Allianz France and Testamento have announced the deployment of Beneficiary, a tool designed to assist and optimize beneficiary designation, to over 1800 General Agents and more than 1500 advisors from Allianz Expertise et Conseil.
Allianz France is also digitalizing the “option clause,” an innovative solution in beneficiary clause management.
The importance of beneficiary clauses
The beneficiary clause is a central element of life insurance and retirement savings contracts, determining who will receive the capital upon the insured’s death. Its significance is often underestimated by policyholders, despite its critical financial and legal implications. With evolving lifestyles and family structures, the standard clause favoring the existing spouse may no longer be the only choice.
According to a 2024 study by Testamento, 73% of insured individuals over 50 have never updated their beneficiary clause. While 30% of policyholders express a desire to change the beneficiary clause online independently, 70% prefer in-person or telephone consultations with a professional for advice on drafting and modifying the clause.
Beneficiary : an educational advisory tool for beneficiary designation
Founded in 2013, Testamento is a pioneer in online wills and SaaS-based estate planning solutions. Together with Allianz France, the company is deploying Beneficiary across Allianz France’s network of more than 1800 General Agents.
Beneficiary is a unique and innovative technological solution that addresses both regulatory and estate planning challenges. Through a guided and seamless digital journey, this tool offers beneficiary clause formulations tailored to clients’ needs and preferences.
Policyholders can make informed decisions beyond the standard clause, which typically prioritizes the spouse as the primary beneficiary and children as secondary beneficiaries. Throughout the beneficiary designation process, the policyholder is supported by their advisor or General Agent.
Following the successful rollout of Beneficiary to 1500 Allianz Expertise et Conseil advisors, the solution has now been extended to the General Agents network.
A major step for the insurance industry management
Allianz France is introducing a secure and digitalized “option clause” as part of its life insurance contracts, offering greater flexibility and optimization in wealth transfer.
This innovation:
- Secures the clause while offering more choices.
- Gives flexibility to the policyholder for their beneficiaries, particularly the surviving spouse.
- Allows the beneficiary to select the most suitable share at the time of the policyholder’s death from predefined options.
“Having invested in Testamento since 2019 through our InnovAllianz fund, we are proud to offer our life insurance clients a simple and secure digital journey for estate planning. For millions of life insurance holders, the importance of drafting a beneficiary clause is often overlooked, despite its critical role in determining who will receive funds upon the insured’s death.
To address this financial and legal challenge, Allianz France and Testamento have launched an innovative digital tool for beneficiary clause management. For our General Agents and Allianz Expertise et Conseil advisors, this service is a valuable asset, enabling them to support clients, optimize beneficiary clause drafting, and ensure the policyholder’s wishes are properly executed.” — Jean-Baptiste Perret Torrès, Director of Strategy, Innovation, and Mergers & Acquisitions, Allianz France
“This large-scale deployment across a network of wealth management advisors and General Agents is a major milestone for Testamento. It confirms our solution’s ability to meet both compliance challenges, amid growing regulatory pressures around beneficiary clause management, and industrial scalability, as our technology fulfills all security and scaling requirements for a leading insurer.” — Virgile Delporte, Co-founder and President, Testamento
