Life Insurance

How to sharpen targeting and enrich the product range to widen access to contracts?

• Identify target client segments: refine client segmentation, define proprietary targets to better focus communication and marketing (affinity-based) actions
• Optimize distribution channels: strengthen partnerships with IFAs, private banks and fintechs to widen access to contracts, and build the capacity to manage these partnerships
• Contract range: offer a range adapted to client needs (direct and/or via partners) — PER retirement plans, Luxembourg life insurance — and enrich management modes (profiled, discretionary, mandate-based)
• Euro funds: maintain attractive returns (2.5% to 3%) despite Solvency III, by optimizing the bond allocation and reserves (PPB — profit-sharing reserve), and develop next-generation euro funds
• Unit-linked funds: enrich the investment universe (passive and active ETFs, thematic funds, SRI, structured products, private assets…) and reference the best-performing asset managers

How to digitalize the client journey and strengthen support?

• Digitalize the client experience: develop “end-to-end” platforms — subscription, switching (arbitrage), real-time performance tracking — with simulation tools (tax impact, retirement income projection)
• Support clients: provide personalized advice and enhanced service quality (transactions, reporting…)

How to industrialize the processing chain while controlling costs?

• Operational efficiency: industrialize and secure the unit-linked processing chain to control P&L, and identify AI use cases capable of reducing low-value tasks or strengthening high-impact activities
• Modernize tools: leverage SaaS market solutions and anticipate the challenges linked to eIDAS 2.0 (integrating the wallet into the front end and connecting to gateways)
• Optimize costs: revisit the operating model for non-core activities (claims management, basic client support) to focus on the core business (advice, asset management, product innovation)
• Compliance processes: maintain enhanced vigilance (product/client risk matrix, PEPs, suspicious transactional behaviour) to anticipate ACPR/AMF controls

How to maximize performance while managing model risk?

• Balance the economic model: assess the risk of ETF cannibalization where existing strategies are replicated, and its impact on the overall economic model (including for distributors)
• Maximize general fund performance: invest in long-term alternative asset classes (private credit, infrastructure, real estate) to improve overall return and smooth volatility
• Revisit the operating model: assess the opportunity of having an asset management company tied to the insurer or delegating to an external asset manager, and define the organizational model (direct responsibilities vs. delegated mandates)
• Strengthen data-driven steering and reporting: industrialize reporting to improve transparency and better monitor risk and performance in near real-time

How to anticipate a rapidly evolving prudential and regulatory framework?

• Solvency III: adapt portfolios (euro funds, unit-linked) from an asset/liability perspective to meet new capital requirements without sacrificing performance
• RIS / V4M: anticipate the possible extension of the Value For Money scope to euro funds, individual PER plans and structured products
• AI Act: strengthen the governance and transparency of AI used in life insurance to ensure explainable, non-discriminatory models compliant with obligations applicable to high-risk systems from 2 August 2026