Focus on pensions and long-term savings | The focus on pensions and long-term savings involves strongly accentuating attractive customer segments, strengthening product management and optimising the diversity of the distribution channels.
Swiss Life is concentrating on the pension needs of the population before and after retirement, and intends to more actively address the requirements of customers who are due to retire shortly or have already retired. In addition, the customer segment of affluent private individuals or high net worth individuals is becoming increasingly important. Swiss Life is already enjoying success in this segment in France thanks to its private insurer concept. Similar initiatives are also planned for Switzerland and Germany.
To respond even better to customer requirements, the company is reinforcing its product management. Swiss Life wants to identify market needs more quickly, to inject more innovativeness into product development and to shorten time to market. It is expected that new products will generate considerably more added value for customers and shareholders. Moreover, they will bring about more clarity and transparency with respect to how this added value is generated and distributed. As regards new business, the product portfolio will move away from traditional products with fixed guarantees towards new products with either variable or no guarantees. Such products offer customers higher potential returns, on the one hand, and tie up less risk capital, on the other.
Furthermore, Swiss Life intends to shore up its distribution capability with a multi-channel distribution concept. Swiss Life has already built up a well diversified distribution network in France. It distributes its products via proprietary channels and tied agents, has established very strong relationships with brokers and independent financial consultants, and cooperates with various private banks. The company aims to diversify its distribution resources in Switzerland and Germany. In view of this and the growing significance of independent consultation services in the sale of pension products, which is also expected to persist in the future, Swiss Life decided to acquire a majority interest in AWD. In addition, Swiss Life is seeking to improve its sales in Switzerland and Germany by cooperating with banks. Products in all markets will also be sold via the internet.
