Wealins’ experts on the Nordic Region.  Wealins

Wealins’ experts on the Nordic Region.  Wealins

Supplying the Nordic region with tailor-made life insurance solutions is a niche activity for Luxembourg players such as WEALINS. Let's take a look at the reasons why the company has become a key player in cross-border life insurance over the years.

WEALINS is wholly owned by Foyer Group, an independent, privately owned insurance company, which celebrates its centenary this year. “It is also significant that our shareholder shares the same values as many of our end clients, as this adds to the drive to offer a personalised approach,” says Luc Rasschaert, CEO at WEALINS. “Our owners come from three entrepreneurial families which likes to be cautious with their money and takes a long-term view about how to grow these assets and pass them on to the next generation.” It is an outlook that has inspired WEALINS’ 30 years of experience in the cross-border life insurance business. While being active in 10 markets, WEALINS has a particular affinity with the Nordic region. As an example, the markets of Sweden, Finland and Norway accounted for about a third of WEALINS’ premium income last year, out of a total of around €2bn. This region supplies more than €3bn of the €15bn total assets under administration via their life insurance products. This puts the Nordic region just behind France in importance for the 30-year-old company.

 “At one point recently we were faced with competition in the Nordic countries from four other companies from Luxembourg, including one with a substantial book of clients and a team of experienced staff,” says Tony Nordblad, Head of Sales North Europe at WEALINS. “However, three of these players have since withdrawn from the market, while we have continued to grow here at the quickest rate for years. Our expertise and know-how clearly make the difference,” he adds. “The Nordic region is very complex and while there are similarities between the countries, we also recognize the important differences and serve each country individually with separate teams,” adds Tony Nordblad. Each of Sweden, Finland and Norway has its own specialists who know the languages, cultures, and have also an in-depth knowledge and understanding of the clients’ specific expectations and legislative framework.

The company has around 20 people in its dedicated Nordic team, this is out of a total workforce of 120, which includes in-house legal, asset structuring, as well as a sales support and administrative team. The WEALINS teams are particularly known for their responsiveness and professionalism and the company focuses on operational excellence and quality of service on a daily basis.  “We have developed a collaborative approach, both internally and externally and our aim is to support our partners and their clients over the long term. We can rely on our know-how and international centre of competence in wealth insurance, allowing us to respond precisely to the client's concerns related to the transfer of assets and estate planning. The commitment and expertise of our employees, particularly during the crisis, have further strengthened the trust our partners and clients place in us,”says Luc Rasschaert.

Innovation is also an integral part of WEALINS' DNA and its business strategy. The company favours an approach based on tailor-made solutions and "customer centricity". To achieve this, it works in close collaboration with its partners and WEALINS' employees are playing an active role in this digital transformation. “We are currently working on the digitalisation of our insurance contracts and this was first launched on the French market. We have worked closely with our partners to understand their specific needs in order to develop a new digital tool that would meet their requirements. The feedback received so far has been very positive, highlighting the ease of use of the tool as well as the availability of features that perfectly meet our partners’ expectations. It has given us a good working basis to develop the digitalisation in all our markets and it is now available in the Nordic region,” says Luc Rasschaert.

“Ultimately it is our personalised organisational approach to Nordic clients that sets us apart,” says Tony Nordblad. For example, if a client changes country to retire, the client advisor will remain serving their needs, rather than their affairs being passed on to a different national desk. “Our people have been here for a long time, so we have built trusted and long-term relationships with our partners and their clients,” adds Tony Nordblad. “It’s a practical, personal approach that has a wide appeal to Swedes, Finns and Norwegians.”

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