Photo: Morgen & Morgen
Pascal Schiffels, Morgen & Morgen
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With the guaranteed interest rate cut, the move away from the 100 percent premium guarantee and an increasingly sustainable focus, the portfolio of old-age provision products is also being reorganized. The insurers are reacting with solutions that are powerful in countering the crisis. The rabbit has awakened from shock. A comment by Pascal Schiffels, CEO of Morgen & Morgen.
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It cannot be glossed over, the year 2021 was again challenging. The pandemic has exacerbated the capital market situation and required quick action. Furthermore, with the lowering of the maximum technical interest rate at the turn of the year, the insurance companies have to recalculate the tariffs.
The symbolic rabbit has awakened from its paralysis. The insurance market reacts with solutions that counter the crisis powerfully. More flexible products, the move away from the 100 percent premium guarantee and the sustainable orientation on the part of insurers offer intermediaries and consumers an ever wider range of individual coverage options. Against this background, the portfolio of old-age provision products is being reorganized. How the insurance companies have set their course will be shown in 2022. It will be an exciting year for companies in which the focus will be on their own tariff positioning.
On the intermediary side, it is a matter of overviewing the opportunities and risks of the individual offers and of offering individually suitable solutions in a liability-safe manner. And that in all the degrees of subtlety between risk-averse and risk-sensitive. That is the big challenge in pension advice. It is extremely challenging to understand the complex modes of operation in detail. Knowing their effects on the pension or maturity benefit is crucial in any case – and that for all products on a comparable and resilient basis. Here, too, there are already solutions that use stochastic projections to map all products with their potential returns in a simple but secure manner.
The deficit currently lies in the lack of a standard that uniformly shows brokers and consumers the opportunities and risks and thus enables the different tariffs to be compared with regard to their potential returns. In 2022, more than ever before, all market participants will be able to show consumers individually which product realistically matches their expectations and needs. Such a departure will only succeed if we work together.
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