In a strategic move to address the economic challenges faced by many French households, Carrefour has unveiled its innovative "purchasing power guarantee" in collaboration with CNP Assurances.
For a small monthly fee via an insurance package, the supermarket chain hopes to provide support and help should households find themselves in precarious financial situations which affect the purchase of essentials.
With a commitment to supporting essential food expenses during times of financial strain, this initiative comes as a timely response to the dwindling purchasing power and rising prices affecting households across the country. But with many households in Belgium experiencing similar worries, there appears to be no plans as yet to expand the initiative across the border.
The "purchasing power guarantee" comprises two distinct formulas, each offering two levels of coverage.
Under the "Courses Protect" formula, available for monthly fees of €2.90 or €3.90, subscribers receive vouchers worth €75 or €150 per month, coupled with €500 in compensation for severe disability or loss of autonomy.
Alternatively, the "Budget Protect" formula, priced at €5.90 or €8.90 per month, provides monthly compensation ranging from €300 to €500 for incapacity or loss of employment, along with €1,000 in compensation for severe disability or loss of autonomy.
This guarantee extends its reach to a diverse demographic, encompassing students, employees from both private and public sectors, self-employed individuals, and retirees aged between 18 and 80.
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Carrefour goes the extra mile by committing to adjust voucher and compensation amounts upward by up to 10% in case of inflation between the time of subscription and the occurrence of income loss.
While the initiative has been rolled out in France, there is no indication of its extension to Carrefour Belgium at present.
A statement from Carrefour Belgium, quoted in an article in L'Avenir, clarifies that the "purchasing power guarantee" is currently limited to select stores in France, and its global expansion remains uncertain.
In a parallel development, Engie in France has also partnered with CNP Assurances, offering invoice insurance to its customers for a monthly fee of €5.
Engie's commitment involves covering all or part of an energy bill, with maximum coverage for various unforeseen circumstances, including accidental death, total and irreversible loss of autonomy, incapacity for work, loss of employment, and hospitalisation.
However, Engie Belgium has chosen a different path, opting not to introduce this service. A statement from Engie Belgium, again reproduced in L'Avenir, emphasised the focus on alternative customer support measures, such as payment plans and educational campaigns to assist customers in managing their energy consumption effectively.
The insurance landscape, both in France and Belgium, is witnessing a paradigm shift with the emergence of affinity insurance. Designed to foster customer loyalty, such initiatives have gained traction, prompting industry observers to explore the potential application in Belgium.
However, Assuralia, the Belgian insurance association, revealed in the L'Avenir article that Belgian insurers, despite interest in developments across the border, there is currently no indication that there will be comparable offerings made in Belgium due to, amongst other factors, the distinct differences between the Belgian and French markets, such as taxation and the legal framework.
