What's new this week - 11 Jan

| 11 Jan 2019

Welcome back to a new year of What's New series! Starting the year on the right foot, life insurance industry executives have forecasted it would be a positive year ahead, with moderate growth in policy sales, rising interest rates and continued low unemployment- according to a recent survey by LOMA's Resource magazine.

Other insights from the 2019 forecast include:

  • Insurers expect artificial intelligence (AI), robotic process automation (RPA), and blockchain will begin to impact the industry.
  • The life industry needs to deliver an intuitive simple customer experience similar to that offered by leaders in the other industries.
  • Fraud attempts in the insurance industry have escalated in recent years, the industry would need to implement additional safeguards.

So what’s new in the market?

4th Asia Trusted Life Agents and Advisers Awards 2019 nominations open

The 4th Asia Trusted Life Agents and Advisers Awards (Awards) organised by Asia Insurance Review and Asia Advisers Network is open for nominations. The Awards is co-organised with LIMRA and AIA as Strategic Partner.

A neutral platform for the insurance industry to come together and honour the best and highest standards in the region, the Awards is launched with the intention of elevating and improving the images of agents and advisers, and the life insurance sector.

Other than recognising insurance agents and advisers who have gone above and beyond for their clients, bridging the protection gap in today’s rapid world of digitalisation and disruption, the full list of categories are:

  • Insurance agent of the year
  • Financial Adviser of the year
  • Rookie insurance agent of the year
  • Insurance agency leader of the year
  • Rookie Insurance agency leader of the year
  • Digital Agent/ Agency leader of the year
  • Inspirational Agent/ Leader of the year
  • Lifetime Achievement
  • Bank Partner of the Year
  • InsurTech of the year
  • Young Executive of the year
  • Executive Champion of the Year
  • Insurance Company of the Year

For more information and submission details, download the nomination form here 


Singapore: Etiqa Insurance launches online purchase of commercial insurance for SMEs

Business owners of small to medium size enterprises (SMEs) can now purchase commercial insurance tailored to their business needs online with Etiqa Insurance Singapore. The insurer launched the Business Owners Super Suite (BOSS), which allows business owners and Etiqa agents to get commercial insurance coverage online at their convenience.

The commercial insurance product BOSS is designed to be affordable and easily accessible to time-strapped business owners. BOSS caters to SMEs of various trades such as office, retail, light industries, personal services, among others. The plan has options for higher coverage which includes all risks, business interruption, money, personal accidents, public liability, work injury compensation, goods in transit and optional covers.

For more information, please visit: http://po.st/BossbyEtiqa


Singapore: China Taiping Insurance Singapore Inaugurates Life Insurance Business

China Taiping Insurance Singapore recently celebrated the inauguration of its Life Insurance business in Singapore with an event-cum-press conference at the Sofitel Singapore City Centre.

The inauguration of its Life Insurance business is a strategic milestone for the Company as it expands its business by becoming a composite insurer offering both life and general insurance.

Savings plans launched:

i-Save: A 3-year savings plan with a guaranteed return of 2.38% p.a. upon maturity with a minimum single premium of S$20,000.

i-Wealth Builder: An 8-year savings plan providing 6 annual guaranteed cashbacks with 2 years premium payment. It guarantees 100% of total premiums paid, with returns of up to 3.2% p.a. upon maturity.

For more information, visit www.sg.cntaiping.com


Asia: Prudential reinforcing commitment to customers with “Listening. Understanding. Delivering.”

Prudential is launching a campaign called “We DO” as part of their brand commitment to highlight human connections, simplicity and innovation for customers. The campaign is designed to celebrate, acknowledge and centre around the drive and optimism of people who do and what the company can do for them.

“We DO” campaign will be launched across 10 markets in Asia, starting with Hong Kong.

The television advertisement can be viewed here.


ASEAN: Prudential in US$850m banassurance deal in the region

One of Singapore’s local banks, United Overseas Bank (UOB), recently signed an agreement to renew its strategic regional bancassurance arrangement with the UK’s Prudential Group for 15 years.

UOB will collect a fee of S$1.15bn ($850.5m) that will be accrued over the life of the bancassurance arrangement, the bank said in a statement. The agreement extends the bancassurance partnership to the year 2034 and the UOB Group will distribute the Prudential Group’s life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam.

Interesting read: Bancassurance- The Big Banc Theory

The bancassurance arrangement leverages UOB Group’s regional franchise, its omnichannel network and Prudential’s product capabilities to offer protection and wealth solutions to meet the fast-growing and changing needs of consumers across these markets.


Hong Kong: Sun Life Financial wins 6 awards at the 9th BENCHMARK Wealth Management Awards

Photo: The senior management team of Sun Life Hong Kong at the awards presentation ceremony of the 9th BENCHMARK Wealth Management Awards.

Sun Life Hong Kong Limited (“Sun Life”) won 6 awards at the 9th BENCHMARK Wealth Management Awards. The BENCHMARK Wealth Management Awards is an annual award recognising Mass Affluent Banking, Insurance, Financial Planning Advisories. The judging panel is formed by a group of independent and high calibre veterans across the region.

The list of Sun Life’s accolades are:

  • Brand of the Year
  • Academy of the Year
  • Whole Life Insurance- Best in Class
  • Retirement Product- Best in Class
  • Outstanding Campaign Award
  • Social Media Engagement- Outstanding Achiever


Hong Kong: FWD becomes the new Champions Day title sponsor

The Hong Kong Jockey Club announced FWD as the new title sponsor for FWD Champions Day, one of the world’s top 10 richest race days. FWD Champions Day is schedule at Sha Tin Racecourse and the marquee fixture will carry prize money of HK$70 million across its 10 races.

The premier day’s three Group 1 feature contests are the HK$24 million FWD Queen Elizabeth II Cup (2000m), HK$ 18million FWD Champions Mile (1600M) and the HK$16 million Chairman’s Sprint Prize (1200m).

FWD Champions Day ranks among the International Federation of Horseracing Authorities’ (IFHA) World’s Top 100 Group 1 Races.

For more information, please visit www.FWD.com.hk


People on the move

Allianz names new Regional CFO for Asia Pacific

Allianz has appointed Aaron Fryer as its new Regional Chief Financial Officer for Asia Pacific. He would be a member of the company’s Regional Executive Board, responsible for setting and executing Allianz’s growth strategy in Asia. Based in the Singapore regional office, Aaron will report to the Allianz Asia Pacific Regional CEO.

As Allianz new CFO, his responsibilities include providing financial leadership to support growth strategy in Asia, driving long term performance and value creation, and managing all aspects for the finance division- including business reporting, actuarial, finance, risk management and tax.

Prior to joining Allianz, Aaron served as Country CFO for Prudential Indonesia, and brings more than 20 years of financial services experience with him.


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