After selling its insurance business in Phoenix in 2018, SLA collaborated in a “partnership” in which Phoenix manages the Standard Life brand`s life and retirement offerings and SLA provides asset management for these assets. This change is part of a rapid evolution of the insurance industry. The structure of life businesses is changing around the world. Business strategies are increasingly about size and size. We are seeing a shift towards companies that are consolidating their books with other suppliers and focusing on core skills. Phoenix CEO Andy Briggs said there was “nothing to worry about” from his relationship with Standard Life Aberdeen (SLA) after learning that insurers disagreed on customer management agreements. “We have a transitional agreement [with ALS] as you do for all these types of transactions, and there are some areas that are very common in this kind of situation, where we are not yet fully adapted to the costs and services under this transition agreement,” Briggs said. Both are in commercial disagreement over stock purchase contracts and customer maintenance costs. “Second, we are working with ALS on how we are implementing the SLA  advice offer in our general retirement offering to ensure that all of our clients can benefit from information, advice and advice at retirement. So the relationship works very well on the ground, and we see opportunities for collaboration, which is strong. When questioned by analysts earlier this month, Briggs said the couple`s relationship was strong and downplayed a rift between the two parties. People appreciate the service we offer.
We know that this is a factor for consultants who decide to do business with us, and we know that it is essential for you and for us to maintain these high standards. Consultants and clients continue to be supported by the same Standard Life employees as they do today and continue to receive the same high levels of customer service. Susan McInnes, the outgoing ceo of the Phoenix-based Standard Life Assurance-based company, said customer services and the customer service agreement “work hard in the field.” “This agreement will enable Phoenix to become Europe`s largest life fund consolidator, and the ongoing strategic partnership with Standard Life Aberdeen plc will provide additional growth opportunities. Some Irish brokers have already gained experience with Phoenix in contracts with guaranteed pension rates. Consultants will have better experience with Standard Life for two reasons. First, we only have a small number of policies with guaranteed pension rates. Second, our relationship with Phoenix in the past will be very different from other Irish companies. However, as New Model Adviser initially indicated, the two parties disagree on stock purchase transactions and the cost of customer care, with phoenix warning that this could eventually lead to legal action if it continues to escalate. And finally, our brand. Standard Life has been in Ireland for 184 years. It`s a trustworthy name. Our business will continue to operate under the Standard Life brand.
Clients and consultants continue to be supported by the same Standard Life employees who care for them today and continue to receive the same high standards of service.