Royal & SunAlliance has created a new company called Royal & SunAlliance Eurolife to be based in Dub...
Royal & SunAlliance has created a new company called Royal & SunAlliance Eurolife to be based in Dublin which is to create bespoke products for Spain, Italy and German.
As part of this, Royal & SunAlliance has created a new umbrella structure called European Life & Investments to oversee its European operation and the new company. The move creates a single platform to transact business.
It will incorporate existing services of the Royal & SunAlliance International Financial Services (RSAIFS) in Isle of Man and the Royal & SunAlliance fund operation in Luxembourg.
The European Life & Investments umbrella plans to focus on e-enabling all the activities of local operations under its control, meaning that key sales and administrative functions are to move to on-screen internet application.
Paper-based transactions are to shift to a web-based alternative and will include on-line applications to real-time valuations and policy administration.
This e-enablement is to allow products and services to be brought to market faster and is to centralise core activities while allowing complete cultural flexibility at local operational level.
Royal & SunAlliance Eurolife is to target high net worth individuals throughout Europe and will have branches in Italy, Spain and Germany. Royal & SunAlliance is presently looking for major distribution partners such as banks to help expand its European initiatives.
It is to produce bespoke products for its distributors which are to be e-focused. Products are single or regular premium policies.
Ian Shirley, head of European Life & Investments and managing director of RSAIFS, said: "Ideas and solutions form one area of European Life & Investments which can be quickly and efficiently applied across all others. Leveraging our skills like this makes our whole European expansion plan very much greater than the sum of it parts."
The forces at play in investment - most obviously, regulatory change, uncertain markets and shifting demographics - are as strong today as they were when Professional Adviser launched its sister magazine Multi-Asset Review in 2017.
Regulator has visited some firms already
Platforms react to Fidelity blocking Income Focus purchases
Chris Hill's letter to Treasury
Cash balance surges