As the greatest wealth transfer in history is about to happen with the baby boomers passing on their wealth to the millennials, wealth support appears to be a must. The needs and expectations of high-net-worth clients are constantly evolving. According to the ‘Capgemini Wealth Management Top Trends 2022 report’, the human-centric approach is going to play a crucial role within companies’ digital transformation strategies.
The importance of wealth support today and tomorrow
To meet each client’s specific needs, wealth insurance companies have to develop unique and personalised solutions and services to deliver a client experience that resonates with the older but also the younger generations. To achieve a smooth transfer of wealth between generations, a seamless interaction is needed between digital service offering – in line with evolving client needs – and human advisory role companies within the wealth management and insurance sectors.
Indeed, if a few years ago wealthy clients had a more passive role in their wealth structuring, they are now really involved in preparing for tomorrow. Consequently, interactions with experts are multiplying, allowing clients to find the right solution and support in the management and structuring of their wealth, whose needs and situations appears to be more and more complex. Thus, confronted with clients who are looking for seamless solutions and services, wealth insurance companies such as Wealins are working closely with their partners. ‘We are committed to supporting our partners, who have an advisory role and a privileged relationship with the end client, to provide them with digital solutions and services that allow to provide seamless wealth support throughout the subscription process’.
In this context Wealins has developed a digital offer to store, share and exchange information with its partners in a reliable and secured way. ‘Beyond technology, the human dimension remains also fundamental, and this is why our experts at Wealins, whether it is within our legal, regulatory, wealth structuring or investment services, provide seamless wealth support on a daily basis. Our objective is to clearly listen to every expectation of our partners and their clients to provide them with wealth support not only tomorrow but also today’, explains Luc Rasschaert, CEO of Wealins S.A.
Our objective is to clearly listen to every expectation of our partners and their clients to provide them with wealth support not only tomorrow but also today.
The client-centric approach at the heart of the digitalisation of wealth insurance
Considered for a long time to be lagging behind when it comes to digital transformation, Wealins has chosen to focus first on the development of a long-term vision of innovation in order to implement a digital transformation that meets the needs of its partners and their clients. Wealins took the time to listen, understand and analyse the expectations of its targeted audience to make the right decisions. ‘We started the digital transformation at Wealins a few years ago. We first decided to invest in a state-of-the-art software as a service solution providing seamless integration of both front and back-office operations, before pursuing our digital revolution with the creation of a new portal dedicated to our partners’, says Luc Rasschaert.
Of course, any digital transformation entails a significant cultural change within companies. For example, Wealins’ business experts have adopted new ways of working, including a client-centric approach. User experience is placed at the heart of the development of the digital offering: ‘At Wealins, we launched the digital subscription of our insurance contracts and certain operations last year by working closely with our partners, our business experts as well as UX specialists. By combining all these strengths and expertise, we have been able to develop a digital offer that smoothens the client journey. And we are particularly proud to say that our partners consider our digital solution as (one of) the best one on the market’, adds Luc Rasschaert.
We are particularly proud to say that our partners consider our digital solution as (one of) the best one on the market.
Building the wealth insurance of tomorrow
The digitalisation of the wealth insurance sector is an ongoing process and the expectations and aspirations of partners and clients continue to evolve throughout their lives. ‘At Wealins we position ourselves as experts in Wealth Insurance as a service (WIAAS). We are convinced that our expertise and our unique wealth support, which combines human-touch and digital services, allow us to respond to and anticipate the concerns of our partners and clients’. Nevertheless, the wealth insurance sector must continue to innovate, be creative and adaptable. ‘One of the next challenges to achieve is the implementation of a regulatory framework allowing Luxembourg insurance companies to use cloud technology at all levels. Another one is the interconnectivity enabling smooth data exchange between banks, asset managers, intermediaries and insurers’.
Digital transformation is constantly encouraging us to rethink our interactions between employees, partners and clients, and does not rely solely on the implementation of new solutions and services. Its success depends first and foremost on three essential factors: wealth support, trusted collaboration and expertise.