Loïc Le Foll (La Mondiale Europartner): Digitalizing to Support Growth Strategy
La Mondiale Europartner and La Mondiale Partenaire are working to increase their market shares. Digitalization is key for the company to have access to the "Affluent" segment. Applying technology allows to focus more on advice and services which is needed with the increasing complexity of products and regulations. Loic Le Foll, member of the Executive Committee of AG2R La Mondiale in charge of the Private Wealth Insurance business line, and CEO of La Mondiale Europartner, explains this new approach.
Could you describe La Mondiale Europartner and its strategy in a few words?
The Private Wealth Insurance activity of the Group AG2R La Mondiale is the combination of two legal entities: La Mondiale Partenaire in France and La Mondiale Europartner in Luxembourg with over €30 billion and over €20 billion under management, respectively. We distribute our products and solutions via a B2B2C model through all the top private banks in Europe, and the most reknown family offices, Asset managers and brokers. Following my appointment as CEO in 2018, we focused our strategy to be more attentive to the needs of our partners and of their clients. We ended up improving our overall level of services, reviewing and simplifying our processes, developing new products and solutions. This resulted in a higher degree of satisfaction amongst our partners and has helped us gained market shares in France and Italy in the last few years. In parallel, we have invested heavily in IT and digital technology in order to support our ambition to grow but not at the expense of customer service quality.
“When facing difficult times, having teams that are fully engaged and committed is the most important factor!”
How will your digital ambitions help develop your strategy?
While we are currently focusing on high-net-worth and ultra-high-net-worth clients, we believe that technology and especially digitalization will enable us to penetrate the growing “affluent” market. Today our typical customer is around 50 or 60 years of age. In the near future, we believe that our customers will be millennials or Generation Z: Tomorrow's wealthy customers are now 25 years old and have new values, needs and expectations in terms of digitalization.
“Our employees are fully involved in our transformation and growth as true stakeholders in the business.”
How do you get the best out of your teams to achieve your goals?
When facing difficult times, having teams that are fully engaged and committed is the most important factor! I am very proud of the level of engagement of our teams. This has clearly helped to go through the Covid crisis and is helping us now to grow despite the difficult macroeconomic context.
This achievement could be explained by our clear strategy where the Human factor is key. We are very transparent with all our employees and promote a culture of excellence while being very attentive to the well being and the development of our employees. Our employees are fully involved in our transformation and growth as true stakeholders in the business. The implementation of an ongoing improvement process allows our employees to share new ideas (regarding systems, developments, communication, etc.) and promotes an entrepreneurial spirit. We are all playing a part of the corporate culture considering where each of us is the client of the other within a united team.