HSBC Life’s Post

Some impressive 1Q24 results! #1 Banca, #1 Broker, #1 Onshore, #1 Offshore What underpins these great outcomes are a strong and healthy culture of excellence, a customer-first winning strategy and quality of execution driven by technology at scale. Onwards and upwards!

🌟 𝘉𝘳𝘦𝘢𝘬𝘪𝘯𝘨 𝘙𝘦𝘤𝘰𝘳𝘥𝘴: 𝘏𝘚𝘉𝘊 𝘓𝘪𝘧𝘦 𝘈𝘤𝘩𝘪𝘦𝘷𝘦𝘴 𝘎𝘶𝘪𝘯𝘯𝘦𝘴𝘴 𝘞𝘰𝘳𝘭𝘥 𝘙𝘦𝘤𝘰𝘳𝘥 𝘸𝘪𝘵𝘩 𝘜𝘚$250𝘔 𝘗𝘰𝘭𝘪𝘤𝘺 𝘚𝘢𝘭𝘦! ! 🌟 Celebrating a groundbreaking achievement in Hong Kong's insurance market! HSBC Life secures a Guinness World Record with a monumental US$250 million life policy sale, marking a significant milestone. 💼 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐅𝐚𝐜𝐞𝐝 𝐛𝐲 𝐡𝐢𝐠𝐡 𝐧𝐞𝐭 𝐰𝐨𝐫𝐭𝐡 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐨𝐰𝐧𝐞𝐫𝐬 𝐚𝐧𝐝 𝐬𝐞𝐧𝐢𝐨𝐫 𝐥𝐞𝐯𝐞𝐥 𝐞𝐱𝐞𝐜𝐮𝐭𝐢𝐯𝐞𝐬: - Limited availability of jumbo-sized policies outside the US, UK, and Bermuda. - Growing demand for mega life insurance policies in Asia, especially for succession planning. - Ultra-high-net-worth individuals seeking liquidity for their tied-up wealth in business operations or real estate. 🛠️ 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬: - Hong Kong proves its prowess as a leading ultra-high-net-worth insurance market in Asia and the world. (may I propose Singapore as well) - HSBC Life demonstrates its capability to provide mega-sized policies and exceptional services. - Insurance offers liquidity, divisibility, certainty, and privacy for estate management and legacy planning. 🌐 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: - Asia's millionaire count (excluding China and Japan) to double by 2030, creating a surge in insurance demand. - Hong Kong's insurance market witnesses exponential growth, fueled by mainland Chinese buyers. - Government initiatives and promotional efforts enhance global awareness of Hong Kong's insurance industry. Let's leverage these achievements and opportunities for our personal prosperity and success! 💼💰 #Insurance #WealthManagement #EstatePlanning #GuinnessWorldRecord #HongKongInsurance

The Singapore #Life #Insurance industry for H1 2024 continues to grow by 30% vs 2024; 9% vs 2023. All 3 F2F channels saw double digit growth vs prior year, with the FA channel growing by a phenomenal 47% vs 2023, followed by Agency (32%) and Banks (18%). The FA channel also overtook its other two families to be the number 1 channel by WAPI. Its number of case contribution also saw a 25% yoy growth. Despite this, total Life Representative Manpower continues to slide by 13%, from a high of 15k as at end June 2019 to 13k in end June 2024. Growth in FA headcount is mainly from the migration / evolution of teams via tied agency. Recruitment will continue to be challenging and unfortunately, this may result in the rising temptation by insurers seeking growth via inorganic means. As we observe the transition of tied agency (ie Agency 1.0) to tied FA (ie Agency 2.0) proposition, similarly, the key to successful organic growth by attracting young graduates, mid-career personnel or even rejuvenating professional retiree force, would be in the conception or repositioning of the Insurance / Wealth / Well being proposition, and the tools, products, support and services that go with it. And in this new world of PDPA and prevalence of Fraud cases, customer engagement and origination pipelines also needs to be repurposed as that will be one of the biggest roadblocks in attracting, hiring and retaining career reps. Despite losing market share by the Bank channel from a high of 39% in 2019 to 32% in 2024, its number of cases saw a 34% growth for the same period, despite a shrinking manned-branch network. Should interest rates reduce to 2022/2021 levels and beyond, this may result in increasing average case size for the banks via SP volumes, and thus, a possible catch up from the Banks by WAPI over the next two years. Par polices saw a -45% from 2022, whilst ILPs grew by 68% by market share % over the same period. We've discussed in prior posts the impacts of RBC and the above shifts in channel mix. We are also seeing a continual trend in rising surrender rates by 57% from Q2 '22 to Q2 '24. Replacement monitoring and conservation efforts, especially for the vulnerable should be in the industry radar, especially when distribution channels now cut across multiple insurers, which will make monitoring efforts challenging. Reference and credit : #LIA

Informative write up from Leslie W..💯 🔍I've been observing some significant trends in the insurance industry lately. There's a growing focus on expanding agency recruitment through both organic and inorganic strategies. By building a larger agency force, insurers and financial advisors can effectively boost their top-line margins.📈 Another noteworthy trend is the transition from participating (par) plans to Investment-Linked Policies (ILPs), along with an increase in policy surrenders. The complexity of modern products and the risk of mis-selling have heightened concerns around compliance. Consequently, insurers and regulators are placing greater emphasis on rigorous compliance monitoring. From my perspective, insurers are increasingly looking to enhance collaboration between their product, legal & compliance, and distribution teams. Cross-functional expertise is becoming crucial in navigating this complex market.🤝 I'm always open to discussing these trends and exchanging insights with industry peers and partners. Feel free to connect!💬

Between April and November 2023, HSBC has emerged as the fastest-growing insurance brand amid significant industry changes. The company's strategic initiatives, focused on innovation and customer-centric solutions, have driven its impressive growth. This success highlights the evolving dynamics in the insurance sector, where agility and adaptability are key. 📈 Read our latest article to get the full scoop on HSBC's rise and the broader impacts on the insurance market. 🔗https://hubs.ly/Q02JxKDC0 #Insurance #HSBC #IndustryTrends #MarketGrowth

Prudential (Cambodia) Life Assurance and Wing Bank (Cambodia) have announced a strategic bancassurance partnership, endorsed by the Insurance Regulator of Cambodia, and the National Bank of Cambodia. #Cambodia #LifeInsurance #LifeIndustry #HealthInsurance #Agents #Advisors

HSBC Insurance Hong Kong has broken the Guinness World Records record for the highest value life policy by issuing a US$250 million life policy. Issued and fully underwritten by HSBC Insurance, the policy was issued earlier this year and sold to an ultra-high-net-worth client through insurance intermediary Charles Monat Group. The policy is an HSBC Global Life Plan, a whole life protection life insurance plan with wealth preservation and inheritance functions. In addition to this policy, HSBC Insurance has issued 10 other policies with a sum assured value of US$50 million or above to individual customers in the past 12 months. These large policies demonstrate the growing demand from the ultra-high net worth segment for life insurance solutions as a wealth transfer and estate planning tool. Mr. Edward Man, Chief Executive Officer of HSBC Insurance Hong Kong and Macau, said: "Asia is the fastest growing region in the world in terms of ultra-high net worth population, and we have seen a significant increase in the demand for insurance solutions for business succession, estate management and wealth transfer in the region. Our issuance of these large life policies demonstrates that Hong Kong has re-established itself as the market of choice for wealth management and as an international insurance center." Edward Man said that looking ahead, it would continue to invest in talent training as well as product and service development. #letsconnect #finance #financial #news 

As CEO of Prudential Assurance Company Singapore, Dennis Tan, CFP® leverages his vast experience in financial services to drive innovative customer solutions, embracing technology and sustainability in a rapidly evolving insurance industry. Prudential has brought Tan full-circle from being a seasoned banker to a stalwart of the insurance industry. He joined Prudential in 2020 after 10 years at OCBC Bank. He described his career shift as not so much a move from banking to insurance as the early part of his banking career was focused around bancassurance or, as he calls it, “semi-insurance”. He underscores a deep-rooted commitment to integrating insurance solutions into broader financial planning. Tan, who is also the managing director of Prudential’s Strategic Business Group, covering Singapore, Thailand and Vietnam, navigates Prudential through these three markets, each presenting unique challenges and opportunities. His approach has been adaptive, combining local insights with global trends to enhance the company’s footprint and service offerings. Prudential’s presence in these markets has been characterised by significant transformations, especially during the tumultuous times of the COVID-19 pandemic. Tan has steered the company’s focus towards essential health, protection and financial planning, acknowledging the heightened awareness of personal well-being and financial security during the crisis. This shift not only met the immediate needs of customers but also laid the groundwork for building trust and loyalty. Tan’s focus on empathy, engagement and empowerment has seen Prudential achieve robust growth in challenging conditions. He acknowledged the diverse performance dynamics across the markets he oversees, with each responding differently to economic pressures. Despite these challenges, Prudential has maintained a strong position, thanks to tactical pivots in product offerings and distribution channels, particularly in the health insurance and protection space. Tan asserted that technology adoption and digital transformation are cornerstones of his blueprint for enhancing customer experience and operational efficiency. Under his guidance, Prudential Singapore has implemented innovative technologies such as a digital instant underwriting engine and an artificial intelligence talkbot to streamline customer interactions and service delivery. Sustainability and responsible investing are also central to Tan’s vision for Prudential. He emphasised a commitment to steering the company towards practices that align with global environmental, social and governance standards to ensure that Prudential’s business operations contribute positively to wider societal and environmental goals. Look out for the video interview. Foo Boon Ping 胡文彬, TAB Global #PrudentialSingapore #financialservices #innovationininsurance #technologyininsurance #customersolutions #insuranceindustry #bancassurance #financialplanning #theasianbanker #tabglobal

The #insurance #regulator is looking to tighten scrutiny and enhance transparency to prevent misselling of complex insurance products targeting individuals over 55. Measures include mandatory video verification, audits, and the use of assessment criteria and templates for policy documents. In December 2023, financial services secretary Vivek Joshi held a meeting with chiefs of state-run banks over issues related to bancassurance, including its effectiveness in increasing insurance penetration and challenges in the form of mis selling. #irdai #bank

Zurich Insurance to acquire 51% stake in Kotak General Insurance for ₹4,051-Cr “Kotak Mahindra Group’s pan-India ‘phygital’ distribution presence and Zurich’s distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational ‘digical’ impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian general insurance space,” said Dipak Gupta, MD & CEO, Kotak Mahindra Bank. #InsuranceNews #KotakGeneralInsurance #ZurichInsurance #FinancialNews #InvestmentUpdate #BankingIndustry #Fintech #BusinessPartnership #DigitalTransformation #RBIApproval #InsuranceTech #CustomerCommitment #FinancialInnovation #InsuranceIndustry #IndianEconomy #Keralanews  #Kerala #BusinessReviewLive #BRL #Keralabusiness