Question n°5
Géraldine Motta
Director of insurance brokerage, Banque Neuflize OBC
Paris, France
Can a company be the largest insurer, and excel in high-end savings?
Answer
CNP Assurances is committed to insuring all futures, from the most moderate to the wealthiest, and it has decided to position itself in the high-end savings market. With its dedicated structure CNP Patrimoine, and with a range of made-to-measure life insurance, CNP One, the Group has convinced the largest distributors on the market of its ability to respond to the security and performance requirements of such a clientele.
How? By capitalising on its historic strengths, and reinventing itself. Agility, digitisation and innovation,
an experience that transforms CNP Assurances and renews its image.
Nearly
€2 billion in unit-linked savings collected in 2015
21.4% growth in sales in unit-linked savings in 2015
François Guilgot
Director of partnerships, CNP Patrimoine
What undoubtedly makes the difference, is the experience of our partners and their customers. We adapt our products and services to their specific requirements, we give them the ability, with a few clicks, to obtain our agreement in principle on a commercial offer, and we provide them with the services of a second-to-none back office. Finally, we have opted to digitise the processes between all those involved. This is “the” solution to simplify subscriptions, make the management of contracts more secure and increase one’s responsiveness. Our partners now demand this quality of service, which is virtually irreproachable.
The reasons for success
While CNP Assurances is well known for its offers to consumers of funds in euros, the successful launch of its CNP One range, which features all the best standards of the high-end market, proves its expertise in unit-linked savings products. Its partnership with QIS, an expert in the management of high-end contracts, gives it the necessary agility to satisfy these customers.
An interactive application can be used to directly obtain an agreement in principle and a commercial offer. An online subscription and management tool speeds up the processing of applications, and makes operations more secure.
The opening of a Luxembourg subsidiary at the beginning of 2016 will supplement its savings offer and the multipartnership strategy guarantees its long-term presence on this market. The results have been a success. In two years, CNP Patrimoine has established about twenty distribution partnerships with private banks such as Neuflize OBC and Edmond de Rothschild, and with the benchmark platform of independent wealth management advisers, Nortia.
The wealth management business with both historic partners has increased drastically. Banque Privée 1818 from the BPCE Group collected more than €100 million in 2015, trebling its usual level of business.
At the same time, the assets collected with Cachemire Patrimoine by La Banque Postale doubled, and the partnership, which has been renewed for ten years, is planning to extend the scope of its wealth management bank BPE.
€2 billion in assets collected in two years with cachemire patrimoine distributed by La Banque Postale
More than 20 new partnerships signed in less than two years with private banks, family offices and IFA(1) platforms
CNP Assurances’ innovative expertise
Wealthy customers want to invest in complete security, but find it more and more difficult to access life insurance in euros due to the low rates. The new eurocroissance type offers on the market provide security on between 70% and 100% of the capital on an eight to twelve year-long term. In order to boost the attractiveness of life insurance, CNP Assurances has come up with an innovative formula. It allows the investment of 65% to 75% in a traditional euro fund and the remaining 25% to 35% in a diversified unit-linked compartment, while benefiting from a 100% guarantee of the capital over a time horizon of four years. This solution met with outstanding success with the partners of CNP Patrimoine and satisfied the expectations of institutional investors, foundations and associations in particular, for whom security is paramount.
On the other hand, asset management companies and individuals want to have more flexibility in the management and choice of their unit-linked products.
CNP Assurances has refined its offer. Called Flexi Sérénité, it has become more adjustable in order to satisfy the expectations of both partners and customers: with periods of cover of two to five years, as much as 25% to 50% in the unit-linked compartment and access to more dynamic unit-linked products (volatility of up to 12%). The adaptability of the options results in the reasonable adaptability of the cover provided by CNP Assurances, which covers between 95% and 100% of the capital.
The offer has multiple combinations which prove CNP Assurances’ flexibility, and its determination to set the path in high-end savings.
(1) Independent financial advisers.