Société Générale Assurances: User-friendly digital platform for retirement planning
"Mon Compagnon Retraite” is fully in line with Société Générale’s bancassurer strategy to help customers begin building their long-term savings as early as possible.
Société Générale Assurances, a multinational financial services firm, offers a full range of products and services to meet the needs of individual, professional and corporate clients in savings life insurance and personal protection and is already a major player on the retirement savings market.
Its innovative digital platform “Mon Compagnon Retraite” (My Retirement Companion), developed jointly by the French retail banking, private banking and Société Générale Assurances teams, is fully in line with Société Générale’s bancassurer strategy to help customers begin building their long-term savings as early as possible.
Business challenge
Société Générale executives realized that the French pension system could be complicated. In Fact, 71% of individuals approaching retirement in France said it was challenging to prepare for this life stage transition without assistance. As a result, Société Générale, managing 25 million clients, identified an opportunity to position itself as a dominant player in retirement preparation support.
Business Solution
Leveraging the US/French FinTech Sapiendo’s platform for tailor-made advice, analysis, and retirement benefits, Société Générale began designing Mon Compagnon Retraite (MCR), a free service targeting individuals in their 40s and 50s. The platform, accessible through Societe Generale mobile app, automatically consolidates information on pension funds, social security retirement savings, and other savings vehicles so individuals can more easily understand potential benefits and formulate a realistic retirement plan.
An intelligent portal, MCR offers Societe Generale customers estimates and service that adapts to individual needs, including access to retirement experts and bank advisors who can help optimize annuities and retirement funds and develop an appropriate savings strategy. In addition, the MCR team collaborated with various partners to incorporate multiple APIs and create a comprehensive customer-centric solution. Users can access educational materials to equip them with retirement planning advice as part of the MCR service.
MCR is an adaptable platform, with new features and services added every two months.
Business Impact
Since its launch in April 2022, Société Générale reports that the MCR platform has successfully onboarded 62,000 customers, of which 50% set revenue and savings objectives for retirement and 24% defined savings goals, with 48% revisiting the platform regularly and increasingly making appointments and subscribing.
MCR aims to support people approaching retirement in the face of pension reforms and expand the platform to include prospects in its 2023 roadmap.
This case study is included in the 'The aging well opportunity: How trust and engagement can unlock growth for insurers' study. To find out more, download your free copy
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