Luc Rasschaert (WEALINS): Anticipating and Building the Insurance of Tomorrow
WEALINS S.A. celebrates its 30th anniversary next year in a context of strong growth. The Luxembourg-based life insurance company specialises in designing wealth insurance solutions. An interview with its CEO: Luc Rasschaert.
How are WEALINS and the insurance sector in Luxembourg evolving?
WEALINS turns 30 next year. It took us 20 years to reach €5 billion in assets under management, and that amount tripled over the next 10 years to reach €15 billion by the end of this year, which ranks us in the top three life insurance companies operating under the freedom to provide services regime from Luxembourg and exclusively in unit-linked. We had a record year in 2020 with more than €1.7 billion of collected premiums, but 2021 is already proving to be comparable, if not even higher. We are reaping the benefits of our investments in previous years: Our efforts have been focused on digitalisation on the one hand - in particular with the implementation of a new integrated platform for our partners - and on the skills and expertise of our employees on the other hand. Before the crisis, we enjoyed an excellent reputation for the quality of our services, but the commitment of our employees, particularly during the crisis , has reinforced the trust that our partners place in us. Belonging to Foyer Group, which is celebrating its centenary next year, also reinforces the solidity of our model, as well as our long-term orientation, particularly with regard to our strategy and our development.
"The crisis has generated more opportunities than threats."
What are the main changes you have seen this year?
The crisis influences the behavior of regulators. I see protective trends aimed at protecting domestic markets. This creates risks, particularly in terms of tax changes, but Luxembourg remains well-positioned. The Commissariat Aux Assurances has created a very attractive regulatory framework. I am convinced that it will be able to preserve the competitiveness of the country and of the insurance sector despite the social, demographic and technological changes underway. In terms of the digitalisation of companies, the time for - often empty – speeches on digital has given way to the development of a real business strategy based on innovation. At WEALINS for example, we have long been behind in our digital transformation. However, we have developed a very ambitious and long term vision with the support of our shareholder. This has enabled us to set up - amongst others - a state-of-the-art integrated platform. The development of digital solutions requires a very high level of adoption, both internally and externally, where each link in the value chain (from WEALINS employees to our partners) has a real role to play. As a Luxembourg "pure player," we benefit from a local decision-making center in this area, which represents a considerable advantage in the face of current digital challenges.
What challenges await WEALINS and the sector? How are you preparing for them?
For WEALINS, the priority is to serve our partners and their clients well in a context of strong growth. In our sector, several regulations are expected. I think that the Green Deal from the European Commission could change the situation. It represents an opportunity for our Group: We have just obtained the ESR label from the INDR, even if we must recognise that the ESR has always been an integral part of the DNA and development strategy of Foyer Group and all its entities. We involve our employees in several social and ecological initiatives. Our next challenge is to find out how to combine the ESG preferences of our individual clients with a strong corporate conviction.