Mastek, the leading assurance software provider to the Life and Pensions industry, has revealed that L&P providers need to pursue a balanced distribution strategy if they are to maximise profitability in a post-Retail Distribution Review (RDR) marketplace. Speaking at this year’s Financial Services Distribution Summit at the Le Meridien Hotel Piccadilly, Brian Please, Director for UK Insurance, Mastek warned that life offices not only need to continually improve the services for existing routes to market and end customers but also need to open innovative channels to securing new business.
Brian Please, Director for UK Insurance, Mastek said:
“It is imperative that providers review their channel management provisions as the RDR approaches. Providers are going to have to develop new primary and generic advice channels, as well as continuing to improve current practices, if they are to react to the changing demands of the sector. The RDR will highlight the importance of these generic and primary advice channels and should be used as a catalyst to improve the current legacy systems we have in the industry as well as an opportunity to build links with the consumer through new channels.
“IFAs continue to be the main route to the consumer for providers. But, when we surveyed 36 life offices, a quarter of them are running between 6-10 different technology systems to interact with IFAs. That’s unwieldy and inefficient. While we can expect bancassurers and direct channels to push for increased market share, it’s also clear that providers will need to re-examine the way they manage their agency relationships and potentially introduce new ways of working with providers and new technologies to make their routes to market a little easier to manage. There is also a great desire for simple products in the L&P market and this simplicity can only be achieved through hiding the complexity of products through greater use of the technology that underpins it.”
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