{"id":2604,"date":"2023-07-10T12:03:45","date_gmt":"2023-07-10T10:03:45","guid":{"rendered":"https:\/\/aurexia.com\/insights\/?p=2604"},"modified":"2023-07-10T12:03:46","modified_gmt":"2023-07-10T10:03:46","slug":"life-insurance-luxembourg-outlook-and-challenges","status":"publish","type":"post","link":"https:\/\/aurexia.com\/insights\/life-insurance-luxembourg-outlook-and-challenges\/","title":{"rendered":"Life Insurance Luxembourg: outlook and challenges"},"content":{"rendered":"\n<p>Aurexia shares with you its latest publication on the Luxembourg Life Insurance market. In 2023 and going forward, Luxembourg Life insurers will continue to face many challenges.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In terms of business, premiums collected in 2022 were 11% lower compared to previous years, and 45% of total funds were collected by the TOP 5 life insurers. Even if the 2023 results seem encouraging so far, distribution channels do not perform equally well.<\/li>\n\n\n\n<li>\u00a0As for regulation, the challenge ahead is the new Retail Investor package that will deeply impact product manufacturers and distributors.<\/li>\n\n\n\n<li>Finally, technology is still a key differentiator. Some new technologies, like Artificial Intelligence, Process Mining &amp; Natural Language, can provide a substantial competitive advantage.<\/li>\n<\/ul>\n\n\n\n<p>In order for Luxembourg Life insurers to face to these challenges, Aurexia has identified 5 strategic areas of work to explore.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-dark-blue-background-color has-background wp-element-button\">Download our analyis on life insurance<\/a><\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Our Global Life Insurance expertise<\/strong><\/h4>\n\n\n\n<p><strong>Life Insurance strategy<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Distribution Directive (IDD) strategic impacts : Assessment of the impacts of IDD on the activities of SGLIB which distributes insurance products as a broker and co-broker<\/li>\n\n\n\n<li>Business case to insource the valuation of life insurance products (FID? FIS, FAS) previously outsourced to an Asset Servicer<\/li>\n\n\n\n<li>IT evolution scenario assessment\u00a0 to support the Life Insurer\u2019s strategy<\/li>\n\n\n\n<li>Data governance &amp; CDO roadmap design<\/li>\n\n\n\n<li>Market study for the launch of a unit linked product in Spain from Luxembourg (LPS)<\/li>\n<\/ul>\n\n\n\n<p><strong>Regulatory and\u00a0 Compliance<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Monitoring regulatory financial audits<\/li>\n\n\n\n<li>Regulatory impact assessment, gap analysis and implementation plan on IDD : conception &amp; validation of new products, significant adaptation of the existing products, products follow-up processes)<\/li>\n\n\n\n<li>IDD\u00a0 \u2013 Gap analysis between the EU Directive and its national transposition : follow-up of gap analysis between as-is and regulatory expectations by country and according to IDD themes<\/li>\n\n\n\n<li>PRIIPs: Compliance with PRIIP&rsquo;s regulations with the delivery of KID contracts<\/li>\n\n\n\n<li>Solvency2: identification &amp; monitoring of S2 impacts<\/li>\n\n\n\n<li>IFRS17 impacts assessment &amp; implementation<\/li>\n<\/ul>\n\n\n\n<p><strong>Operational excellence<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Target Operating Model design: as is analysis and target design following the implementation of a new PMS and the internalization of the products\u2019 valuation<\/li>\n\n\n\n<li>Connectivity platform with depositary banks: Implementation of a new connectivity platform to manage communications with 40 depositary banks &amp; Selection and implementation of a Portfolio Management System<\/li>\n\n\n\n<li>Selection &amp; implementation of a PMS: and integration in the IT architecture (+30 interfaces) to build STP processes<\/li>\n\n\n\n<li>Selection &amp; implementation of a PRIIPs reporting software: selection project management from the scoping phase to the delivery of KIDs<\/li>\n<\/ul>\n\n\n\n<p><strong>Innovation and Digital<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Extranet deployment: design, development and deployment of the LMEP extranet: functional requirements, workshops facilitator, test design and execution<\/li>\n\n\n\n<li>Review of the customer journey, benchmarking of aggregation solutions, studies on process automation<\/li>\n\n\n\n<li>Design and implementation of a robo-advisor<\/li>\n\n\n\n<li>Implementation of a Data Management Office :\u00a0 Identify for the pilot departments a set of critical data according to an analysis grid and through interviews and define for each critical data a set of controls \/ quality indicators.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aurexia shares with you its latest publication on the Luxembourg Life Insurance market. In 2023 and going forward, Luxembourg Life&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2617,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[283],"tags":[364,363],"class_list":["post-2604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-and-wealth-management","tag-idd","tag-life-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life Insurance Luxembourg: outlook and challenges - Aurexia Insights<\/title>\n<meta name=\"description\" content=\"Life Insurance Luxembourg : business, strategy, regulatory, innovation and digital. 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