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Country, industry and Skandia Vita in a nutshell. Insurance industry. Italian Wealth : 8,6k B € stalling from 2008 onwards due to the effects of the Economic crisis : 6k B € of Real Estate (inc. 84 % of domestic homes ) 3,5k B € of Financial assets (inc. 19% of Insurance contracts) - PowerPoint PPT Presentation
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Country, industry and Skandia Vita in a nutshell
(*) Global Financial Stability Report, Arpil 2012, IFM
Insurance industry
Population: 60,6 mln GDP: 2.198 bln/$ (8th position, list by IMF) -
-2.4% (2012 est.) 2.198 bln/$ (8th position, list by IMF) Credit Rating: BBB+ Public debt: 120,7% of GDP (2012 est.) Household savings rate: 12% (2010 est.) Household Net Financial Assets and Gross debt: 5th
position (2011) (*)
Life insurance market 2012 : €53.649mln (2011: €59.381mln)
Fas channel: €11.134mln (2011: €8.001mln) Fas channel – classic unit linked only:
€7.005mln (2011:€2.130mln) Growth UL segment: +39% (YoY) Traditional segment: -21% (YoY)
Data at end of August 2012
Data: end of 2012
Italian Wealth : 8,6k B €
stalling from 2008 onwards due to the effects of the Economic crisis :
6k B € of Real Estate (inc. 84% of domestic homes)3,5k B € of Financial assets (inc. 19% of Insurance contracts)800 B € of Debt (inc. 42% real-estate loans)
Bottom 50% of Italian families hold 9,4% of Italian Wealth ...
Top 10% of Families hold 45,9% of Italian Wealth
Mass Market (<100k€) : severe outflows
Affluent (<1 m€) : / stable, contrasted savings
High Affluent (1-3 M €) : savings + contrasted revaluation of assets
Wealthy (> 3 M €) : in continuous expansion
Skandia Vita on the Italian landscape
provide a complete range of products, but not a real and continuous product innovation
exploiting different business models (captive networks, agreements or JV): they penetrate in all the networks with a tailor-made offer
potentially affected by conflicts of interests
strong brand awareness
TraditionalCompetition
unique and sophisticated product requiring a high-level advice and financial culture
operating model through distribution agreements thus maintaining an independent touch (i.e. such a model is quite unique on the market)
independence ensures no conflicts of interest
low brand awareness among end-clients, leverage on our partner’s brands
Skandia Vita
Italian Market: sales split per type and distribution channel (2011) (*)
(*) Source: IAMA
(**) Data are not referred to the whole Group, but only to the companies within each Group considered as direct competitors of Skandia, both for product range and distribution model
in Italy
Italian Company registered in 1997 Nr. of employees: 110 AuM: 4,5 bln/€ (2012) Nr. of clients: 52.500 Traditional Life : 0 %, UL : 100% UL market share: 8% UL Fas market share: 15%
From inception till 2001, our offer was focused on a very simple unit linked product (i.e. in-house funds wrapping bank bonds) distributed mainly through small/medium local banks
Since 2001 the first Fas partnerships have emerged and since then FAs have become the primary distribution channel
In 2005 the guided open architecture platform has been launched . Since then, dynamic investment solutions, requiring high-level financial culture and targeting mostly FAs networks have become our main and most successful Distribution Channel.
Skandia Vita business model: positioning evolution
guided architecture selected open architecture open architecture
Small – medium size banks, usually regional structured
Target customers: 75K to 100K Current AuM: 300 mln/€ Current nr. of Banks: 15
Financial advisors network Customers: 100K up to 1 mln Current nr. of Fas potentially able to sell
Skandia products: 12.000
Private Bankers Customers: over 1 mln Current AuM: 400 mln/€
Market structure and key factors of Success (Skandia)
How we operate:
We are not fund managers
We are fund selectors
We do not distribute directly
We distribute through agreements with high standing partners
3 types of partnerships:
1)Financial Advisors Networks
2)Retail Banking
3)Private Banking
Local independence
“Perceived” flexibility
“Low cost” innovation
Tailor-made solutions from a distributor’s perspective Freedom of choice
New investment proposal (funds and asset managers) New products features (Stop Loss and PPI)
Part of anInternational Group
Flexible
High-qualityProduct Provider
Strong Financial Expertise
Innovative
High-quality Service Provider
Efficient
Funds and asset managers’ election Regular monitoring on fund range
Insight reporting on our portfolio Dedicated infoline and extranet area
Additional features: Stop Loss and Dollar Cost Averaging Skandia Daily Trading
Implementation of automatic tools (front end) User friendly monitoring tools
Local presence Global capabilities
Fast Capturing market needs Quick products adjustments
Key success factors:
Banking groups
Retail banking
Privatebanking
FAs’network
AssetMgmt Insurance
Products’ factories
Bancassurance agreements
Exclusive agreements
Distribution channels
Sale
s st
ruct
ure
Complete range of products, but poor innovation Tailor –made solutions, for segments of clients through specif channels Affected by conficf of interests
Our model of business
Financial Advisors (Fas)
Not employees, but work on commission
Historically, FAs have been forced to promote in-house products, today they are pressing to offer third party products
In direct competition with Private Banks
Clients are loyal to their Fas not to the bank
Domestic market structure