COInsur. Speaking at the IWDC the specialist financial advisors in the German market, to what extent has a significant impact on the insurance industry,what are the attributes that customers perceive?
ML. The financial industry is facing hugh challenges due to low interest rates, regulatory changes as i.e. Solvency II, MiFiD 2 and IMD 2, PRIPS, and last but not least the German LVRG. It’s obvious all these changes aim for a significant improved customer orientation and a “holistic” advisory customer approach. I am absolutely convinced in the near future we might have high quality sales forces within the market providing best service and improved advice to customers. Distributors focused on pure product sales results and not adopting the changing customer behaviours will be pushed out of the market. Customer will perceive high sales and service quality based on theirs needs.
COInsur. How do you imagine the future of insurance distribution, where it is going?
ML. Its difficult to predict how the future will look like but by looking at present trends it’s clear that distributors offering various medias to get to theirs customers providing services will generate growth potential. Furthermore the market demand on improved distributors quality will limit the numbers on sales forces.
COInsur. Can you tell us 3 reasons to not miss the conference “Insurance Distribution Challenges World 2014”?
– Actualmente es muy importante aprender las tendencias de los diferentes mercados y evaluar las estrategias ganadoras.
– Los participantes compartirán con mente abierta las perspectivas de la distribución de seguros en el futuro.
ML. In these challenging days it’s important to learn about different market trends and to evaluate how winning strategys or elements of theses strategys can be adopted in your organization. I do hope all participants will discuss open minded and share perspectives how the insurance distribution might look in the near future.