Cédric Vinclet, Partner at Partenaires Plus, ASCAR’s parent company, talked to us about the unique partnership with Wakam. Passionate about everything that moves (Cars, ATVs, Motorcycles, Planes), he told us about the birth of Ascar, his search for a digital insurer bold enough to create a tailor-made insurance product for vintage cars. Finally, we discussed together the challenges that lie ahead for the car insurance market.

Who is Ascar ?

Ascar was created by Partenaires Plus, a traditional insurance firm created in 2006 in Normandy, specializing in business risks and entrepreneurial risks. Due to the nature of the risks covered and the clients of Partenaires Plus (entrepreneurs, company directors), Cédric Vinclet and his associates identified a real need, that of insuring differently the „exceptional cars“ of owners who have several vehicles.

Contexte of the partnership

During the discussions, one issue kept coming up: „Why pay the insurance full price when it is not possible to drive all the cars at the same time?” This is how the idea of Ascar „a non-traditional subsidiary of a completely traditional insurance firm“ was born on a placemat in a restaurant (see photo below) with a will from the start to use all available technologies to solve this customer pain-point.

In order to be identified as a specialist in classic cars, they created the subsidiary Ascar, making it financially autonomous and attracting financial partners in order to impose themselves on the classic car market.

Looking for a risk carrier to shape his project, Cédric Vinclet turned to Wakam on the advice of a colleague. It is thanks to this partnership that this innovative and until then non-existent insurance product could be set up. (Learn more about our products)

A transparent and impactful partnership

With Wakam, Ascar was able to offer its multi-car owner clients a transparent, pay-as-you-go insurance product that was perfectly adapted to their lifestyle.

The solution didn’t exist, so I was looking for a smart approach to classic car insurance.

The innovation brought by the mobile application allows customers to control their actions themselves: they can activate their driving guarantees and find all their vehicles insured with Ascar, like a real virtual garage. The Sigfox box installed inside the vehicle acts as a reminder for the customer to activate his daily insurance. In case of forgetfulness, the customer receives a reminder to activate the guarantees by SMS. The insured benefits from a lower insurance premium and considers this expense as more „useful“. Here are the guarantees that the insured has depending on the use of the vehicle.

Ascar has been able to create a trustworthy partnership, adapted to the needs of its clients, revolutionizing the approach to insurance in the automobile insurance sector.

But in concrete terms, how does it work?

Within an application designed for users

Three adjectives to describe the partnership

  • Listening, we have been accompanied in all the phases of setting up the business; it is appreciable to have a company that wants to work and has the tools and processes for it.
  • Reactivity, when we ask a question or when a problem arises, we quickly get the answer, and we get to work to solve it together.
  • Speed, we have succeeded in setting up a system that did not exist before and in the middle of a pandemic.

Key figures

180K€

the most expensive vehicle insured by Ascar

70K€

the average value of vehicles insured by Ascar

4

the average number of vehicles owned by a collector

47

the number of vehicles owned by a single Ascar client

The challenges ahead

For Cédric Vinclet, it is obvious that the uses of cars are changing. The automotive world is undergoing a major transformation, with the emergence of new models where use is more important than ownership. He notes the emergence of players whose value proposition is the rental of one’s own vehicle or car-sharing. It is therefore essential to adapt and respond to the lifestyle of collectors.

This requires that insurers review their value scales, including financial value.

Indeed, the use of data on drivers‘ habits must become an asset to enable fine-tuned and customizable pricing.

Ascar’s ambitions to shape the insurance of tomorrow

Even if Ascar’s first ambition is to anchor the foundations of the car, the company would like to develop alongside Wakam a similar product for vintage motorcycles and boats, as the system is easily duplicable

Thanks to the creation of an end-to-end connected system with Wakam’s APIs and the implementation of the application, we can do anything.

In the long term, Ascar hopes to become a major player in the collection market and to develop additional activities such as expertise days or car rides between passionate drivers.

Finally, Ascar also aims to extend its offer to certain neighbouring countries such as Monaco, Luxembourg and Switzerland, which are real breeding grounds for vehicle collectors.

Interview conducted in march 2022.

Bérangère

Operational Marketing Officer