SaaS platform with a subscription to the solution and costs per file, decreasing pricing according to the volume. Prior to deployment, we also have a set-up phase which allows us to customize the solution according to the specific needs of each client.
There is therefore a strong technological dimension and an initial investment necessary before being able to market the solution. Suddenly starting without money or customers is just not possible: we invested personally and with the support of the famous “love money”.
How do you work with insurers?
There are several types of partnerships depending on the expectations of our customers. For our succession management module, it is a classic commercial partnership with a project phase for the customization of the tool and the API connections, then a deployment in production which involves the signing of a fairly dense contractual pack (SaaS contract , quality charter, security assurance plan, GDPR commitments, etc.).
For modules under design or with large accounts with a complex IT ecosystem, a POC (Proof Of Concept) phase is a useful option to ensure relevance and test the innovation before continuing.
The principle of experimentation is also an option that we are implementing thanks to the financial support of the BPI and the IDF Region as part of the “Innov up experiment” program. This involves making a prototype to be tested with an involved partner, before scaling up. This is what we are doing at the moment with a large insurer and an administration.
We have confidentiality clauses for the moment but we will soon be able to reveal certain 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 quickly sought the support of an incubator, essential to be accompanied in our development. We were selected in 2019 by Swave, the main Fintech incubator. It’s not only a help to optimize the roadmap but also the opportunity to meet people sharing the same adventures.
We joined from the beginning Finance Innovation, from which we received the Label which opens new doors for us. There are also associations of entrepreneurs like France Fintech which animates the community and organizes very useful events.
In Insurtechs, there are few women, how do you explain that?
It is therefore probably cultural reasons or prejudices that unfortunately have a hard time… We also see that women are less inclined than their male counterparts to develop their 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 for Lidix?
They are considerable and the subject is rather the time and the money to implement them. On the services side, we already have a lot of customer feedback to enrich our succession management tool. We will also launch the optimization of the beneficiary clause and the update of contact details to increase prevention. On the market side, after life insurance and individual pensions, there are collective pensions and pensions which have great needs. On the internationalization side, we have initial contacts in progress in Luxembourg, an excellent gateway to Europe…
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