Wrapper und somit auch fondgebundene Lebensversicherungen werden vor dem Hintergrund der kürzlich beschlossenen Abgeltungssteuer wieder deutlich Aufwind erfahren. Stichworte hier sind: Bank Assurance zur Asset Protection bestehender Vermögensverwaltungsmandate in Bankportfolien.
Der Autor geht in seinem Werk auf die besondere Ausgestaltung bezogen auf das Leben der versicherten Person u.U. bis zu lebenslangen ("whole of life") fondsgebundener ("unit linked") Lebensversicherungen nach irischem Recht ein. Hierbei geht es ihm insbesondere auch auf die seit Anfang 2004 geltende neue Besteuerung kapitalbildener und somit auch fondsgebundener Lebensversicherungen.
Beleuchtet werden existierende wesentliche Anbieter ähnlicher Finanzobjekte genauso wie Vermarkungsformen. Im Abschnitt zu Financials werden mögliche Preismodelle betrachtet. Neben operativen Basisprozessen wird schwerpunktmäßig die Veränderung von Front-to-Back-Prozessen und im Abschnitt Human Resources die Ausbildung und Auswahl geeigneter Mitarbeiter mit dem Ziel der Qualitätssteigerung abgehandelt. Umrahmt werden diese Themen von der kritischen Diskussion der Notwendigkeit eines eigenen Systems zur Angeboterstellung und der schnellen und präzisen Datenübergabe zwischen den beteiligten Partnern, vertreibenden Banken, in deren Bestand die Assets verbleiben, und der irischen Versicherung.
Table of Contents
1. Executive summary
2. Aims and objectives
3. Background information
Far environment (STEEP analysis)
Competition
Industry competition
Threat of potential entrants
Threat of sthe bank grouptitutes
Bargaining power of buyers
Bargaining power of suppliers
Service quality
4. Research/methodology
Literature review
Market potential
German market for unit-linked policies
Client base
Customer segmentation and customer needs
Tax efficiency
Inheritances
Transparency
‘Swissness’ and Open Architecture
Product literature and training material
Processes
Process model overview
Issues capturing the data
Unclear process definitions
Helpline
Data collection
Regulatory and taxation restrictions
Data analysis
Product content
Attractiveness of investment content
Fee structure
Pre- and after-sales processes
Summary of results
5. Conclusion/recommended next steps
Key stakeholder groups/nature of performance
Recommendations: Marketing
Customer segmentation
Segment 1: Core affluent with volume < 5m Euro
Segment 2: HNWI with volume > 5m Euro < 20m Euro
Segment 3: UHNWI with volume > 20m Euro < 100m Euro
Segment 4: Ultra High Net Worth with volume >100m Euro
Differentiating capabilities
New sales arguments
PM High Yield
Creative swiping of order-winning criteria
New fee structure
Trust and loyalty
Communication
Recommendations: Operations
‘Flexible Specialisation’/special cases process
Kaizen
Increase knowledge of help-line
Close the communication gap
Automated pooling of sub-policies
Market risks during cooling off period
New access rights for Front Support
6. Key learning points/critical reflection
Project Goals and Topics
The primary goal of this report is to analyze and optimize the marketing and operational processes for "THE BANK GROUP Life Portfolio Plan (Germany)." The project aims to identify strategic improvements to increase the competitiveness of this tax-efficient investment vehicle while ensuring stakeholder requirements are met.
- Strategic optimization of the "Life Portfolio Plan" for the German market.
- Enhancement of marketing strategies through customer segmentation and new sales arguments.
- Operational process improvements, including the "Flexible Specialisation" approach for ultra-high-net-worth individuals.
- Alignment of investment content with current tax regulations and customer needs.
- Establishing trust and loyalty through "Product Champions" and effective communication.
Excerpt from the Book
Customer segmentation and customer needs
“The reason why people purchase unit-linked products depends on the regulatory environment and other market factors, such as the popularity of other savings and insurance products.”
The current customer segmentation of INSURANCE COMPANY for Germany looks as follows:
1. UHNWI segment: > 2.5million Euro TPTBP
2. HNWI segment: > 250.000 Euro TPTBP
3. Core Affluent segment: > 150.000 Euro TPTBP
As identified in the assessment of service quality section, there is currently no differentiated service package offered for these segments.
- Customers from UHNWI segment often come up with e.g. a tailor made portfolio or transfer of an existing portfolio instead of cash for premiums. These special cases lead to tailor made documentation, which has to be checked from a legal and tax perspective, before it goes to the client. This creates time constraints at INSURANCE COMPANY staff. Customers from this segment are often very price sensitive or are mandates of a Family Office consulting firm. Does a 2.5m EUR case justify the amount of work and the high costs for external legal and tax expertise? The rich have increasingly started to install a ‘gatekeeper’ between themselves and investment advisors.
Summary of Chapters
1. Executive summary: Provides an overview of the "bankassurance" concept and outlines the strategic goal of creating a win-win situation between the insurance company and the bank.
2. Aims and objectives: Defines the core objective of challenging current operational and marketing assumptions to add value to the existing product offering.
3. Background information: Analyzes the environment using the STEEP model and evaluates competitive forces using Porter's five forces model.
4. Research/methodology: Documents the literature review, market potential assessment, process analysis, and data collection methods employed throughout the project.
5. Conclusion/recommended next steps: Presents specific actionable recommendations for marketing, including customer segmentation, and for operations, focusing on "Flexible Specialisation" and Kaizen.
6. Key learning points/critical reflection: Reflects on the challenges encountered during the project and the importance of professional project planning and stakeholder management.
Keywords
Bankassurance, Germany, Unit-linked life insurance, Tax efficiency, Wealth Management, UHNWI, HNWI, Portfolio Management, Customer segmentation, Operations, Marketing, Strategy, Inheritance, Tax wrapper, Financial planning
Frequently Asked Questions
What is the core purpose of this project report?
The report aims to find strategic improvements for "THE BANK GROUP Life Portfolio Plan (Germany)" to increase its contribution to strategic goals and create a win-win situation between the insurance company and the bank.
What are the primary target segments for the product?
The target segments are Core Affluent, High Net Worth Individuals (HNWI), and Ultra High Net Worth Individuals (UHNWI).
What is the main objective regarding the product’s marketing?
The report seeks to differentiate the product by moving away from purely technical arguments to comprehensive sales arguments focusing on tax efficiency, succession planning, and transparency.
Which methodology is used to assess operational processes?
The project employs the "service shop" process model and recommends the introduction of "Flexible Specialisation" and "Kaizen" principles to optimize operations.
What does the background section cover?
It provides an in-depth STEEP analysis and a benchmarking approach using Porter’s value chain to identify competitive advantages.
Which key factors influence the marketability of this insurance product?
The key factors include the German regulatory environment, tax efficiency, inheritance planning, and the demand for open architecture in investment management.
How does the proposed "Flexible Specialisation" process work?
It is a structured five-step process designed to ensure that UHNWI requests receive prompt, prioritized attention and high-level sign-offs while maintaining operational flexibility.
Why is the "cooling off period" a significant risk for the bank?
There is a market risk during the 15-day cooling off period after a policy is issued, as the bank must decide whether to hold cash or invest, creating potential regulatory and financial exposure.
- Quote paper
- Joachim Böttcher (Author), 2004, Irish unit linked life insurance for use as a tool to protect assets from German income taxation, Munich, GRIN Verlag, https://www.grin.com/document/22956
