Professionals across Europe unanimous on key drivers for choosing Wealth Assurance providers
The Wealth Assurance industry is multi-faceted. Within such a competitive market, it is essential that providers understand and reflect the key criteria being used by clients to select their provider partners.
Quality of service
Wealth professionals based across 12 European countries affirm “quality of service” is by far the most important criterion when it comes to choosing a preferred wealth assurance provider.
Partnership and Expertise are just as important
Whilst quality of service tops the selection criteria across jurisdictions and wealth professionals, ‘good relationships and communication with the insurance company’s team rank second, with ‘technical expertise/knowledge’ as the third most important criteria.
Europe-based wealth professionals rank the important criteria when considering a Unit-Linked life insurance provider:
1st: Fast and efficient partner services
2nd: Good relationship and communications with the company
3rd: Technical expertise/knowledge
4th: Digital servicing and offering on digital platforms
5th: Fair fees/Good value for money
6th: Transparent and clear information
7th: Innovative product portfolio
8th: Good brand image and reputation
9th: User-friendliness of website
10th: Commitment on Corporate Social Responsibility
Digital servicing continues to be an imperative in staying competitive within the Wealth Assurance space
Wealth professionals collectively ranked “digital servicing platform and offering on digital channels” as their fourth most important criterion when appraising and selecting a Unit-Linked life insurance provider. This highlights the value that the market places on technological innovation in the servicing of Unit-Linked life insurance based solutions, and reiterates, should it be needed, the importance of this process being undertaken by providers
Countries with the highest
expectation on digital:
expectation on digital:
Finland
France
Italy
Norway
When it comes to the most important criteria for wealth professionals in considering and selecting a Unit-Linked life insurance provider, the pattern between geographies is anything but uniform.
Belgium
1. Fast & efficient partner services
2. Technical expertise & knowledge
3. Good relationships and communications
Finland
1. Fast & efficient partner services
2. Digital servicing platform and offering
3. Good relationships and communications
France
1. Fast & efficient partner services
2. Good relationships and communications
3. Digital servicing platform and offering
Germany
1. Technical expertise & knowledge
2. Fast & efficient partner services
3. Fair fees/ good value for money
Italy
1. Fast & efficient partner services
2. Good relationships and communications
3. Digital servicing platform and offering
Luxembourg
1. Fast & efficient partner services
2. Good relationships and communications
3. Technical expertise & knowledge
Norway
1. Fast & efficient partner services
2. Good relationships and communications
3. Digital servicing platform and offering
Portugal
1. Good relationships and communications
2. Technical expertise & knowledge
3. Fast & efficient partner services
Spain
1. Good relationships and communications
2. Fast & efficient partner services
3. Technical expertise & knowledge
Sweden
1. Fast & efficient partner services
2. Good relationships and communications
3. Technical expertise & knowledge
Switzerland
1. Fast & efficient partner services
2. Technical expertise & knowledge
3. Good relationships and communications
United Kingdom
1. Technical expertise & knowledge
2. Fast & efficient partner services
3. Good relationships and communications
Enhancing partner and client satisfaction
Provider’s ability to manage complex cases is the most important criteria to enhance partnership satisfaction.
Wealth professionals rank the key influencers that would potentially enhance partnership satisfaction towards their existing Unit-Linked life insurance providers:
Transparency and Regulatory support are key
Greater detail on the breakdown of fees charged to clients, and support on regulatory affairs were identified as key criteria to enhancing partnership satisfaction, ranked second and third by wealth professionals.
1
Ability to manage complex cases
2
Detail on the breakdown of fees charged to clients
3
Support on regulatory impacts
4
Respect of deadlines
5
Offering on digital channels
6
Reaction time in the case of incomplete files
7
Accuracy of customer reports
8
Speed of operation procession
9
Acccess to customers policy information
10
Activity reporting on portfolio
11
Quality and user-friendliness of partners’ extranets
12
Customization of customers reports
13
Quality and user-friendliness of clients’ extranets
Transparency and Regulatory support are key
Greater detail on the breakdown of fees charged to clients, and support on regulatory affairs were identified as key criteria to enhancing partnership satisfaction, ranked second and third by wealth professionals.
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