Jacques Faveyrol (Cardif Lux Vie): An insurer at the head of Cardiff Lux Vie
Interview with Jacques Faveyrol, CEO of Cardif Lux Vie.
Can you sum up your career in a few words?
I fell into insurance after leaving school. I graduated from ESSEC Business School and the Centre for Actuarial Studies, then worked in several roles in this sector: commercial, reinsurance, technical, etc. After technical sales roles at UAP and Swiss Re, I joined BNP Paribas Cardif as Actuarial Director. As a member of the Cardif Lux Vie Board of Directors since 2013, I naturally accepted the post of CEO when the shareholders offered it to me. For me, it was opportunity to get back to a more operational role. After developing a relatively complete range of products, our shareholders, BNP Paribas Cardif, BGL BNP Paribas and Ageas, wanted to appoint an experienced insurer to head up Cardif Lux Vie to continue its development, manage its risks and increase its profits
.“The Luxembourg insurance market has three advantages: openness, multiculturalism and security.”
What’s your assessment of cardif lux vie's first 20 years?
Cardif Lux Vie has a diversified range of activities and reached a critical size that allows it to manage all its operations. In 20 years, we’ve become a major player in Luxembourg. In 1998, the company recorded 1 billion EUR of assets under management; in 2013, this figure was 15.1 billion EUR. Initially, our activity focused on the Wealth Management sector, then diversified into the Luxembourg market with solutions for individuals (Retail) and businesses (Employee Benefits), via the BGL BNP Paribas distribution networks. Today, we occupy a leading position in bancassurance. In all the markets where the company operates, the priority is to provide a comprehensive service to our distributor partners and their customers. We work with over 200 financial managers and 100 custodian banks to manage our 3,800 Internal Funds. Continually increasing our level of expertise, maintaining a high-quality service and developing a diversified range of solutions means we can constantly adapt to the developments and expectations of the markets.
What projects does cardif lux vie plan for the future, in luxembourg and internationally?
We intend to maintain the diversity that characterises us. In Retail, we want to strengthen our presence in the market by continuing to offer the best products and services, specifically focusing on the digitisation of processes. We are also looking to diversify our distribution opportunities, principally via non-banking operators. In our Employee Benefits line, we would like to develop our presence in Luxembourg, by placing our partner BGL BNP Paribas at the centre of our strategy, and also internationally, by capitalising on our experience in LPS. Finally, one of our key priorities is to strengthen our position in our international business targeted at wealthy clients. I expect all our staff to make a commitment to offer excellent service. One of the ways we have done this is by setting up “Market Committees”. Organised across all the departments of the company, we use these committees, among other things, to monitor the developments observed in the markets where we are present, so that we can seize opportunities and plan new solutions. In this regard, we have been impacted by a good deal of legislation in 2015, which is exactly why, by managing our environment and the inherent risks, we will be able to guarantee the best service to our partners and clients.