Aegon in drive to bolster direct distribution

Insurance giant Aegon is to extend its investment in technology platforms as part of a drive to increase direct relationships with clients in the coming years, chief executive Alex Wynaendts is set to announce today.

Speaking at the opening of a two-day conference in London, Mr Wynaendts will present plans to strengthen Aegon’s position in the ‘at-retirement’ market in North America, the Netherlands and the UK, and to increase focus on direct channels.

Mr Wynaendts will also outline plans to extend investments in technology to support intermediaries as they adapt to the changing environment for distribution, the company confirmed in a statement.

Article continues after advert

In recent years, Aegon has implemented a broad restructuring program which it said has ‘sharpened its focus’ on its core lines of business, as well as reduced costs and create greater efficiencies across the organization.

This has resulted in a shift from spread-based to fee-generating business and a substantially improved risk-return profile, the divestment of non-core businesses and an improved capital base ratio, it added.

Mr Wynaendts will suggest that economic uncertainties have created “opportunities” that Aegon can exploit by accelerating the development technology-driven distribution channels with the aim of connecting better and more frequently with customers, improving service levels and increasing retention rates.

Mr Wynaendts said: “Getting much closer to the people who depend on us requires developing new direct relationships by accelerating our investment in technology and better leveraging local initiatives across our businesses.

“The opportunities for our business are substantial and the actions we have taken in recent years have strengthened Aegon’s position, consistent with our targets and aim to be a leader in all our chosen markets in the coming years.”