Original text here from Patrice Bernard (LinkedIn)
A few weeks ago, French mutual insurance group Garance rolled out its new product Cagn'Up, aiming to catch the eye of Parisians via a metro ad campaign. The concept is not new—and hasn’t previously gained much traction—but Garance is hoping its version will strike a different chord.
The idea behind Cagn'Up is simple: users earn cashback on everyday purchases from well-known retail partners—Monoprix, Carrefour, Spotify, FNAC, Ikea, Airbnb, among others. Once a cashback balance reaches €50, it is automatically transferred—free of charge—into either a retirement savings plan or a life insurance policy, based on the user’s choice.
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This approach aligns with Garance’s broader strategic transformation, as it moves beyond traditional insurance to better reflect modern consumer behaviors. One of its stated goals is to encourage financial awareness, especially among younger people who haven’t yet adopted good savings habits. The idea is to nudge them to start small, early, and consistently in building financial security.
There’s also an educational layer baked in. Many French consumers are unaware of the tax advantages linked to these savings vehicles, and Garance is working to make access easier—simplifying onboarding and limiting investment options to avoid overwhelming users, particularly newcomers.
However, the product isn’t without its flaws. The first issue lies in the user journey: to use Cagn'Up, customers must already hold an eligible savings account. For a product intended to introduce people to saving, it would be far more intuitive to allow account creation during sign-up.
A second concern is the operational model. To earn cashback, users must pre-purchase partner-branded gift cards—and only those transactions are eligible. This extra step adds friction and complexity to the process, potentially deterring adoption due to the fragmented, multi-step experience.
As mentioned earlier, this isn’t the first time the idea has been tested. Groupama launched a similar initiative in France back in 2019—with different mechanics—and its associated app, HUG, appears to have stalled since 2020. It’s unclear whether Garance’s version introduces enough innovation to avoid the same fate.
In short, Cagn'Up presents a creative reimagining of saving through spending—but success may hinge on iterative product updates and reducing friction in the customer journey. Without that, even the best intentions might fall short of meaningful impact.
