Great Eastern is launching a dedicated client segment proposition for high-net-worth (HNW) individuals, as it seeks a bigger share of Asia's growing wealth and legacy-planning market.
Called Great Eastern Private, the new offering is tailored to HNW individuals and families across Asia. The move provides “a new suite of solutions and services that support established clients looking to preserve their financial legacy for future generations”, said Great Eastern.
This follows comments made by Mr Greg Hingston, Great Eastern’s group chief executive, during a recent results briefing where he had stated that Great Eastern would introduce an HNW proposition in Singapore, in collaboration with the wider ecosystem of OCBC and its private banking arm, Bank of Singapore (BOS).
The initiative is part of efforts to improve new business embedded value and total weighted new sales.
The insurer also noted that it has the added advantage of offering HNW customers the collective strength of OCBC. This includes the private banking capabilities of BOS and asset management capabilities of Lion Global Investors.
“As clients successfully accumulate wealth, the focus is now shifting to preserving, and transferring wealth intentionally, efficiently and meaningfully,” said Mr Hingston.
Great Eastern Private combines tailored HNW insurance solutions with a curated panel of expertise and services.
They will be delivered through a Private Client Privileges programme, which will involve a network of private wealth partners across seven domains, said the insurer.
These are next-generation leadership; family advisory and trust services; health and longevity; international tax advisory; legal advisory; philanthropy; and global lifestyle concierge.
Great Eastern Private will host an industry-first cross-generational family programme, in partnership with Singapore Management University Executive Development.
Through this initiative, founders and family members will explore topics such as enterprise continuity, leadership transition and long-term legacy, reported The Business Times.