What's new in the market - 13 Sep 2019

| 13 Sep 2019

Get up to speed on the latest developments in the insurance industry right here.

Léo Grépin to become the new President of Sun Life Asia

Léo Grépin was appointed ASEAN President for Sun Life in April 2019 and on 1 December 2019 will become President, Asia, following the retirement of Claude Accum on December 31, 2019

He will be responsible for Sun Life’s life, health and wealth management businesses in seven Asian markets – Philippines, Hong Kong, Indonesia, Vietnam, Malaysia, India and China – as well as the International High Net Worth Business.

Léo Grépin said: “Asia is the fastest growing pillar of Sun Life’s business, we have welcomed almost 16,000 new Advisors and 6.4 million new Clients in the last two years alone and last year our life sales growth outpaced the wider industry in all of our countries. We are well positioned to continue this growth story and help to drive prosperity and entrepreneurialism in Asia.”      


Great Eastern partners ActiveSG, the inclusive national movement for sports in Singapore

Great Eastern and ActiveSG, the inclusive national movement for sports in Singapore, have partnered to launch Active Care, a personal accident protection plan underwritten by Great Eastern.

For just S$9 per year, Active Care provides coverage accidental death/permanent total disablement protection up to S$20,000 and medical expense reimbursements up to S$200. 

Active Care is a 24/7 personal protection plan that encourages Singaporeans to actively pursue a healthy lifestyle, worry-free.

For the first time, the plan will be available exclusively to more than 1.6 million ActiveSG users through its mobile app from 9 September 2019.

•             Exclusively on the app: Active Care will be the first protection plan available on the ActiveSG app.

•             No medical examination required: Singaporeans can purchase Active Care directly via the ActiveSG mobile app without undergoing any medical examination.

•             24/7 protection for family: Everyone young and old (3–70 years old) can be protected 24/7, with coverage not limited to sporting activities.

•             Receive ActiveSG rebates: Every plan purchased earns the member a rebate of S$2 directly credited to their ActiveSG Wallet. For a limited time, members can enjoy additional S$2 ActiveSG rebates.

•             Giving back: In the spirit of sportsmanship and care for our local athletes, every purchase of the Active Care includes a S$1 donation to the One Team Singapore Fund to aid Team Singapore athletes in their training and competitions.


Singapore: HSBC Life appoints three seasoned executives

HSBC Life Singapore has appointed three seasoned executives to its management team:

  • Mr Lee Kah Jing as Chief Product Officer
  • Mr Gajan Yogaranandan as Chief Risk Officer
  • Mr Kapil Arora as Chief Financial Officer

These appointments will further support the Singapore insurance business’s growth as it ramps up its manufacturing and distribution activities in this market.

In May 2019, HSBC Life Singapore made sweeping upgrades to its business including the launch of its new brand, the expansion of its product suite, and widening its distribution channel to include independent Financial Advisory (FA) firms.


Malaysia: Prudential unveils new home at Tun Razak Exchange

Prudential celebrated the opening of its corporate head office, Menara Prudential, situated at Tun Razak Exchange (TRX) – Malaysia’s first dedicated international financial district.

The new Menara Prudential houses more than 2,000 employees from its life insurance business, Prudential Assurance Malaysia Berhad, joint-venture takaful business, Prudential BSN Takaful Berhad, asset management operations, Eastspring Investments Berhad and Eastspring Al-Wara’ Investments Berhad, shared services hub, Prudential Services Asia, and a walk-in customer retail branch.

With all five of its businesses now located within the same premises, the opening marks a major milestone for Prudential in Malaysia and reaffirms its strong commitment to the industry and community.

Officiating the launch ceremony, Yang Berhormat Tuan Lim Guan Eng, Minister of Finance, said, “We congratulate Prudential on their move and their continued commitment in Malaysia. The presence of Prudential, a leading international financial institution, in the TRX district will strengthen the positioning of Kuala Lumpur as a prime destination for international business and finance, including insurance.”

Pic courtesy of Prudential. (L-R) Raymond Tang - Chief Executive Officer of Eastspring Investments Berhad, Nor Azman Zainal - Chief Executive Officer of Prudential BSN Takaful, Lilian Ng - Chief Executive, Insurance of Prudential Corporation Asia, Nic Nicandrou – Chief Executive of Prudential Corporation Asia, YB Tuan Lim Guan Eng - Minister of Finance, Gan Leong Hin – Chief Executive Officer of Prudential Assurance Malaysia Berhad, Liew Hau Seng - CEO and Managing Director of IJM Corporation Berhad, Tan Sri Krishnan Tan - Chairman of IJM Corporation Berhard and Dato Azmar Talib – CEO of TRX City.


Galileo Platforms appoints first independent director to board

Galileo Platforms, “an insurance technology company using blockchain to revolutionise the sector”, has appointed Simon Copley to the Board of Directors as an independent director.

Mr Copley is the first independent director to join the Galileo Platforms board. Based in Hong Kong, his appointment took effect 1st August 2019.

The appointment represents a significant step forward for Galileo Platforms, a business-to-business operation, as it readies for fresh funding and a pending product launch.


Prudential Singapore launches medical plans to cover employees of corporate clients up to age 100

Prudential Singapore has raised the medical insurance coverage for employees of its corporate clients to match rising longevity and aspirations to work for longer.

The “first-in-market medical plans cover employees of corporate clients up to age 100”.

Beginning 1 September 2019, Prudential’s customised group insurance plans covering hospital and surgical, outpatient medical and dental expenses will provide protection for employees up to the age of 100. Typically, insurers offer plans that cover employees up to the age of between 70 and 75.

Mr Jeff Ang, Prudential Singapore’s Head of Enterprise Business Solutions, said: “By providing our corporate clients with insurance solutions that cover their employees up to age 100, they will be better placed to retain their senior talent and build an age-friendly workplace.”


Singapore: Etiqa Insurance launches a new tranche of its EASY save series

Limited tranche and limited days left. Etiqa has launched a new tranche of its savings insurance plans, EASY save series – eEASY save V and eEASY savepro.



LAMP Asia has been postponed

GAMA International and GAMA Hong Kong have made the decision to postpone the 2019 LAMP Asia conference originally scheduled for September 25-27.

“We are disappointed, but confident this is the best decision given the situation and to ensure an even more successful event as we forge onward to 2020,” said Bonnie Godsman, CEO, GAMA International.

“Both GAMA International and GAMA Hong Kong are working diligently to ensure the 2020 conference is a success and setting the stage to make it our BIGGEST LAMP EVER!”

LAMP Asia will be held at the Hong Kong Convention Center on May 18-20, 2020.

2019 LAMP Asia registration will transfer to the 2020 conference. Please contact membership.asia@gamaweb.com or your local chapter if you have questions.

Asia Advisers Network is the official medial partner of LAMP Asia.

Do you have a new product or announcement to share? Or perhaps you are keen to explore any collaborations with us or our partners?  Reach out to us at Connect@AsiaAdvisersNetwork.com