Services for Life Companies, Fund Management and Service Providers
Overview
The challenge of how to access and distribute products and services profitably to financial intermediaries facing life companies and fund management groups, as well as other suppliers to financial intermediaries, has never been greater. There has been a discernible acceleration in the pace of intermediary consolidation: as a consequence, maintaining as well as gaining market share – profitably – is more critical than ever before.
At the same time there are challenges posed by the current economic situation as well as regulatory changes for product and services suppliers to contend with. This is also likely to lead to further consolidation.
The services Rennison Consulting Limited can provide to address these challenges include:
Intermediary Distribution Strategy
Issues
Intermediary consolidation necessitates more focused distribution for the reasons outlined above.
Content
We can assist life insurance companies and fund managers by providing:
- Advice on how to develop new markets and how to maintain/consolidate existing market share;
- Extensive contacts within, and knowledge of the intermediary sector and in particular, larger intermediary firms, banks and professional services firms; and,
- Advice in relation to the RDR and its implications for product providers.
Product Development Strategy
Issues
New products take time and are costly to develop, and resources need to be marshalled effectively and risks minimised wherever possible.
Content
We can provide expertise to help and design and enhance products. In particular, we have:
- In depth knowledge of the product and services selection process within intermediaries and the operation of in-house technical services departments;
- Experience of developing protection, investment and pension products for the intermediary sector; and,
- Detailed knowledge of the selection and management of relationships with multi-tie and other investment managers.
Identification and Assessment of Potential Intermediary Acquisitions
Issues
A number of life companies and other investors either have, or are considering, further strategic investment in financial services intermediaries. This is despite the fact that many existing investments have, as yet, failed to produce meaningful returns. The challenges are therefore to increase the likelihood of success and minimise the potential for poor returns.
Content
We will:
- Work with management to identify potential investment opportunities within the intermediary sector;
- Assist in the Due Diligence process including the selection and oversight of professional firms; and,
- Provide expertise in relation to the ongoing management of acquisitions once made.
Delivery
Assignments will be delivered on a tailored basis. Typically, the phases of an assignment will be:
- Information gathering via one to one meetings or workshops or a combination of both;
- Liaison with specific individuals within a client’s organisation;
- A written report – usually presented face to face, debated and then updated as a final document; and,
- Ongoing input – in particular where product development and delivery is concerned.
Where intermediary distribution is involved, joint meetings with or interviews with intermediaries will take place both to research issues and deliver solutions.
