Relationship capital is defined as the set of all relationships - market relationships, power relationships and co-operation - established between firms, institutions and people that stem from a strong sense of belonging and a highly developed capacity of co-operation typical of culturally similar people and institutions.
To build deep relationships with a large number of partners is difficult. Therefore, a company has to find the right balance between breadth and depth of partners – between reaching out to the largest group of partners versus deepening the collaboration with a limited group of them.
Strategic Relationship with Key Suppliers
In its development, the company has created a network management model in which every link in the production chain exploits the best skills on the market.
The “make it or buy it” logic, therefore represented a constant in the development of the company. The operating structures/units of the company are inter-connected with the suppliers and with the consultants. This creates a complex corporate system which can have access to a greater variety of resources and skills which could not otherwise be developed, in an autonomous and isolated manner, quickly enough for the “time to market” dictated by the main competitors in the financial world.
MIL has developed strong relationships with a number of suitable partners that allows the company to have access to a broader range of resources in the financial market. The company has adopted with this network of outsourcers a sophisticated framework, including a set of rules and procedures, that support the relationship and allow MIL to monitor the quality of the service received on an on-going basis.
MIL seeks to use service providers that are leaders in the market place.
MIL has a relationship with the Appointed Actuary, Milliman, spanning many years. The Actuary is part of a large organisation whose business is primarily the provision of consulting services within the actuarial and insurance industry. This allows MIL to benefit from the expertise and knowledge of the best practice of the market. MIL’s branches are organised in such a way so that they are subject to all the control functions of the company. There is active communication between the branches and Head Office on a daily basis. Branch visits are also conducted regularly. MIL benefits from the segregation of duties and the local expertise of the branch staff. MIL conducts bi-monthly reviews of the investment and corporate accounting service provider.
Strategic Relationship with our Distributors
Distributors play a vital role in order to allow MIL to understand client needs. Therefore it is pivotal to establish and to maintain a strong relationship with our distributors. A key source of client feedback is the information we gather from our clients themselves, and from their representatives, the distributors.
Through the system of Family Bankers within our Groups Distributors, we benefit from a large sales force. By establishing and maintaining a dedicated local presence we develop long term relationships and outstanding local knowledge. Our sales led approach enables us to deliver returns to our client’ designed to meet their needs.
MIL is always keen to be aware of the different market outlooks and scenarios and to share the outcomes with the distributors in order to match market trends with client needs. Over many years MIL has built a loyal and established customer base in Italy, Spain and Germany.