OneLife’s year-end Digital Fireworks!

In 2016, OneLife embarked on a digital transformation journey making it one of the early movers in an area where man and machine are increasingly interacting to improve customer experience. Since then, a number of initiatives have been delivered as per the roadmap, with still more to follow in the coming months and others in the proof of concept stage due for early 2018.

Launching its Digital Days in June 2017 to fully engage employees in the transformation process, the Digital Days Breakfast on 30^th November is the opportunity to highlight the year’s achievements and set out the initiatives to come. Employees across departments at OneLife are involved in implementing digital innovation to improve the experience of partners and clients and in so doing learn the techniques which will allow them to compete in tomorrow’s world.

Training and development at OneLife has also gone digital with the introduction in September of the Lynda.com learning platform from LinkedIn. This tool, offering over 10,000 e-courses, actively encourages employees to learn on a regular basis across all disciplines with certification awarded to acknowledge completion.

Once upon a Digital year – what’s been done?

Data aggregation

OneLife worked closely with Harvest, the leader in France in data aggregation, to offer their mutual independent financial advisors in France this new service, the advantage of which is to provide an overall view of portfolio positions for each of their clients. This initiative is part of a comprehensive digital approach to which other data aggregation initiatives will be added. OneLife is now able to fully support the Penelop format so allowing us to extend our partnership with other market aggregators over the coming weeks. In addition, OneLife recently put a B2B service in place enabling our partners to log on in real time to our platform to view all the information available on their respective portfolio.

The project was delivered in record time thanks to the particularly fruitful collaboration between OneLife and Harvest enabling the new flows to be taken on to further extend the integration of the Luxembourg contracts in O2S. Making the flows available is part of a legal and technical mechanism which guarantees integrity and confidentiality of the personal data (data masking, secure file transfer protocol, cryptographic communication, authentication key, etc.)

Automation of standard processes

Identifying the stages in a well-mapped process which can be done just as well by automated means – and even enhanced in terms of time, accuracy and reporting – is a key area of the firm’s focus. The automation of parts of the OneLife service workspace is just one example. Generating automatic emails to confirm transactions, request missing documentation and manage life policies effectively leaves the company’s Customer Services team with more time on their hands to deal with more complex live customer queries – and so better manage the relationships with their valued partners and clients.

Once upon a Digital year – what’s just around the corner?

A number of other digital initiatives are due for release in the coming weeks.

For the 2017 year-end portfolio statements, the firm is putting in place Dematerialisation, a process which allows the policyholder and his intermediary to view statements directly on the firm’s secure portal, youroffice yourassets instead of in paper form by post. The pdf may be downloaded and stored as appropriate for future reference. The dematerialised statement has the same legal value as the paper form. Efficiency, security and speed are all watchwords of this new paperless process.

Accelerating the client on-boarding process through the automation of KYC and AML checks has been through the test-drive stage at OneLife and is about to be launched. RegTech, or Regulation Technolgy as it is widely known, provides the Compliance team with a powerful technology tool to run the checks and then revert with a recommendation. The team can then intervene to run further checks and/or on-board the clients so significantly speeding up the process from the days when all stages were manual. OneLife partnered with KYCTech, a Luxembourg start-up company, to establish a Proof of Concept for the platform. The service will be implemented in February.

OneLife launched the OneLife OneApp for its partners in Belgium in 2016. It was then made available to the rest of its partner base in August 2017. The next step is to offer it to all OneLife clients from December. The App offers real-time access to portfolios on-line in a secure environment, as well as the ability to track operations and outstanding items. OneLife partners and clients can be sure that their portfolios move with them and are accessible 24/7!

As the final piece in the digitalisation of its on-boarding and service offering, OneLife will introduce an electronic signature capability in the first quarter 2018. The new service will allow partners and clients with access to youroffice, yourassets to sign digitally, eliminating the time-consuming process of physical signatures on switches and top-ups in a first phase and other operations in later stages.

Once upon a Digital year – what’s for next year?

OneLife is also innovating in the area of RPA (Robotic Process Automation). A number of Bots have been launched in 2017 and are already serving the business. A larger scale deployment is planned for 2018.

As a digital front-runner, OneLife is using its internal AGILE approach to identify and implement change across the organisation fast. From concept to delivery, the firm’s digital transformation is not just a promise but a reality. Watch this space for more!

≠Success in ≠Relocation: the mind of a HNW relocator

HNWs’ financial needs are constantly changing depending on personal objectives. Add to the mix a move across borders and things can get complicated. Wealth managers must ensure they are aligned to an individual’s goals and avoid adopting a ‘one size fits all’ approach when offering solutions to their clients.

In our most recent research, we identified various types of high net worth personas. By understanding the specific attributes, behavioural traits, and financial objectives that distinguish one high net worth investor from another, we were able to determine specific ways in which wealth managers need to provide tailored solutions to their entire client base.

We asked European investors how they would sum up their most recent relocation experience, and the results consisted of both positive and negative reactions.

European HNWs claimed they felt their move abroad had been exciting, challenging and adventurous. So with this in mind – what communication styles and specific solutions can wealth managers adopt and offer in order to best align with the cross-border hurdles these relocator clients inevitably have faced? How can they keep hold of clients as they move further away from their home base?

Read more in our thought leadership piece… here.

≠Success in ≠Relocation: HNWS’ confidantes

Inevitably, stresses and concerns can follow intense change. For relocators creating upheaval in their lives by moving across borders, getting the right support is paramount. Of the 280 European relocators we surveyed, 44% seek advice from their peers.

However, many referenced that actually family advice was the most helpful.

Wealth managers must use relocation as an opportunity to build strong relationships with their clients. Currently, however, they are noticeably absent from the process. Only 25% of relocating HNWs look to their wealth advisers for guidance and just 8% found them the most helpful resource.

Becoming more influential in this process will mean providing clients with a blend of technical advice and emotional support as they embark on this significant change.

Find out more from our recent research: here.

#Success in #Relocation: motivations for HNW relocation

European HNWs are increasingly becoming internationally mobile and over a quarter are already planning their next move. Yet in spite of these widespread aspirations to relocate, the specific drivers for moving abroad are diverse. For 37% of HNW relocators, career progression is the most influential factor, followed closely by lifestyle reasons. Professional development is important for 42% of HNW women alongside the desire to provide their children with better opportunities. By contrast, a primary motivation for men is to have a more comfortable retirement.

HNW relocators clearly think beyond the financial reasons for relocation and are driven by opportunities to improve both their careers and their lifestyle. So, it is critical that wealth management providers acknowledge what makes HNW relocators tick and provide services which are aligned with their cross-border motivations.

Discover more about the reasons why European HNWs move abroad by accessing our latest research: here.

≠Success in ≠Relocation: the cross-border agenda

Relocation, whether for work or for leisure, can be an exciting yet stressful time for high net worth (HNW) individuals. Our latest research explores the objectives, attitudes and expectations of these individuals ahead of relocation. Their concerns and motivations vary and for the most part they extend beyond the financial.

During this time of change, wealth providers must adapt a holistic approach to successful wealth management solutions involving managing multiple financial factors to suit HNWs developing needs. To meet HNW expectations, advisors must avoid tunnel vision when it comes to offering cross-border advice.

To understand the financial complexities of relocation we asked European HNWs about their relocation experiences. For many, a new location means new priorities; over half of these individuals said setting up a new bank account was at the top of their to-do-list with tax related priorities following close behind.

Interested in learning more? Get ready for the upcoming launch of our newest research on wealthy relocators!

KYCTech-OneLife: a fruitful collaboration

Milenko Keserovic (Compliance Manager at OneLife) and Luc Maquil (Co-founder of KYC Tech) shared the first steps of the collaboration between their two companies during the RegTech Summit which took place at Luxembourg-Kirchberg on 12^th October. “One click, One KYC report” actually best describes their common Compliance – or Reg – and Technology – or Tech – project.

“Technology makes compliance more efficient. It facilitates administrative tasks and allows employees to work on projects with added value” started Luc Maquil, who co-founded KYC Tech with his partner Thierry André to help answer the growing challenges posed by regulatory constraints. “We have a symbiotic approach, as we look to apply our RegTech solution in an efficient way for the business” explained Mr. Maquil. The solution is composed of multiple ingredients, the first one being raw data (PEP lists, terrorists lists, sanctions lists…) which can also be extracted from the internet, social media, etc. Workflow is also a crucial step: who undertakes the action? What needs to be done? Exchange and collaboration are key. Then comes architecture: identify, select, plug and comply.

“Save time and focus on added value”

Milenko Keserovic then took the stage to go over the collaboration between OneLife and KYCTech. “When we onboard a new client, we face a number of regulatory constraints. First of all, we need to screen the name of the client – client being a generic term, also meaning entities and not only the holder of the policy” started the Compliance Manager, who continued: “These tasks are currently being done manually. KYCTech has a fully automated solution: when we register a client into the database, the system makes an automatic call to the platform and the results come back in just a few seconds”. Then, the Compliance team can easily decide whether to onboard the new client or not. “The results are positive. Clients are categorised in the right way and the tool is user-friendly. It has a lot of benefits: no manual work means less risk of error” explained Milenko.

KYCTech also provides OneLife with an Enhanced Due Diligence (EDD) solution. Here again, work is currently being done manually, and experts have to devote a lot of time to collect information and documents. “The RegTech startup is able to offer an EDD report which we have tested: we send a request and receive a comprehensive report within the next 48 hours. We can then focus on analysing the file” added the Compliance Manager who describes the report as “accurate, useful and full of information”. The tool is automated, simplified, immediate and cost efficient. Moreover, the two experts are also currently developing solutions to facilitate the tasks of the compliance team when it comes to dormant policies.

Finally, Milenko Keserovic explained that on the one hand this project has been managed in an agile way, based on exchanges and interaction between the teams of KYCTech and OneLife. On the other hand, the RegTech startup tries to understand how OneLife employees work, what and why they do it. Milenko Keserovic and Luc Maquil can only agree on this exciting project: “We both realise more and more that technology can really be helpful and allows employees to save time which can be used for tasks where human judgment is needed”.

InsurTech : using technology to change the client experience

On 12 October, at the second edition of the InsurTech Summit at the Novotel Kirchberg, CEO OneLife, Marc Stevens, participated in a round table discussion in the company of his Luxembourg peers. The experts from the life insurance serctor discussed the themes of innovation and investment in the area of InsurTech.

The session was moderated by Geoffroy Gailly, Partner at KPMG, who asked about the return on investment in the area of InsurTech. “What are the amounts and how are they invested? How do you measure the ROI ?” asked M. Gailly.

For Marc Stevens, measuring the end-to-end ROI is simply not possible : “A better way of looking at it is to define a field of application and to to take processes into account”. The CEO of OneLife then shared a number of examples with participants: the use of robots for e-mail management, requiring an investment of two days, in order to gain 20 man-days per year. In addition, prospectiing using social media and notably LinkedIn. This investment, led by Christophe Regnault, Digital Marketing Manager at the life insurance company located in Capellen, is already bearing its fruit. As Marc Stevens indicates, the cost is 10 times lighter than using traditional prospection methods and the ratio is 3 times higher. Moreover, according to the CEO, certain questions remain: “How can these prospects be converted into real partner relationships ? In fact, our prospects are developing in a digital environment, so the question is, can your company evolve in the same universe as them?”

At OneLife, investment in technology goes hand-in-hand with a new way of managing projects, with an Agile type of approach advocated by Eric Lipper, COO of the life insurer. “We are now able to deliver new products and services in a much shorter timeframe. This was the case with our App developed last year. If it is difficult to evaluate the return on investment from A to Z, a number of different factors may be calculated which demonstrate that we are moving in the right direction” added Marc Stevens. He went on to say : “Spending is easy, Smart spending is way more difficult”.

The Luxembourg life insurance experts then discussed the digital transformation within their respective companies. Marc Stevens began his speech by sharing an example of a site comparing different non-life assurance propositions, launched over 20 years ago in the Netherlands. «Today, 60 % of product distribution passes through this site. However, the same concept for life insurance companies just didn’t work’. With this example, M. Stevens also emphasised the importance of the interchange between human contact and technology. «Some do not want either telephone or face to face contact, as they are used to a totally digital experience. But in our sector, some still prefer human contact. One of the challenges is therefore to be able to integrate this interchange process”.

The client – and partner – experience is key and technology can now allow an optimal level of exchange which creates new relationships. “Thirty years ago, technology wasn’t mature. Today, we are involved in a process of change with a variety of different marketing operations and HR tools etc … we have embarked on a journey without really knowing the final destination. But one thing is sure, the client experience can only benefit from it, as will, in fine, the experience of our employees, our partners and our clients” concluded Marc Stevens.

≠Success in ≠Relocation: HNW Relocation – what you need to know

Relocation is a life-changing, somewhat hectic (!) but enriching adventure which many high net-worth (HNW) individuals are choosing to embark on. Around a quarter of HNW individuals have already launched their cross-border adventure and 13% of HNW individuals have plans to follow suit.

As more and more HNW individuals are choosing to relocate, their financial needs and expectations of wealth providers transform. It has become increasingly important that wealth management providers are able to provide dynamic solutions and products which suit HNW relocators’ changing needs.

Our upcoming research on cross-border relocation explores some of the key facts, motivations and concerns HNW individuals have, as well as the financial decisions which arise as a result of moving countries.

Interested in learning more? Get ready for the upcoming launch of our newest research on wealthy relocators!

GDPR in the life insurance sector: constraints and opportunities

On 12^th October, more than 200 professionals from the Fintech world gathered at the Novotel Kirchberg for the first edition of the RegTech Summit. While local and international experts focused on the opportunities brought by the use of RegTech solutions or on the importance of securing information in a big data era, Eric Lippert, COO of OneLife gave a presentation on the upcoming General Data Protection Regulation. How will it impact the life insurance sector?

Companies are not yet compliant

The COO of OneLife started by sharing numbers about the upcoming GDPR regulation, which assesses the readiness of companies: “In October 2016, 97% of companies in Europe had no strategy to deal with GDPR. 23% expect sanctions as they won’t be ready. And more than 50% admitted they won’t be fully compliant”. Yet, Eric Lippert thinks Luxembourg is in a good place and has a strong advantage compared to other countries in Europe, mainly because of the banking and insurance privacy laws, and the presence of authorities such as the CSSF and CNPD. “We have been dealing with data privacy for years” he added.

New rules will be game-changers for life insurers

Eric Lippert then listed several differences with the current privacy policies: in case of a data breach, companies will have 72 hours to provide the CNPD with all the relevant documentation, the fine will go up to €20m or 4% of the turnover. “It will have huge consequences for the companies who do not respect these new GDPR rules” explained Mr. Lippert. Another important aspect of the new European regulation will be the consent: as a matter of fact, the formal consent of the customer will be needed in order for companies to use the data. They will also have to be able to prove and provide it at any time. Finally, the ‘right to be forgotten’ will change the game, with customers now able to ask the insurer to delete all their data, and so will the portability aspect: insurers will have to facilitate the transfer of data if the clients request it. “The major constraint will actually be administrative, with the formalisation of the new rules. This requires the appointment of a Data Protection Officer and annual audits of the processes and rules in order to make sure the company remains compliant.

Eric Lippert ended his presentation on a more positive note, highlighting that GDPR also means new opportunities for life insurance companies: they will be able to take control of their own compliance, build a stronger client relationship based on trust, work on the quality of their data, enhance their digital marketing. “There is also a huge opportunity in Europe for centralised KYC” he added.

Focusing on the Essentials. Ready for PRIIPs financial regulation!

Learn more about the scope of the new regulation, its aims and requirements – and how OneLife has been preparing for the changes

All you need to know about the new regulation in this short video :

We all make resolutions for the New Year, amongst others to be prepared for the challenges ahead.

Packaged Retail and Insurance-based Investment Products, or PRIIPs, is a new EU Regulation due to enter into force on 1 January 2018. The aim of the regulation is to enhance transparency and comparability through greater disclosure to clients. This is achieved by providing investors with key facts and figures about the products, their purpose, costs and any potential risks before they make the investment. All through a standardised and mandatory document called Key Information Document (KID).

OneLife is founded on fresh thinking and a proactive approach. Get informed about the PRIIPs initiative through this short video!