Ten ways to thrive as an international life company
By Mark Battersby, 3 Nov 15
In the latest in a series of viewpoints from prominent life industry figures, Sean Christian, executive director – offshore of Canada Life International, sets out what it takes to thrive as an international life office.
Most markets are seeing consolidation across providers. Some providers have pulled out of non-core markets to refocus their businesses, others have been purchased by competitors, and some are the acquiring company using acquisitions to grow their organisations. Whichever scenario a life company finds itself in, the way it deals with managing the closure of a block of business, or the transition of a block of business from one company to another, will be judged by the market.
The news of a company closing to new business in a particular market can be a nightmare scenario for an adviser. The adviser has recommended that company to their clients and they in turn have often invested significant proportions of their wealth based on that advice. The immediate concern for advisers is how that book of business will be serviced going forward and what assurances they can relay to their clients.
Successful life companies approach market closures or acquisitions of blocks of business with the same customer-centric focus and attention to service delivery as they do when starting a new business, entering a new market or striving to be the leading provider in their chosen market. Most advisers and clients would of course wish to avoid such scenarios. But if they can look back on the experience, conclude that their clients’ interests were at the very heart of the process, recognise they were fully briefed and informed throughout, and generally see the transition as a pain-free and smooth process, then events such as this should never again be a nightmare scenario for advisers.
Tags: Canada Life | Sean Christian
