What's New- week 52

| 28 Dec 2018

It's the last Friday of 2018, and while many of us are still celebrating and feasting, here are some updates to catch up on.

Singapore: Free online Will writing services by OCBC

A basic will written up by a lawyer can range from $99 to $500, although there is no legal requirement in Singapore that a will must be prepared or witnessed by a lawyer. With OCBC Online Will Generator, Singapore citizens and residents aged 21 and above can now prepare their own wills within 10 minutes.

In a survey conducted by OCBC Bank in 2017 involving 200 respondents between the ages of 55 and 69, one in three indicated that they need more advice on after-life plans and leaving an inheritance for their family.

How the OCBC Online Will Generator works

The OCBC Online Will Generator will work on any computer, or smart device. The user will be prompted to do the following:

  • Appoint an executor who will ensure that the will is carried out as stated
  • Appoint an alternative executor (optional)
  • List the beneficiaries, who will receive the various assets after the user’s death
  • Appoint a legal guardian for the listed beneficiaries, if still below the age of 18 (optional)
  • Allocate the user’s assets - Percentage allocation of overall assets / Specific gifting of Singapore-based property (optional) / Specific gifting of fixed sum of monies (optional) / Listing of assets (optional).
  • Give other instructions (optional) - Funeral arrangements / any other after-life arrangements.


 Singapore: Maybank launches “Maybank Family Fund @ CDC”

A three-year Memorandum of Understanding (MOU) was signed between the Office of the Mayors and Maybank to launch the “Maybank Family Fund @ CDC” (the Fund). Through the Fund, Maybank Singapore Limited and Etiqa Insurance will commit S$1.55 million over the next three years to the five Community Development Councils (CDCs).

The Fund helps vulnerable families and needy residents through matched saving programmes, funding of life skill workshops and five-year insurance coverage. Low-income families would be eligible for “eProtect family @ CDC” under the Fund – a free personal accident insurance scheme provided by Etiqa Insurance that insures breadwinners and up to 6 of their dependents for five years. The insured sum for each person is $50,000 in the event of accidental death or accidental permanent disablement.

Maybank will also join the SkillsFuture Advice @CDC programme which taps up to 2,500 of its employees to be trained as SkillsFuture Advice ambassadors. Once trained, these ambassadors will then be able to share information about SkillsFuture training credits and tips on job development with residents at the CDCs in hopes of improving employability for the needy.


US: LIMRA (SRI) data indicates major opportunity for advisors in the single retiree market

New LIMRA Secure Retirement (LIMRA SRI) data on single pre-retirees and retirees provides insight and opportunity for advisors. According to the data, there are 7.6 million single pre-retiree and retiree households (aged 55 and over) with assets of $100,000 dollars or more. In total, the single pre-retiree and retiree market offers a $6 trillion opportunity.

Advisors should cater to this opportunity differently, as single retirees face their own set of unique set of challenges.  These challenges require special attention in retirement planning as their investment preferences and goals may alter based on their situations. 

LIMRA SRI data show that single retirees feel less confident than married retirees. 64% of single retirees are confident that they can live the lifestyle they want in retirement, compared with 71% of married ones.

Running out of savings in a long retirement is another major concern. 40% of single retirees believe their savings won’t last if they live to age 90. Just over one third of married or partnered retirees feel the same way. 57% of single retirees feel their retirement lifestyle is how they pictured it, compared with nearly 7 in 10 married retirees.

Only 38% of single retiree households work with an advisor, and they have a unique set of needs, expectations and desires in their retirement years. Guidance from an experienced advisor can help them be more confident, properly prepared and more able to live their desired lifestyle.


Malaysia: Allianz Malaysia's New Recruitment App for Agents

Photo: Elias Wahidi, Head of Agency Transformation at Allianz Life Insurance Malaysia Berhad (Allianz Life)

Allianz Malaysia’s agent recruitment system has gone digital following the launch of its new Recruiting Monitoring Form Digital (RMFD) app.

The RMFD app is a combination of a scheduling assistant and Rolodex that works 24/7. The app is a web-based application which allows the Company’s life insurance agent to collate and manage their own recruitment drive. Allianz Life currently has an agency force of 4,367.

The app is accessible through all devices - desktop, laptop, tablet and mobile phone – and on several internet browsers, providing agents a flexible platform for fast, easy and frictionless management of recruitment initiatives.

The app’s features include an agent profile page, contact list in which you can schedule meetings, recruitment report to gauge the prospects’ receptiveness, and a progress chart. 


People on the Move                         

IBM Japan welcomes Bharat Kannan as Executive Advisor

Effective 1 January 2019, Bharat will be joining IBM Japan as Executive Advisor, Insurance Industry supporting the Global Business Services division under Vice President Global Business Services, Hiroshi Kato. 


Take your mind off stress and read these instead:

All the motivation you need in this final burst

The Best of Asia Advisers Network

How to stay motivated every day

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