only Cardif products but also other insurers products. They achieved excellent results especially in the car insurance segment.

In 2002, Cardif began to offer Guaranteed Auto Protection (GAP) insurance, designed to cover the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.) in the event of serious damage to the vehicle. The following year Cardif launched a loss of employment insurance policy.

Today BNP Paribas Cardif offers a range of life insurance and personal protection prod- ucts in Poland, focusing mainly on the credit protection segment, insuring illness, unem- ployment and death risks for its financial partners; and on GAP and Autoloan CPI (Credit Protection Insurance) for its automotive sector partners. BNP Paribas Cardif is the leader in the GAP market segment, with an estimated 60% market share.

BNP Paribas Cardif Managing Director Pascal Perrier explains the reasons for this suc- cess: In our company philosophy, our customers i.e. the insured and business part- ners are regarded as central to all our action. We consider the interests of all parties, continually aiming to achieve a healthy balance. In our view every consumer should be able to obtain insurance and the customer s needs should be paramount, in terms of both content and assistance. This means that we see it as our responsibility to offer easy-to- understand products that meet a genuine need. We also expect our business partners to focus on the specific needs of each existing or potential insured person that they repre- sent. We stay in close touch with the market and share market signals with our Partners. We then translate those signals into an up-to-date range of products and services.

However, in the wake of Recommendation U issued this year by KNF, the Polish Financial Services Authority, a new insurance market is emerging in which bancassurance prod- ucts are expected to meet the needs of each individual client, and the sale of insurance may not be so closely linked with the provision of credit. BNP Paribas Cardif Polska cover has now been entirely revised in the light of these significant changes. Meanwhile the change also creates new opportunities with partners such as telcos and retailers, who are becoming increasingly interested in financial services.

Now, thanks to the BGZ BNP merger, BNP Paribas Cardif Polska is even better placed to rely on a strong partnership that will allow the company to develop long-term projects. BNP Paribas Cardif has already revised its Commercial and Distribution strategy, with the creation of a Sales Support Team designed to create closer relations between the two entities. Product development will also be brought into line with BGZ BNP Paribas strategy in order to make BNP Paribas Cardif the main insurance provider for the Group in Poland.

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