Lombard International Assurance unveils an exclusive report from its European analysis of the Wealth Assurance industry
Findings from Lombard International Assurance’s first of its kind European analysis of the Wealth Assurance industry are now available in a dedicated report.
The report, summarized in 5 parts, includes insight gained from 677 wealth professionals across European 12 jurisdictions.
It explores how wealth professionals use, perceive and consider Wealth Assurance as a wealth and succession planning tool.
Lombard International Assurance S.A., a market leading provider of insurance-based wealth, estate and succession planning solutions for high net worth individuals, families and institutions, released today the report from its pioneering European Wealth Assurance survey, carried out in association with Accenture Luxembourg.
This inaugural report offers in-depth pan-European analysis of Unit-Linked life insurance, also known as Wealth Assurance. The findings paint a truly valuable picture of the motivations, challenges, and most importantly, the opportunities for the Wealth Assurance industry as it looks to adapt and evolve to the changing demographics, economic environment, and to the ever more sophisticated wealth and succession planning needs of high net worth individuals.
Launched last year to wealth professionals across all key demographics and geographical markets in Europe, the questionnaire was translated and distributed in seven different languages. This generated a substantial sample size of 677 respondents across 12 jurisdictions.
The report details findings from wealth professionals based in the UK, Belgium, Finland, France, Germany, Italy, Luxembourg, Norway, Portugal, Spain, Sweden, and Switzerland. The survey examined the role of Wealth Assurance solutions in wealth planning and how these solutions are perceived and used by wealth professionals. It also noted preferred alternatives to Wealth Assurance, the key criteria for decision making when it comes to selecting a Wealth Assurance provider, as well as their expectations in terms of servicing.
Stuart Parkinson, Lombard International Group CEO, explained: “We developed this inaugural survey with the objective of gaining a greater understanding of how wealth professionals actively consider and use Unit-Linked life insurance, across key geographies within Europe. The resulting report provides great insight to help further understand the thoughts, views and perceptions of wealth advisers so that we can continue to innovate and better serve them and their clients in protecting, preserving and passing on wealth to future generations. It’s pleasing to see that the results of the survey conclude that Unit-Linked life insurance is an increasingly used and relevant wealth and succession planning tool.”
Jurgen Vanhoenacker, Executive Director, Business Development and Wealth Structuring, Lombard International Assurance, added: “The findings of the report also reveal that increasing regulation, the pressing digital revolution, and the upcoming transfer of wealth across generations are the fundamental challenges and opportunities highlighted by wealth professionals based all across Europe. At a time when the family dynamics, global lifestyles, and investment appetites of the modern HNW family are evolving and becoming increasingly sophisticated, such research provides valuable insight to help shape and future-proof our industry.’
Martin Wolfram, Country Managing Director at Accenture Luxembourg, added: “The research finding shows the need for innovation and more convergence among life insurance and wealth management products. The industry is faced with increasing demands from digital customers who want their financial services provider to offer solutions that help them meet their financial goals. The research shows that providers that understand the importance of building innovative solutions for wealth managers to offer their clients will help pioneer digital transformation in the life insurance industry.”
The survey was translated and distributed in seven different languages and sent to active wealth professionals across Europe. Composed of 24 questions and divided into 3 sections, the survey aimed to anonymously collect, analyse, and detail views and opinions to provide an overview of how insurance-based wealth planning solutions are perceived, used and considered across Europe, now and in the future.
The survey, carried out in partnership with Accenture Luxembourg, was in the field between 15 September 2020 and 31 October 2020, generating a sample size of 677 across 12 jurisdictions. As respondents were given the opportunity to skip some questions, the number of answers vary across the survey.
The top 5 geographical locations were Luxembourg (21%), Switzerland (15%), France (14%), Italy (13.8%) and Germany (9.4%). This resulting footprint is consistent with Lombard International Assurance’s footprint and network of trusted partners in Europe, which includes private bankers, independent wealth and financial advisers, insurance brokers, family officers, independent asset managers, and tax lawyers serving the needs of high net worth clients and families.