Aurexia Luxembourg Our Service Offer related to the Insurance Distribution Directive (IDD)

Transcription

1 Aurexia Luxembourg Our Service Offer related to the Insurance Distribution Directive (IDD) PARIS LONDON LUXEMBOURG HONG-KONG SINGAPORE STRATEGY & MANAGEMENT CONSULTING

2 Introduction to IDD Main topics and implications 6 main topics of IDD imply significative amendments of internal and external organization for producers and distributors of insurance products Duty to advice and pre-contractual information Compliance of Professional training During precontractual phase: formalize duty to advice, give a standardized information document on insurance products and communicate about the nature and the type of fees Ensure that professional qualification of commercial teams match with the complexity of product portfolio and set up a minimum of 15h per year of continuous training Distributors Remuneration Policy Disclose the nature of retrocessions received from third parties before contractualization Conflicts of interests Policy Salaried networks Remuneration Policy Adapt remuneration policy for staff networks in order to not contravene to client s interests, and integrate qualitative criteria in the variable compensation scheme Product governance Set a up a complete panel of measures to prevent and manage conflicts of interests Check consistency between the risk level, the market and product distribution strategy 2

3 IDD Calendar From IMD to IDD A modification of Agenda IDD intends to strenghten insurance suscribers protection by a significative extension of its application scope to all insurance products and to all distributors Scope IDD applies to whole insurance distributors : Insurance and reinsurance undertaking Insurance intermediaries as main professional activity (brokers, insurance representatives) and as secondary occupation (ex: car rental companies) Online insurance comparators Objectives Strengthen customers protection, especially for unit-linked life insurance products Enhance the relevance and objectivity of advice in insurance subscription Harmonize the regulatory framework for insurance products in EU Strengthen penalties and widens the scope of intervention of competent national authorities Facilitate cross-border activities of insurance companies Align regulatory framework for all insurance distributors on sales approach and duty to provide advices Proposal for IMD revision July 3, 2012 Proposal of revision approbation Nov. 5, 2014 Final compromise IDD publication on the National law publication OJ of the EU transposition July 16, 2015 February 2, Postpone the entry into force to 1 st October 2018 at the latest

4 Aurexia s IDD service offer Turn regulatory constraints into concrete business opportunities 4 Business & Strategy Digital & Innovation Process & Organisation Regulatory impacts & implementation Insurance Distribution Directive: Aurexia s service offer Review of your cross-channel distribution s strategy (for life and non-life insurance product) Evolution of your remuneration Policy for salaried network and external distributors Integration of duty to advice into your assistance sales tools for direct or distance selling Review and optimization of your subscription process for direct or distance selling in order to integrate the delivery of pre-contractual information and duty to advice Definition of a Product governance and Product oversight Optimization and rationalization of your product mix Identification of regulatory impacts for your organization, your products, your services and your clients Constitution of a compliance corpus integrating your IDD Policies Review and update of your existing policies Review and/or set up of your control plans integrating IDD obligations 120+ consultants and growing 5 locations LON PAR LUX SING HK 25% Annual growth since 2010

5 Aurexia in a nutshell About our company - Established in A decade of global management consulting for the Banking and Insurance industries CAPITAL MARKETS SECURITIES SERVICES Text TRANSACTION BANKING ASSET MANAGEMENT PRIVATE BANKING RETAIL BANKING INSURANCE FINANCE RISK MANAGEMENT - Aurexia Institute - Frequent market studies published on: Business matters Regulatory watch Process improvement insights Text Architecture benchmarks Follow us on: - Digital Lab - - International - A pragmatic vision of disruption: Robotics / AI Fintech Ecosystem Blockchain Text 5 local offices to support our clients globally: Paris - London Luxembourg Singapore Hong Kong 5

6 A consultancy solely focused on financial services Our organisation OUR STORY Aurexia was founded in Paris in 2006 on the belief that the financial services industry needed more than pure management consulting skills from its service providers. Coming from leading consultancies, Aurexia founders supplemented deep domain knowledge with pragmatism and practicality to partner with clients in the delivery of key transformation programs. This approach has led to Aurexia partnering with the top 5 investment banks in Europe. Aurexia has matured in to a global consultancy opening its London office in 2014, followed by Luxembourg in 2015 and Asia (Singapore and Hong Kong) in This strategic growth has allowed Aurexia to be better positioned to support historical clients needs and broaden its client base to more industry leaders. OUR ORGANISATION MATRIX Asset Services & Asset Management - CIB Private Banking Insurance Finance - Risk 120+ consultants and growing Business & Strategy Digital & Innovation 5 locations LON PAR LUX SING HK 6 Process & Organisation Regulatory impacts & implementation 25% Annual growth since 2010

7 Aurexia Digital Lab What do we do? FINTECH ECOSYSTEM From identification of Fintech solutions (Catalogue) to partnerships and corporate investments in Fintech world SKILLS/DATA SCIENCE Develop Digital skills across AUREXIA Grow our Data Science community USE CASES/CREDENTIALS Determine and update use cases in the banking/insurance buisness, where digital solutions bring value INNOVATIVE WORK METHODS Set up more efficient ways of working, using all digital technologies: Apps, shared visio workgroups, CRM VENDORS Maintain relationships with preferred vendors on all digital technologies DESIGN THINKING Propose co-creation clients sessions with innovative ideation to build new concepts or processes SOLUTIONS/DEMOS Build solutions (in-house or vendors) for demos and Proofs of Concept MARKETING/EVENTS Grow our visibility as Digital SMEs, and get Clients and Fintech closer 7

8 They trust us Asset Management Securities Funds - Asset Services Private Banking Retail Banking Corporate Banking Insurance 8

9 Our Worldwide locations PARTNER Dominique HERROU EUROPE ASIA PARTNER Éric VERNHES PARTNER David VILLARD Swann REDSLOB LONDON 1 Fore Street London EC2Y 5EJ +44 (0) Alain de CIDRAC LUXEMBOURG 9 rue Large L-1917 Luxembourg Dominique HERROU SINGAPORE 96 Robinson Road #11-04 SIF Building Singapore Ludovic DUFETEL HONG KONG 135 Bonham Strand Sheun Wan, Hong Kong PARTNER Charles BAIN de la COQUERIE COO PARIS 62 rue de Caumartin, Paris + 33 (0) Caroline SMADJA 9

10 Partners Offices Dominique Herrou Charles Bain de la Coquerie +33 (0) Paris Office 62 rue Caumartin, Paris, France +33 (0) Luxembourg Office 9 rue Large, L-1917 Luxembourg +352 (0) Eric Vernhes +33 (0) eric.vernhes@aurexia.com David Villard +33 (0) david.villard@aurexia.com London Office 1 Fore Street, London EC2Y 5EJ, United Kingdom +44 (0) Asia Office 96 Robinson Road #11-04 SIF Building Singapore AUREXIA