STOCKHOLM, Sweden, Aug. 27, 2004 (PRIMEZONE) -- In an initiative designed to strengthen its competitive strength in the Swedish market, Skandia is establishing a joint market organisation for all products in the Swedish market.
The aim is to enable customers to access their entire portfolio of business with Skandia through a single phone call, a single a website, and a single contact person. Life assurance, unit linked assurance, mutual funds, banking services, and healthcare insurance will be offered individually or in combination -- depending on the customer's needs.
Skandia Liv (which is run on a mutual basis) and other product units at Skandia will be collaborating in areas such as advisory services, sales, marketing, customer service, and concept development, i.e., development of product packages. Certain staff functions will also be produced by Skandia Sweden. In the future, Skandia Liv and Skandia's product units will continue to develop their respective products.
``By co-ordinating resources and competence, we can create better customer offerings and simpler handling for customers. Our customers will experience a homogeneous organisation with unique expertise in savings and financial security. The new organisation represents a concerted effort to increase Skandia's market shares in Sweden," says Gert Engman, Executive Vice President of Skandia and General Manager Skandia Sweden.
The new organisation reaffirms Skandia Liv's independence and integrity. Skandia Liv and Skandia (the parent company) today signed a framework agreement (see summary at www.skandia.com) that lays down the principles for this co-operation, with a clarified, precise delineation of their respective roles. The compensation that Skandia Liv pays to Skandia Sweden to run Skandia Liv's market functions is based on the going rate in the market or -- where not suitable -- on the cost price principle. This co-operation will lower costs for both Skandia and Skandia Liv.
Cost effects and other consequences are expected to be presented in mid-November.
``The new organisation enables Skandia Liv to draw full benefit of belonging to a large savings group. The co-ordination of the marketing functions with Skandia will lead to improved service and lower costs for policyholders. The assignment given to Skandia does not reduce the overriding and ultimate responsibility for strategy, management and organisation that is bestowed upon Skandia Liv's board," says Urban Backstrom, President and CEO of Skandia Liv.
The new organisation will take effect on 1 September.
Gert Engman, Executive Vice President of Skandia and General Manager Sweden, and Urban Backstrom, President and CEO of Skandia Liv, extend this invitation to a press information meeting to be held today, 27 August, at 10.30 a.m. Location: Skandia, Sveavagen 44, Stockholm.
For further information, please contact: Urban Backstrom, President and CEO, Skandia Liv, tel. +46-8-788 25 00 Gert Engman, EVP, General Manager, Skandia Sweden, tel. +46-8-788 25 00 Gunilla Svensson, Press Manager, Skandia, tel. +46-8-788 42 97
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