Loïc Le Foll (La Mondiale Europartner): Anticipating and Supporting the New Needs of High-Net-Worth Customers
According to Loïc Le Foll, Chief Executive Officer of La Mondiale Europartner, a subsidiary of the AG2R LA MONDIALE group “aims to become the benchmark ‘phygital’ wealth solutions platform in Europe for its partners and their customers.” Interview.
Can you describe your company in a few words?
The Luxembourg subsidiary of the AG2R LA MONDIALE group, La Mondiale Europartner specializes in high-end savings and life cover solutions for a sophisticated clientele. Established in Luxembourg for more than 30 years, it has a team of 200 employees. The firm is experiencing very strong growth and has reached over €19 billion of assets under management as of 31 December 2021. This makes La Mondiale Europartner one of the top insurers in Luxembourg, and a leader in the French and Italian markets.
How are the needs of your wealth clients changing?
Our wealthy clientele often includes entrepreneurs who have successfully sold their businesses, but also geographically mobile athletes or clients with large inherited wealth. Our environment is changing, and the needs of our customers are changing too. For example, the health crisis and the conflict in Ukraine are two fear factors that caused people to lose their bearings. This means that customers are, more than ever, seeking advice and solutions customised to their needs. For example, they could be seeking a wider range of investments, particularly among the class of "private equity." Some are also increasingly attracted to the ESG dimension of their investments, provided that this is not detrimental to financial performance. With this choice and this complexity, having the right advice is essential and this is also stressed by the development of digital technology. Indeed, customers now have access to all kinds of information very quickly, whether financial, legal or tax. However, this access to information must be supported so that the client is able to make the right analyses and decisions. Even if the basic needs of our high-net-worth customers remain relatively stable, the ways and means La Mondiale Europartner is meeting them are evolving towards what we call a “phygital” model. With the development of digital, people will play an increasingly important role in the relationship and advice given to high-net-worth customers!
What impact does digitalization have on your culture and the performance of your company?
The impact is significant insofar as we have the ambition to become the “phygital” wealth solutions platform of reference in Europe for our partners and their customers. However, digitization cannot, from our point of view, be an end in itself. We want it to contribute to optimizing the customer experience and the service offered to our partners and not simply to reducing costs. Therefore, digitalization has not fundamentally changed our customer culture but has made it evolve by accentuating our culture of excellence in customer and partner service. It also allowed us to apply agile methods and to develop our organization efficiently and pragmatically.