#allpullingtogether 23 Customer experience transformed by #digital 31 #customers at the centre of new solutions 38 2O17 highlights 44 Governance 46 Group performance
Online is where our customers voice their opinions, and where new forms of risk pooling and community engagement are evolving.
CAP 2020 PLAN. Digital technology – with its apps and platforms, new experiences and artifi cial intelligence – is now part of everyday life. It has changed the way we work, keep fi t and healthy, stay in touch and interact. CNP Assurances is accelerating its digital transformation. Online is where our customers voice their opinions, where new forms of risk pooling and community engagement are evolving, where a whole host of new partnerships are forming and producing impressive results, and where CNP Assurances is building its future. Drawing on our brand’s people-focused values and leveraging the success of our initial disruptive innovations, our employees have set in motion an unprecedented transformation. We have decided to use this annual report to tell the stories behind it.”
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Youse well-placed to become a trusted third party for the French rental market
Magali Noé is Chief Digital Officer of CNP Assurances. In her coordinating role, she makes regular visits to incubators, calls on employees to put their ideas into action, sets up meetings for them with partner start-ups and gets everyone pulling together with the innovation pilots.
A: We are investing €1OO million over five years in start-ups under the Open CNP programme. That provides crucial support to them and opens a window of opportunity for us. But our support is not just financial. We systematically combine investment and operational management insights, with an unrelenting focus on achieving a win/win situation.
A: It’s an approach based on collaborative innovation that is open to the best ideas of the age. It aims to create value both for us and for our customers. We have decided to give it a massive boost by seeking to harness all the creative forces, inside and outside the organisation, accelerating the pace at which they are put to work, and unlocking synergies to create a thriving ecosystem.
Q: Where should the transformation of CNP Assurances begin? With its products? With its customer experience? With the way in which it works?
A: All three at the same time! Our job is to bring disruption to all areas and to give them what they need to start moving more rapidly. Many innovative projects are underway at CNP Assurances in areas ranging from CRM to data and talent management. We support them by challenging their ideas and providing access to the project booster and contact with high-potential start-ups.
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The transformation will bring success for everyone with Bérengère Grandjean (p.18) and an introduction to the people shaping the new CNP (p. 2O)
“It’s important to be able to update customer details for death cover – that will avoid problems for our beneficiaries.”
CUSTOMERS FROM OUR YOU & US COMMUNITY, TOLD US WHAT THEY THOUGHT OF THE PRIZEWINNING PROJECTS
Bérengère Grandjean is CNP Assurances’ Chief Human Resources Officer. Step by step, she is orchestrating a cultural and managerial transformation by combining well-being and effectiveness.
A: The project aims to bring about a significant change in how we operate and act on a daily basis, irrespective of whether we are managers or employees. It’s a concrete goal that we are already pursuing, and we want to move even more rapidly.
A: We are going to nurture four key changes. Rolling out the collaborative experience so that we can work together more effectively. Embracing agile management methods that motivate and provide accountability. Cultivating our brand identity – basically our pride at being part of the organisation – and, lastly, experimenting even more with new ways of working to boost our effectiveness and quality of life.
A: We will see during the second stage. Between March and June 2O18, we plan to hold around 5O workshops to make joint decisions about the roadmap for our transformation. That will be followed by the third stage – implementing the decisions we decided on jointly in these workshops.
A: By taking things one step at a time. The first – known as acculturation – is to immerse ourselves in the changing world via events, presentations by specialists, etc., and to share feedback. We also conduct internal polling about teleworking trials, for example. On a personal level, I took part in a learning expedition to the United States with the FFA to get a better handle on the practices that are shaping the digital world of work and to learn lessons for the Group.
Q: Which of these new ways of doing things will you adopt?
Q: How do you make joint decisions on such a far-reaching transformation?
Cédric Agody, Head of Marketing Projects, can see the organisation changing. “In the past, there was a single point of entry for customers – via the sales team. Today, we need a strong brand and everyone’s skills so that we are able to innovate and respond to the needs of our partners and customers.”
Cécile Blondeau, Head of Support for Investments, is optimistic. “We face many challenges, and our work is extremely varied. I like it when everything starts to change and I like getting things moving. CNP Assurances is building up real momentum, and employees have the power to influence our future. Understanding what is happening, interpreting it and driving things forward, sharing our information and our ideas openly – everything is in place for us to move forward and build the New CNP together.”
Collaboration Working together means unlocking synergies between different areas of the business and making resources, such as spaces, systems and sharing techniques, available to employees. A growing number of collaborative trials are taking place, followed by a post-implementation review to speed up the process. The goal is to make collaboration part of CNP Assurances’ DNA.
NOT JUST A NEW TOOL – A WHOLE NEW MINDSET Making a claim can sometimes be a real uphill struggle for term creditor policyholders. The @dèle site streamlines the process and makes it more people-friendly.
It all starts with the realisation that “we owe our policyholders much more than just insurance cover. We need to be there for them, build relationships, keep things simple and be open with them.” Above all else, @dèle is founded on a new mindset. That explains why the first prototype, a slick management system that failed to meet the needs of end policyholders, did not make the grade. “We threw it away, and started anew with fresh determination.” A nimble, multidisciplinary team made up of business experts, CRM and digital specialists, a start-up specialised in UX Design and – for the first time – policyholders took on the project. When designing a dedicated system for policyholders, it makes perfect sense to include them in the project.
on how her claim was progressing, and terminology was an issue. The @dèle website does not use any technical terms, just plain everyday language. While this might sound trivial enough, it actually took a great deal of work. It also shows we have taken a step back from our technical approach. The other key point relates to CNP Assurances itself. It demonstrates the value of working collaboratively, shows we can implement change quickly (the site was built in just four months), and highlights the right to make mistakes, so crucial for blue sky thinking.
Crafted by user experiences and created collaboratively, @dèle is transforming far more than customer experience 3,OOO POLICYHOLDERS SUPPORTED IN ITS 1ST YEAR
A. L.: With digital, customers take control. They gather information and progressively build the solution they want by looking at all the options the market has to offer. P. Van Haecke: Another radical change is the criteria customers use to select companies. Of course, the products and services they offer are very important, but so is the quality of their experience, irrespective of the channel they use.
P. V. H.: We need to make customers the focal point of everything we do with our partners, our employees and in our processes and systems. A. L.: Today we need to put ourselves in our customers’ shoes to match their expectations and see what our competitors are doing.
A. Lissowski: In insurance, there is still a belief that technical expertise gives us the best possible customer insights. We need to eliminate that way of thinking and start from those who know customers, giving them the biggest say, rather than those involved in looking after the rules. P. V. H.: First and foremost, we need to be able to provide customers with the quality and responsiveness they are looking for. That means we need to take a fresh look at all our systems and processes to eliminate bottlenecks at every stage in customer pathways.
P. V. H.: The whole decision-making process is what really matters – even more than the results. We need to give everyone a say, listen to all the views expressed, question our preconceptions, throw out what doesn’t work and start again from scratch if necessary. A. L.: Our customer experience needs to drive a repositioning of the CNP Assurances brand. All our employees have a part to play in this, as together we form a “community of insurers” dedicated to meeting customers’ needs.
When customers need to make a claim, they feel happier if they can do so immediately, even outside customer service opening hours. That’s when the voicebot now steps in. The bot starts a conversation in natural language and guides the policyholder through the process of filing their claim – from checking their policy through to launching the process. Dozens of customers have tested the bot and given it the thumbs-up. And that’s just for starters. The bot employs highly innovative technologies that enable it to learn. With each call it takes, the bot learns and refines its CRM techniques. The goal is to take calls right around the clock, seven days a week and to keep human contact for what matters most.
In what was an eagerly awaited project, incoming paper documents are now converted to electronic form, initially to optimise interactions with La Banque Postale’s customers by giving all the customer relationship teams a shared view of customer files. This large-scale project was completed in less than one year, by adopting an agile approach and a novel mindset. Numé@ enlisted the help of all the relevant departments, the La Banque Postale business unit of course, and, for the first time, dozens of users in the Angers and Arcueil area, who manage customer relations on a daily basis and know it better than anyone. The project team listened to them throughout the design process for Numé@, and the user benefits are evident – instant access to files, records and notes made in them, all of which make for happier customers. Numé@ is the first milestone in CNP Assurances’ transition to a paper-free environment.
Why not use artificial intelligence to make life simpler for customer account managers? That’s what this chatbot, which can be accessed from our instant messaging system, is designed to do. It can use data scattered until now across several information systems and it provides an instant overview of all customer incidents, including any payment issues. Jointly designed by employees from the whole range of horizons – CRM, business monitoring, digital, quality – with assistance from a start-up, the chatbot encapsulates CNP Assurances’ new collaborative customer and employee-focused approach.
What could possibly be better than a direct dialogue with customers and communities to pinpoint their new expectations? Digital affinities (p. 32), The digital transition is people-centred, with Yves Couturier (p. 34) and looking ahead to a future of solidarity (p. 36)
1OO% DIGITAL For CNP Assurances, digital technology does not isolate people – it does the exact opposite. It’s a tremendous way to build closer relationships with customers and to enable them to personalise their cover more than ever before.
RESULTS For CNP Assurances, this represents a new way of approaching customers by developing finegrained knowledge of their needs and meeting them by building a dedicated ecosystem.
Cutting-edge services such as support “after threats or assaults” and remote medical consultations round out this solution, which caters especially well for the real needs of civil servants living in areas where healthcare services can sometimes be thin on the ground. But its 1OO% digital pathway is what really sets CNP Assurances apart. It is backed by the expertise of Azimut, its insurtech partner specialised in digital marketing, which helps CNP Assurances to acquire prospective customers and to make direct sales online.
Yves Couturier is Deputy Chief Executive Officer, Head of the Open Model Business Unit, and Head of the Social Protection and Services Business Unit at CNP Assurances. He is exploring a new strategy for accessing customers that is opening minds and new prospects.
A: Their numbers are growing all the time, across every generation and every country, – they are the future. By directly reaching this customer segment, we are going to be able to better understand and anticipate their new expectations, and discover new ways of doing things.
A: We all need to connect with customers. For CNP Assurances, the transition to digital is a people-centred transition.
Q: There are no borders in the digital world. Can this strategy of focusing on online customers be pursued everywhere?
CNP Assurances and The Boson Project, a start-up committed to delivering change, launched The Care Project, a forward-looking study of how society is being transformed. It secured contributions from experts from a multitude of different backgrounds and encouraged figures from the worlds of insurance, human resources, digital and research to react to them. The take-aways from a year of meetings between thinkers and economic participants were compiled in a white paper entitled “Rifts and new horizons: redrawing the lines of solidarity in France”.
The Care Project A forward-looking study of the changes in society available for download at cnp.fr
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Dynamic alternative The Croissance 8O-12 years vehicle, with its guarantee covering 8O% of net capital invested and a 12-year maturity, was designed and is managed by CNP Assurances and is marketed by La Banque Postale. It launched in early 2O17, and inflows totalled over €158 million by the end of the year. This success demonstrates the appeal of this solution as a means of diversifying savings in the current interest rate environment while still contributing to the financing of the real economy.
In the eighteen months since its inception, the joint venture with the AG2R La Mondiale group has grown to become the number 2 supplementary pension group with close to €15 billion under management. In late 2O17, Standard & Poor’s gave it its initial rating of A– with a stable outlook, confirming the quality of its business model and its positioning.
Digital with the Azimut insurtech CNP Assurances established a majority shareholding in Azimut, a digital insurance broker specialised in protection. It will draw on the start-up’s entrepreneurship and disruptive capabilities, and its unique ability to bring together digital technology, value-added data processing and people-focused expertise.
CNP Assurances sealed a distribution and reinsurance agreement covering non-salaried workers and SME executives. It will draw on
CNP Assurances’ Amétis network with its 22O advisers across France and offer Malakoff Médéric’s customers an integrated approach to personal and asset protection.
+18% Term creditor insurance performs well This revenue growth against the backdrop of brisk lending to individuals flowed primarily from the ramp-up in group term creditor insurance at the BPCE Group. It demonstrates the benefits of the new partnership agreement focused on protection and expanded to group term creditor insurance for all BPCE networks - Caisses d’Epargne, Banques Populaires and Crédit Foncier.
With Caisses d’Epargne In 2O17, 36 permanent or temporary unit-linked additions were made to the unit-linked offering for the Caisses d’Epargne network. The targets set were exceeded owing to the network’s strong performance on the back of the Défi UC programme.
For and by young people 72 young people doing civic service at Unis-Cité
volunteered for night-time rounds and to provide assistance at festivals and student parties to promote responsible partying. As a
to be invested by 2O21 CNP Assurances has announced further investments in the energy and environmental transition and raised its target for the 2O21 carbon footprint of its equity portfolio from a 3O% reduction to a 47%
Boulogne-sur-Mer. Four containers on wheels can be set up to create a 1OO m2 pop-up information area in which young people can find out about tools, places and organisations that can help them stay fit and healthy. The CNP Assurances Foundation and Bibliothèques sans frontières provided support for this initiative.
Under the “Young people have a heart” programme, 4,4OO Paris schoolchildren were given first-aid training in how to deal with cardiac arrest and how to use a defibrillator. The CNP Assurances Foundation supported the initiative.
Pierre-Nicolas Carissan Development of term creditor insurance and individual personal risk insurance, Europe
Yves Couturier Deputy Chief Executive Officer, Open Model Business Unit, Social Protection and Services Business Unit
A n n u a l re p o rt OWNERSHIP STRUCTURE(1) AT 31 DECEMBER 2O17
Growth of at least 5% in EBIT in 2O18 In view of the positive trends in 2O17 coupled with the firmer macroeconomic environment, the ramp-up in our new partnerships and our digital initiatives, CNP Assurances is targeting organic EBIT growth of at least 5% in 2O18 from its 2O17 baseline.
“Our earnings grew substantially thanks to significant improvement in our product mix and tighter cost control. We are looking ahead to 2O18 with confidence.”
€3,827m OPERATING FREE CASH FLOW providing cover of 1.9x for the dividend €1,113m
* Personal risk and protection, health, term creditor, and property and casualty insurance.
In Latin America, premium income recorded a strong increase of 47.4% and NIR rose 14.6%, spurred on by performance in all market segments.
In Europe excluding France, premium income rose 8.6% and NIR 5.5% thanks to the boost provided by CNP Santander’s personal risk/ protection business.
Visit our website at cnp.fr To access your dedicated customer area and download our publications (annual report, CSR report, registration document, etc.)
Have a look at cespetiteschoses.fr Simple tips (in French only) on how to lead a long and happy life.
Design and production: Illustrations: Wood, agent Virginie. Layout: Marie Durand-Yamamoto (source: Pixabay)