UK-based Phoenix Group has set up a ‘open’ operation for its long-term savings and retirement business.
The open structure will run alongside ‘heritage’ and the newly-acquired ReAssure businesses.
It will manufacture and underwrite new products and policies to support people saving for their future in areas such as workplace pensions.
The operation will consist of
- Retirement services: Which brings together bulk purchase annuities (BPAs), a material driver of business for Phoenix, with annuities and equity release;
- Workplace: Focused on providing companies with workplace benefits and enhancing Phoenix’s position in this market;
- Customer savings and investments: Targeting individual customers, focusing on engaging existing customers on their retirement needs as they approach and journey through retirement;
- Europe, including Standard Life International and Ark Life: This unit will look after activity outside of the UK; and
- SunLife: Offers guaranteed insurance products for the over 50’s.
Also, Phoenix Group has hired Tom Ground as managing director of its retirement services business unit, effective January.
Ground will be responsible for driving growth in BPA and work to explore the equity release market, and joins from Aviva, where he is currently managing director of annuities and equity release.
Gail Izat and Jenny Holt, existing members of the Phoenix senior management team, will become managing directors of the workplace and customer savings and investments units respectively.
Nigel Dunne and Dean Lamble retain their roles as leaders of the European business and SunLife.
The leaders of each of the units will report into Andy Curran, chief executive of savings and retirement, UK and Europe, when he takes over from Susan McInnes.
Curran was appointed in July to lead the open business.
Andy Briggs, chief executive of Phoenix Group, said, “At the centre of everything we do at Phoenix are our customers.
“The creation of business units for the open business reflects this focus and will ensure that the needs of each customer group are catered to specifically.
“We already have exceptional expertise within the organisation to draw upon, and the change will drive accountability down the organisation, with empowerment of leadership and people to drive performance.”
Phoenix broadly divides its business into two segments, heritage and open.
The Heritage segment comprises products that are no longer actively marketed to customers and has been built through the consolidation of over 100 legacy insurance brands.