Marc Lauer, Managing Director of Foyer S.A.;
At a press conference in Leudelange on Friday, the Foyer Group stressed that they have innovation as a top priority; in 2017, the group intensified its innovation strategy to meet the needs of its customers and adapt to their new uses.
In particular, it launched a large-scale project that consists of a complete redesign of its client area and website, as well as the creation of a new mobile application, "MyFoyer app", which is scheduled for release later this month (May 2018). This application will bring together various innovative features on the market such as reporting and claims tracking, and emergency call in case of damage. It will also integrate the mobile application MyMedicis, created in 2016 and already used by more than 13,000 customers, which allows you to send a request for reimbursement of health expenses with a single click.
While being fond of mobile applications, customers appreciate human contact with their agent for the follow-up of their insurance file. Aware of this, Foyer has developed an unprecedented advisory tool on the Luxembourg market for all its agents, called Sammy. With this application, the agent can, on their tablet and in a single visit to his client, make an offer, establish a contract and conclude the sale by certified electronic signature. Foyer is the first player in the market to offer its customers such an insurance service.
These two innovations are the continuation of a movement that began a few years ago, in line with the digitalisation in progress in all sectors of the economy and which also requires the automation of many internal processes. For example, some 25% of health claims are now processed entirely automatically.
In order to realise these challenges and projects, Foyer relies on the efforts made by all the Group's employees and agents, who have been engaged for over a year in a profound change in corporate culture. This change, driven by the "Foyer Innovation Hub", is based on a collaborative innovation model, which promotes creativity within the company through events such as knowledge sharing workshops called "Brown Bag Sessions" or internal challenges ("hackathons"), and also meetings with the world of fintechs and insurtechs.
A new home and birth
After a construction period of more than two years, the extension of the Group's headquarters in Leudelange was completed at the end of 2017, doubling the available office space. Thanks to this, the 685 employees working for Foyer in Luxembourg are now together again in the one building.
Moreover, in August 2017, the legal merger of Foyer International and IWI, International Wealth Insurer, was registered and followed in September by the birth of a new company, resulting from the merger of these two entities: WEALINS SA is active in eleven countries and manages more than €9 billion of assets under contracts. Thanks to it, the Foyer Group has established itself durably in the top 5 players in life insurance marketed under the freedom to provide services from Luxembourg.
Good sales momentum and excellent result
In addition to these numerous projects and events, the Group's commercial development continued positively and Foyer S.A. closed the 2017 financial year with good results.
Revenues from the Group's insurance business reached €2.14 billion in 2017, of which €620.7 million was generated in Luxembourg. In the Grand Duchy, Foyer currently covers 175,000 individual customers, as well as 21,000 business customers, companies or administrations. In 2017, Foyer settled for the latter some 224,000 claims.
As for assets under contracts placed with WEALINS and CapitalatWork Foyer Group, these amount to €16.50 billion, up 14.6% compared to 2016.
At the end of 2017, the consolidated result of Foyer SA amounted to €92.40 million after tax, an increase of 14.4% compared to 2016, excluding the €109.45 millions capital gain in 2016 on the sale of its subsidiary Foyer Re.
Marc Lauer, Managing Director of Foyer S.A., stated "In 2017, we gave a big boost to our innovation strategy. With all our employees and agents, we have optimised our digital consulting and support processes to offer our customers an ever greater quality of service and to develop new products and services in line with their needs. We are especially excited to launch the all-new mobile app for our customers, MyFoyer app, sometime in May."
