To be a responsible insurer
OFFERING RESPONSIBLE AND SOLIDARITY PRODUCTS
As an insurer, we are committed to promoting responsible product offerings. So in car insurance, we offer discounts to owners of clean vehicles. In savings life insurance, we promote the 174 responsible funds to help our customers channel their savings into projects or companies whose businesses respond positively to today’s environmental and social challenges. Together, these responsible funds managed assets valued at 883 million euros in 2019, an increase on the 2018 figure.
All our savings life insurance policies offer at least one unit-linked product backed either by an SRIor Greenfin-labeled solidarity fund. In 2019, the Finansol-labeled SG Solidarité fund was added to the ‘Essentials’ range of funds recommended to Societe Generale retail banking customers. Solidarity structured products are offered to Societe Generale Private Banking clients. For each issue, Societe Generale makes a donation to two leading charities: the Institut Curie and SOS Villages d’enfants.
The introduction of PACTE (the French government’s Action Plan for Business Growth and Transformation) and the creation of a single product - the PER retirement savings plan - have presented Societe Generale Assurances with an excellent opportunity to boost long-term savings and investment in the real economy. As soon as the new law came into force on October 1, 2019, Societe Generale Assurances launched products tailored to the needs of businesses and savers by offering them a diverse, high-performance financial package with a high level of savings flexibility.
RESPONDING TO NEW CUSTOMER HABITS AND BEHAVIORS
New habits and behaviors emerge on a regular basis, especially in the world of mobility. We have accelerated our expansion in the car fleet market, and are now one of France’s Top 10 car fleet insurers. Our partnership with ALD Automotive, a market leader in company car mobility solutions and Societe Generale Group subsidiary, is making very significant progress, with more than 220,000 vehicles now insured in France, Italy, Poland and Portugal.
2019 saw a number of significant new partnerships in this market, not only in France, but also internationally, with partners such as UFF, Alphabet and Hitachi. The French government’s public central purchasing body UGAP has awarded Societe Generale Assurances a four-year contract to insure more than 40,000 government vehicles (company cars, official vehicles, etc.). This is an intrinsically responsible partnership, since it incorporates a road safety related scheme. At the end of 2019, Societe Generale Group external partnerships were responsible for 50% of all vehicles, motorcycles and scooters insured by Societe Generale Assurances.
Open Insurance is central to our strategy. This concept makes it possible to capture new types of customer via customized journeys and easy-access off-the-shelf products and services offered in modular form. The openness of our information system has accelerated our time to market. APIs (Application Programming Interfaces) have been rolled out in savings life insurance as a priority, because this solution sets us apart distinctively in the partnerships market by capitalizing on our expertise in data processing and the experience gained through Moonshot-Internet, Societe Generale Assurances InsurTech. Moonshot- Internet is an all-digital insurance broker offering Insurance-As-A-Service to e-tailers, as well as mobility and financial services. Launched in 2017, Moonshot-Internet now has more than 200,000 customers and is one Europe’s leading fintechs, with a value proposition that combines innovative insurance cover tailored to new consumer habits with a 100% digital customer experience
TAKING SERVICE QUALITY TO A NEW LEVEL
We see customer satisfaction as a fundamental priority, and focus particularly close attention on customer expectations of personalized service and sound advice.
The process of digitalizing customer journeys continued in 2019, and as a result, all car insurance customers of Societe Generale and Crédit du Nord retail banking networks can now buy cover online using an electronic signature technology.
This facility boosted the number of electronically signed policies by 51% year-on-year in 2019. Crédit du Nord customers who are also Antarius savings life insurance policyholders can now receive 100% paperless statements via their secure online personal accounts.
Chatbots have been developed for retail banking network advisers (to provide faster access to asset management information in the context of savings and protection insurance), for insurance customer advisers (to provide technical information on property and casualty insurance) and for all Societe Generale Assurances.