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Groupama is an insurance company that offers its clients niche insurance products: non-standard motor and home insurance and a variety of insurance products to small and medium businesses. All insurance products offered by Groupama are available only through the brokers. The company has chosen this approach because it wants to ensure the quality of its services: insurance brokers can advise which product is the best suited for the customer. Groupama is not an independent insurance company because it is a part of AGEAS – one of the biggest general insurance companies in UK.
Health insurance business
A couple of years ago Groupama had a wide variety of health insurance products to offer to its customer. However, in 2012 Groupama sold its health insurance business to SimplyHealth. Although the name has changed most of the products remained the same. The main reason why Groupama decided to sell its health insurance business was that the company was not able to ensure that its health insurance business constantly delivers profitable results that could lead to long term success.
Personal accident insurance
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The only product that Groupama has now and which is related to health insurance is called „Personal Accident“. This product is a mix of life and health insurance because it guarantees financial help to the insurance policyholder in case of a death and serious injury. The cover provid?s insurance in case of accidental death, loss of limbs, loss of eyes, loss of hearing and disablement that occurred due to accidental body injury. The insurance makes a lump sum payment if one of the above mentioned accidents happen.
These insurance products can help to protect household income or maintain the confidence of banks and other financial institutions. Personal accident insurance is not a real health insurance product because it does not directly cover medical costs but the lump sum payment can be used to cover medical treatment cost or the therapy after the operation. Groupama offers Personal accident insurance products not only to individuals but also to small businesses. Employers can insure their employees from accidental death and other serious injuries. The financial help from the insurance company in case of an accident can be used to make monthly payments to the insured person or his family. What is more, since it is not only the employees and their family that incur losses, the company can also use part of the money paid by the insurance company to train new employees.