A multi-country, multipartner, multi-channel and multi-solution personal insurer 19 countries in Europe and Latin America 350 distribution partners 38 million personal risk and protection policyholders and 12 million savings and pension policyholders worldwide
To protect people and everything that matters to them over the long term, we and our partners are thinking outside the box to devise new solutions that reach out and cater to everyone’s life journey.
life, the world and the future. How can we guard against unknown risks? Where can we put our savings in such a turbulent economy? What level of risks can an insurer take on without upsetting its prudential equilibrium? How can you reboot insurance when you are 170 years old?
Eva-Katalin, Federico Rostagno, Ferrantraite, Heshphoto, Hinterhaus Productions, Innocenti, Isadora Romero, Jonas Hoffmann, EyeEm,
Julief514, Lechatnoir, Luis Alvarez, Maskot, Morsa Images, Nick David, Ozgurcankaya, Peathegee Inc., Ronnie Kaufman, Shen wei,
Silke Woweries, SolStock, Thomas Barwick, Tom Werner, Tommaso Tagliaferri, Vgajic, Westend61, Yulkapopkova.
It is also to ride out the storms battering society, and we are currently looking at how to establish innovative public/private partnerships to deal more effectively with such extreme scenarios.
Guarding against such universal risks is part of our role as an insurer, and we have called for an open dialogue between public and private partners to devise novel protection mechanisms. It’s up to insurers to invent ways of keeping people safe.
A. L. It really impressed me how we reached out to those in need and found new ways of doing things. Together with all our stakeholders, we faced unprecedented challenges, but responded by raising our game in our insurance activities and forging even closer relationships with policyholders.
A. L. At the height of the crisis, we contributed €24 million to the solidarity fund established by the industry to help micro-companies and independent professionals weather the storm. In the future, they will have to repay state-guaranteed emergency treasury loans from a reduced revenue stream. Unlisted and family-owned businesses, the backbone of our economy, will be short of capital. At our instigation,
SMEs’ capital base and support the healthcare and tourism sectors. We are one of the largest contributors to the country’s economic and social reconstruction programme, and we are proud to be involved in reshoring the healthcare industry and funding hospitals and nursing homes as part of our core mission of protecting people.
A. L. Ultimately, we want to make our investment portfolio completely carbon-neutral. And when we joined the
Net-Zero Asset Owner Alliance, we committed to doing so by 2050. We have met almost all our climate commitments for 2021 and immediately raised the bar as we hit
CNP Assurances thinks outside the box to find ways of insuring a more open world. For what? And for whom?
A. L. We are open to and engage with the changes in society. In today’s world, our lives no longer take a smooth path from point A to B. For example, some people have several different jobs, and co-habiting is no longer just for young people – it’s now an option pensioners on low incomes are considering. We see these new paradigms and seek to protect people, ignoring any taboos and without passing any judgement.
European bancassurance group dedicated to meeting regions’ and citizens’ needs, also underpin our outward-looking approach.
With La Banque Postale, we now form a leading pan-European bancassurer that can meet the needs of regions and their citizens. Working with our distribution partners and all our stakeholders, we strive to break new ground by providing more and more effective protection for people and everything that matters to them. We will do so by constructively engaging with the future – a future all of us must build.
C o v id b a r o m e t e r.
took unprecedented measures to shield policyholders caught up in the storm unleashed by the pandemic.
CNP Assurances covered time off work for policyholders with long-term illnesses and pregnant women. What’s more, we made the decision to cover time off work when parents had to stay at home to look after their children from the very first day of school closures.
The economic recession will cut into policyholders’ purchasing power and potentially hamper their access to the costliest forms of healthcare, such as eyecare. The partnership between the Lyfe digital health and well-being platform and Sénèque, an independent service putting people in contact with opticians, will make a telling contribution. It helps people find the best-value glasses and can deliver savings of 20% to 25%
by comparing the estimates provided by listed opticians. This free service complements the rapid arrangement of an ophthalmologist appointment by Point Vision. It adds a new layer of protection for the more than 1,700,000 members of our group insurance partners (mutuals, employee benefit institutions and businesses).
CNP Assurances intends to reinvigorate its personal protection offering and expand its range of solutions to reflect the lessons of the COVID-19 crisis. A multidisciplinary workgroup is exploring new avenues.
An insurance industry taskforce has mapped out the contours of an insurance regime covering businesses against the financial effects of a catastrophic event.
This “Catex” insurance would cover events such as a pandemic, as well as terrorist attacks, urban unrest and natural catastrophes. The regime would be underpinned by a partnership with the government since insurers alone would not be able to cover events on this scale.
It would be available only for SMEs and micro-companies, which are more vulnerable. They would receive rapid payouts in the form of adjustable “resilience capital”
based on the gross margin earned by the business. Lastly, it would be underwritten by paying an additional premium on an existing multi-risk business policy or business interruption cover. This insurance sector proposal is intended as a contribution to the public debate.
As a leading player in the longterm care market, we are in pole position to tackle the challenges posed by today’s longer life expectancy. In a presentation at the Reavie 2019 industry event, we backed the industry-led call for universal loss of autonomy insurance funded on a pay-asyou -go basis. This solution, based on a model of mandatory collective enrolment, would pool risk to provide a basic level of cover for everyone in France. The cost of paying out a €500 monthly income to people who have lost the ability to care for themselves would require a monthly contribution of €10 from everyone aged over 20 in France.
As a result of the lockdown, savings leapt 20% in France, with around €60 billion being channelled into current accounts, passbook savings and other PEL home-savings accounts paying minimal, if any, returns.
CNP Assurances is pushing ahead with the overhaul of its savings business.
It wants to get the message across that “unitlinked ” does not necessarily mean “equities”
Its goal is to persuade investors to diversify their long-term savings and to help them protect their capital without sticking solely with capital-guaranteed euro-denominated products. It has established a strategic initiative with a creative, no-holds-barred approach to restore savers’ trust in enhancedreturn investments.
CNP UniCredit Vita has pulled out all the stops to promote enhanced-return savings.
It has introduced dedicated sales and marketing arrangements, with advisors explaining the benefits of investing over the long term.
It has built an extremely diversified 100% unit-linked range directing savers towards assets matching their target exposure and risk profile.
with the potentially higher returns of unit-linked investments plus a guaranteed minimum payout in the event of death. By early June, multivehicle life insurance inflows had risen 20% compared with the same period of 2019 despite the crisis.
We are focused on revitalising our savings solutions, with brand new offerings, next-generation unit-linked and euro-denominated funds, and a fresh purpose.
Thanks to the closer relationship between them, we can draw inspiration from existing products and innovations previously reserved for high-net-worth individuals and replicate them so that everyone has access to investment vehicles of a type and calibre that high-end investors have come to expect.
EasyBourse, La Banque Postale’s online broker, now offers investors the chance to view the environmental and social footprint of their investment if they set up an EasyVie life insurance policy with a 100% SRI
CNP Assurances is focusing its research on unit-linked vehicles that are less influenced by the CAC 40 but deliver returns over the long term in sectors such as property. It designs composite baskets of more balanced, less volatile composite unit-linked vehicles. In addition, these provide unit-linked exposure to contemporary investing themes, such as the environment, to enable everyone to make a difference with their savings.
While we can get savers to invest more in unit-linked products, we also need to give them the chance to hand over their asset allocation to experts in order to maximise their returns. Discretionary management will be gradually introduced on consumer agreements and rolled out for distribution partners.
The real economy is another focal point for us. At year-end 2019, €131 billion in policyholders’ savings flowed into the French economy, with close to €4.5 billion channelled into SMEs and job-creating startups across the regions, and into the property and infrastructure that are making France more competitive.
Renewable energies, including wind, solar and geothermal, accounted for 26% of our energy and environmental transition investments in 2019.
One year to the day after the Paris market’s declaration of its commitment to green and sustainable finance, we adopted in July 2020 our plan to withdraw completely from thermal coal in European Union and OECD countries by 2030 and worldwide by 2040.
CAC 40 to family-owned SMEs –, giving them the time they need to grow and develop, to adapt to technological change so they can sustain local jobs and to innovate for the benefit of future generations. We have now committed €300 million to the so-called NOVO funds reactivated by Caisse des Dépôts to shore up businesses’
capital base and to invest in the health and tourism sectors, which were badly hit by the pandemic.
e a r e b u il d in g o n t h e o v e r h a u l o f o u r i n f o r m a t io n s y s te m s a rc h ite ct ure in line with the late s t
Internally, we maintained the continuity of our business through hom ew o rk in g a n d t h e r e m o t e o p e r a t io n o f o u r m u lt ip
F r a n c e fr om th e fi rst minute of lockd o w n , a lm o s t a ll o u r e m p l o y e e s h a d t o w o r k f r o m h o m e . H
, a s t h e ir b e h a v io ur has changed and the y n o w d o m o re of their business rem ot el y th a n e v e r b e fo r e
n d c o u l d d ig it a l r e la t io n s h ip s b ec om e a channel it al a ct ua lly br ing us closer to customers?
’s n o q u e s t io n t h e u n p r e c e d e n te d situation has dramatically accelerate d c h a n g e s in p r a c t ic e s
The pace of o u r d ig it a l t r a n s f o r m a t io n h a s a c c e le r a te d a s a result of the pan de m ic c ri s is
a r t n e r b u s in e s s m o d e l. I n
n d c o u l d d ig it a l r e la t io n s h ip s b ec om e a channel During the strict lockdown, the
CNP Assurances Group’s customers, partners and employees in France, Italy and Brazil tested out 100% remote relationships and working patterns
Internally, we maintained the continuity of our business through homeworking and the remote operation of our multi-partner business model. In France, from the first minute of the lockdown, almost all our employees had to work from home.
We are building on the overhaul of our information systems architecture, in line with the latest market standards and looking with industry partners at ways to unlock the highest possible levels of efficiency and connectedness with customers.
… s u b s c r ip t io n p r o c e ss on a dedicated website where it takes as little a s m in u t e s t o g o f r o m q u o t e to electr o n ic signature.
French ministries. It can be set up via an online subscription process on a dedicated website where it takes as little as fifteen minutes to go from quote to electronic signature.
Anticipa team is on hand to take calls and respond to emails.
F or a pp lic atio ns requiring clo s e r a n a ly-s is, we u ndertook to get back to th e m w ith in
Things ch a n g e d w it h t h e C
a n d e m ic a s a ll b u siness had to b e c on d u c te d
It is a n e w d a w n f o r o u r p a rtnership-based way of workin g , w h ic h i s o v e r c o m in g t h e t e c h n ic a l, l e ga l and economic hurdles
It must be possible to do everything online, and all services must be available remotely – that’s what lockdown has taught us. And it poses a challenge for our partnershipbased model. We need to share the same tools – from front to back office – to forge an integrated processing chain. We also need to share what we know about customers to build a complete picture of their needs, of their interactions with CNP Assurances, and handle their needs seamlessly.
Artificial intelligence is a technology that can deliver benefits right across an insurer’s value chain.
The pandemic crisis brought into relief the sources of vulnerability that we need to address. We have to make sure employees feel a connection with their colleagues and staunch the erosion of our corporate culture as we transform our organisation. Reviewing management practices and designing new working environments will help. Recent events have shaken everything up, including plans for the Group’s new Issyles -Moulineaux headquarters. It will not now be one big open space for everyone, but a patchwork of large rooms and flexible spaces that can be used for discussions, training, project building and even socialising.
In future, employees will not come into the office to sit down and think about things on their own, but to meet up, move around and get CNP Assurances moving.
In France, almost all our 2,900 employees were suddenly obliged to work from home, but they kept the business running for our partners and our customers.
Our distribution model is wellsuited to remote working. But we are not looking to switch over to 100% homeworking. Together with our unions, we are considering ways of introducing it across the board for two or three days a week through a bottom-up approach.
PARTNERS IN FRANCE Over 100 social protection organisations 40 wealth management companies
We protect people and everything that matters to them on two continents with very different economies, societies and cultures, and that helps us to come up with novel solutions.
15 million personal risk and protection policyholders 4 million savings and pension policyholders
Federal, Brazil’s number two public bank, have been extended until 2046.
Young people in Brazil are tending to think more and more about their pension.
In Italy, policyholders have shown faith in their advisor by switching over to enhanced-return unit-linked savings.
Even with returns close to zero, life insurance continues to provide peace of mind for savers in France.
(1) This indicator measures operational efficiency based on administrative expenses. It is calculated by dividing administrative expenses by net insurance revenue. A lower ratio indicates an improvement in operational efficiency.
(1) Personal risk, health, term creditor and property and casualty insurance.
CNP Assurances is a major public provider of protection solutions for people, a keen supporter of the energy and environmental transition and a corporate sponsor of initiatives to level up health outcomes. It acts in line with the general interest and the UN Sustainable Development Goals.
portfolios screened using environmental, social and governance (ESG) filters €14.4 billion in green investments under management by year-end 2019, €20 billion by year-end 2023 94 countries excluded from investment portfolios owing to the lack of tax transparency, corruption or failure to respect democratic rights and freedoms
Top 3 ranking among 173 insurers worldwide 2019 IN REVIEW 51
The world is embracing environmental and social priorities, and so are responsible investors.
CNP Assurances I Registered office: 4, place Raoul–Dautry – 75716 Paris Cedex 15 I Tel.: +33 (0)1 42 18 88 88 I www.cnp.fr
Registered in the Paris Trade and Companies Register under no. 341 737 062