Sustainability discusses promising avenues for professional consultants.
In the ever-evolving world of finance, Standard Life, a leading insurance company, continues to adapt to the shifting landscape, particularly in the German market.
Over the past 25 years, companies have been compelled to adjust their product lines to reflect changing consumer preferences and environmental concerns. Standard Life, for instance, expanded its offerings to include larger, more spacious models and diesel variants, aligning with German consumers' emphasis on practicality and efficiency.
The company's approach has been investment-oriented old-age provision, with multi-asset portfolios, a higher equity share, and a focus on returns. However, the low-interest phase necessitated a departure from guarantee products, which was quickly compensated by the introduction of guarantee-free products.
Standard Life's commitment to sustainability is evident in its product offerings. Today, the company provides Maxxellence Invest, Parkallee, and Weitblick as its insurance products in Germany. To further educate intermediaries on sustainability, Standard Life will launch a program with Going Public.
The EU Transparency Regulation and new standards under the Taxonomy Regulation, set to come into force on January 1, 2022, will require German insurance intermediaries to disclose their handling of sustainability. Standard Life has provided assistance to its distribution partners to meet these requirements through online seminars.
Moreover, the Transparency Regulation that came into force on March 10 requires German insurance intermediaries to inform about their handling of sustainability. To this end, sample formulations of the AfW and checklists of the BVK are available on Standard Life's website.
Changes to the IDD and MiFID 2 will introduce the obligation for intermediaries to query and consider customers' sustainability preferences. This shift presents advisors with great opportunities, including the expected increase in demand for investments and the chance to position themselves and integrate sustainability into their corporate philosophy.
Every third customer in Germany would sacrifice returns for more sustainability, indicating a growing trend towards environmentally friendly investments. Standard Life's focus on sustainability aligns with this trend, offering advisors a competitive edge in the market.
In terms of leadership, Christian Nuschele heads sales and marketing at Standard Life in Germany and Austria. The company has been offering insurance products in Germany since 1996, having developed an index policy at the end of the 1990s, which won several innovation awards but had no corresponding demand at that time.
As digitization continues to reshape the insurance distribution landscape, Standard Life remains at the forefront, providing recordings of its online seminars and presentations on its website for easy access. The company's commitment to sustainability, adaptability, and innovation sets it apart in the competitive German market.
