“The fight against time is engaged in borrower insurance”


Are you following in the footsteps of Bernard Le Bras or want to go in another direction?

Continue the work of men who promoted the development of Suravenir, especially life insurance for Crédit Mutuel Arkea’s external distribution network. However, we also want to revitalize the Provident business, which is now secondary in terms of economic contribution on the scale of Slaveneil, and achieve a sustainable fiscal transformation.

What is your priority project?

The first subject that was primarily committed: the adaptation of our offer to the context of the current macroeconomics and future accounting rules that will come into force soon. IFRS17 changes the way insurers explain their results. However, beyond accounting, this standard, coupled with the sustainability of the economic environment, where interest rates continue to be low, has a significant impact on our commercial strategy and the types of products in circulation. This context, like all insurers, encourages the adaptation of our flagship product, the Euro Fund, especially the Dynamic Euro Fund.


The second most important project is to claim our position as a player in sustainable finance. Our goal is to expand the world of investment that allows our clients to make sense of their savings. Specifically, this means more investment vehicles for unit of accounts (UAs) classified according to Articles 8 and 9 of the European SFDR Regulations. Since these are complex concepts for end customers, we will rely on labels that allow this approach to be popularized with savers. We will also soon provide innovative support for institutional investors based on the asset classes normally reserved. Private debt, infrastructure, Private equity

How about a personal pension?

Our aim is to launch a new personal annuity offer in September next year. Our ambition is to double the risky capital within five years.

This new term death insurance offer aims to allow you to pay a lump sum in case of death. The current average coverage (less than € 20,000) does not really meet the needs of the household and we would like to increase this amount of capital. We also want to diversify our coverage by covering so-called horrific illnesses to encourage policyholders to cover more amounts. Our new offer makes it possible to pay a lump sum to anyone suffering from any of these medical conditions. The health crisis has significantly changed customer expectations and created a need for lasting protection. However, entrepreneurs, self-employed people, and even many employees are not always covered by Provident contracts. However, disasters and illnesses can have a significant impact on their standard of living and their ability to generate income.

Do you experience the borrower’s insurance reform as a cataclysm?

I expected the borrower’s insurance to be canceled someday, but I didn’t expect the Remoin Act to abolish the medical choice. In fact, this law imposes itself on us and we must now adapt. This is a huge project and some measures such as the right to be forgotten have already been applied. Other preparations are required. Set an annual end-of-year (RIA) with a maximum response time of 10 days, modify the credit grant process to include insurance costs, eliminate medical procedures for related loans, and adapt advisor training. The battle against time is at the level of the company and the distribution network. The most complex project is clearly the abandonment of medical choices. Changes in how borrower offers are priced will be generalized this summer.

How do you adjust the price?

If the loan is repaid before the age of 60 and the cumulative insured balance is less than € 200,000, there is no right to request information about the client’s health condition or medical examination. If you can no longer choose a risk based on the medical factor, you must be able to work on other factors.We are not ready for oneer June, deadline is too short, but adapt our offer to the twoWhen After the semester. This is an exciting project as we are starting with a blank page. Examples of subjects that should be dealt with to make these reflections a little more concrete: The question “Are you a smoker?” Is not required to join our collective bargaining agreement today. Should she be tomorrow? If we ask for it, we will lower the price of contracts for non-smokers, but smokers will pay much more.

What other factors need to be taken into account in order to assess risk as fairly as possible?

Data on the social professional category makes it possible to reproduce a particular selected risk. They give ideas for loss rates, but tend to favor executives to hurt workers and inactive people. You need to see if certain lifestyle data that is more complex to acquire, such as sports practice, is possible. Connected objects give you access to a certain number of data apart from your health data, which may offer you a better price for customers who agree to share them.

As you perform this task, you need to make sure that you know whether these new criteria are valid in terms of risk selection. But again, how are these questions accepted from the customer’s perspective and fit into the subscription process? It is always necessary to intersect these two inferences.

What is the expected additional cost to the borrower?

Quotes for the market will be more or less high depending on the type of player and contract. Price increases can fluctuate between 3% and 20% of the premium, depending on the level of pooling in the portfolio. Under the collective bargaining agreement, 1.5 million people of all ages, smokers and non-smokers are insured. Individual contracts, which primarily cover external loans, represent a much smaller amount in Suravenir. These are estimates. Currently, all players are modeling the impact, but the commercial strategy of distributors, especially banks, when credit rates are rising becomes decisive.

In 2021, € 4.8 billion has been raised since 2019, approaching a historic record. How is 2022 shaped?

2022 is off to a very good start and our funding continues to go on … The war in Ukraine will not cast a shadow over the painting for the foreseeable future. Ensuring this level of activity by more aggressively incorporating commercial prospects with the goal of finding two new distributor partners, each with a total collection of 250 million over the next five years. increase. The purpose is to desensitize macroeconomic risks or risks associated with the evolution of financial markets, or even potential changes in partner equity holdings. Another ambition is to ensure the development of our current partners. Some of them, like Primonial, are already very important. We are developing cross-offer synergies with other Crédit Mutuel Arkea entities.

How will your relationship with your distributor evolve?

Vie Plus is today the leader in the CGP market. Next year, half of the collection will be from this channel. Integrate development, invest more to build an organization, strengthen your sales team, and enable this sector to take over its size. We are also strengthening the external partner sector by maintaining the same level of interaction with the desire to support the development of our partners without revolutionizing surveillance.

Are the partial guarantee and minimum investment requirements for a unit-linked fund currently a long-term requirement for investing in a fund in euros in Slaveneil?

As investors, we need to support the rate of return. Performance drivers are diversified and it’s the best way to get good rates over time. Our new dynamic Suravenir Opportunites2 fund holds the same assets, so it has the same level of diversification-33%, almost twice the general assets, and the same return outlook. Sure, the full capital guarantee is gone, but the partial guarantee remains high, and liquidity is guaranteed from the beginning when other colleagues are heading to the Euro Croissant Fund, where only long-term guarantees are available. ..

Would you like to launch UC based on new technology trends such as crypto assets, metaverse and NFT?

I am convinced that there is a real economy behind it. Blockchain And cryptocurrencies, but you can’t go there anyway because the market isn’t regulated. A sufficient level of protection is required for an investment medium to be eligible. Today, it is difficult to provide 100% UC based on crypto assets.

Meanwhile, UC support is beginning to emerge to invest in companies doing business in the crypto asset market. We are studying some files with a strong desire from our distributor partners. Today, many young people own crypto assets. They would prefer UCs invested in economic underlying assets operating on the blockchain. However, it is undecided because we do not want to list the product until conformity can be confirmed.