According to Jean Elia, CEO of SOGELIFE, three major trends will influence the life insurance sector: digital transformation, the shift in customer experience and Corporate Social Responsibility. The sector will change profoundly. New opportunities will emerge. 

 

What changes do you see in the life insurance sector?

The main driver of change, a trend that is already underway and which is accelerating at an exponential rate, is digital transformation. For us it evolves around three aspects: Omnichannel interactions with the client; improvement of operational efficiency through new tools; and business model disruption either holistically or through the disintegration of the insurers' value chain, made possible by new technologies and new players. The second aspect stems from the first and is about revisiting the customer experience. Clients are no longer satisfied with services which are just “good-enough”, they seek to be delighted. This is true for both retail clients and high net worth individuals with whom SOGELIFE works, but also for our partners in our B2B2C model. A cultural change is also taking place via an increased interest in Corporate Social Responsibility (CSR), as clients acquire a greener and more responsible mind-set. We must anticipate these developments to become even more responsible insurers, employers and investors.

​

"Dreaming of a new world, more digital and more responsible"

​

How is SOGELIFE adapting to changes in the sector?

Our strategy is based in particular on the three pillars mentioned. With regards to digital transformation, we have launched structural programmes to further automate and optimise our processes. This relates to how we interact with both our partners and our clients i.e. the front end, how we improve efficiency and employee experience, bringing more value to the latter’s work. This represents a significant and very ambitious investment. 

For our customer experience, we have launched our “D-light programme” consisting of three phases: "Sense" where we listened empathically to our partners and clients in order to identify their pain points. "Dream" was about imagining a new world of a revolutionised customer journey and experience; and "Act" is the implementation phase based on elements gathered in the two previous stages. Four ambitious tangible projects are being developed for our partners and clients: A platform dedicated to end-clients; a platform for partners, enabling them to track transaction workflows; a comprehensive plan to completely redesign our subscription documents; and a full digitalisation of the customer journey. 

Our CSR strategy is focused on becoming a responsible insurer and embedding a CSR culture within our ecosystem, a more responsible employer by improving the quality of life at work and promoting more diversity and inclusion. As a responsible investor, we create, promote and invest in an ecological, social and sustainable way, together with our partners. I am pleased to announce that we have launched an insurance product investing exclusively in Socially Responsible Investments, and obtained the INDR label as a “Socially Responsible Enterprise”. 

 

How do you see SOGELIFE and the life insurance industry evolving in Luxembourg? 

Life insurance as a solution or a tool for HNW and UHNW individuals will continue to grow. It will require further digitalisation, more seamless and 'delightful' experiences, and a CSR orientation. The regulatory framework will continue to evolve, but it already features many possibilities. This is not a constraint for us, it allows us to protect the client and to offer more transparency, hence a better experience. The sector will therefore be disrupted by digital transformation but also by CSR impacts, or the "positive economy", as mentioned at our last Conference Dialogue by the experienced political and economic advisor Jacques Attali. New services will emerge. Insurers will also take on other roles and carry out new activities in new markets or segments which were previously ignored. SOGELIFE is part of this endeavour to offer our partners and clients a digital, responsible and “delightful” experience.