HSBC Life’s Post

With the rise of Asia’s wealth, the region is witnessing a soaring demand for legacy planning as part of one’s total wealth management. Both HSBC Life in Singapore and Hong Kong have been responding to this by offering legacy planning solutions to help customers bequeath their assets to their loved ones, ensuring their beneficiaries will obtain maximum value from the assets and properties that they leave behind for them. #LegacyPlanning #TotalWealth Harpreet Bindra Daniel Lum Rachel Chen Belin Poh Dorlisa Goh Laine Santana Andrea Leung

Amid an uncertain investment environment, Asia’s growing ranks of high-net-worth individuals are seeking solutions for seamless wealth transfer to the next generation. According to the HSBC Quality of Life Report, this is one of the main goals for affluent clients when it comes to legacy planning. Life insurance has long played a role in securing financial resilience for beneficiaries. With rising affluence, its role has expanded beyond protection to become a vital part of legacy planning for the next generation. I was pleased to share my perspectives on this topic with CNA. Recognising the interconnectedness of physical, mental and financial well-being, HSBC Life Singapore aims to support customers in maintaining a lifestyle that boosts their well-being. To that end, we have incorporated various wellness-related incentives into our newly introduced Indexed Universal Life plan. With a comprehensive range of wealth and legacy planning propositions, offered to our customers though our multi channel distribution strategy, HSBC Life Singapore will continue to meet the health, wealth, and protection needs of our customers. #wealthplanning #legacyplanning #holisticwellbeing

🎉 Congratulating a Monumental Milestone in Wealth Management 🎉 I would love to congratulate the HSBC team on a new Guinness World Record for the most valuable life insurance policy ever sold, at a staggering US$250 million, issued by HSBC Life in Hong Kong. This landmark accomplishment is more than just a number. It symbolizes the pinnacle of trust and excellence in wealth management, business succession, estate management, and legacy planning for ultra-high-net-worth individuals. As the ultra-high-net-worth population in Asia continues to soar, the demand for sophisticated insurance solutions to safeguard the future generations grows alongside. Edward Moncreiffe, CEO of HSBC Life, Hong Kong and Macau, highlights, “The issuance of these high-value life insurance policies reaffirms Hong Kong’s position as both a preferred destination for wealth management and a leading international insurance hub.” As we reflect on this milestone, let's acknowledge the profound impact of such achievements on the industry's evolution. The past 12 months have seen HSBC Life issue 10 other policies valued at US$50 million or higher, demonstrating a strong market presence and a commitment to meeting the sophisticated needs of HNW clients. This record is a testament to the depth of talent in Hong Kong's life insurance market, the robust competition among banks, brokers, and insurers, and the strength of our regulatory regime. Here's to many more records and milestones ahead. Read their press release here: https://lnkd.in/eRdJ_Pxj #HSBCLife #WorldRecord #WealthManagement #LegacyPlanning #HNW #InsuranceInnovation

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!

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

From banker to insurer - Dennis Tan’s transition to impacting lives at Prudential Singapore Watch the full conversation on: https://bit.ly/3UH3z0O Dennis Tan, CFP®, CEO of Prudential Assurance Company Singapore, discussed the shifting concerns of customers post-pandemic towards personal well-being and financial security. Tan applies his extensive experience in financial services to advance customer-centric solutions, embracing technology and sustainability in a rapidly evolving industry. His leadership signifies a transition from a seasoned banker to a key figure in the insurance industry. He described his career shift as not so much of 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”. Tan underscores a deep-rooted commitment to integrating insurance solutions into broader financial planning. As the managing director of Prudential’s Strategic Business Group, covering Singapore, Thailand and Vietnam, Tan manages operations across these three diverse markets, each presenting unique challenges and opportunities. His approach to these markets has been adaptive, combining local insights with global trends to enhance the company’s footprint and service offerings. Foo Boon Ping 胡文彬, TAB Global #prudentialsingapore #ceo #dennistan #financialservices #insuranceindustry #customercentric #technology #sustainability #covid19 #financialplanning #healthprotection #trustandloyalty #digitaltransformation #esgstandards #leadership #theasianbanker #tabglobal

Talk about a targeted geographic area for selling life insurance! HSBC Life has identified high-net-worth individuals (HNWIs) in #Asia and retirees in Hong Kong’s Greater Bay Area as key growth drivers, reported the South China Morning Post SCMP. In an interview with the publication, HSBC global insurance CEO Edward Moncreiffe highlighted the region’s rapid wealth creation and low social insurance levels as significant factors.  “Asia is where we see the highest levels of wealth creation; Asia is also where we see the lowest levels of social insurance,” the executive said.  “Our key growth areas are the two international wealth hubs of #HongKong and #Singapore, alongside the emerging wealth markets of mainland #China and #India,” he added.   “We are already a top-three international Asia insurer by new business volume and value. Roughly 90% of our growth comes from Asia, and this is where we will continue to invest.” Under Moncreiffe’s leadership, HSBC Life’s new insurance value soared by 77% in the first half of the year, reaching $1.3bn (HK$10.14bn).  #lifeinsurance

As the population in Singapore ages, how do life insurers support the wellbeing of their ageing customers? HSBC Life believes that mental, physical, and financial wellbeing are interconnected. That's why we take a holistic approach to supporting our customers in reaching their financial goals and taking care of their wealth and health needs at each life stage. Our CEO in Singapore Harpreet Bindra spoke to Anoop Khanna at Asia Insurance Review on the role for life insurers in Singapore, and the use of technology and AI to drive efficiency and better outcomes for customers. Read more here. #LifeInsurance #HealthAndWellness

Manulife Philippines is accelerating its digitalization efforts to meet the rising demand for insurance and investment services in response to the dynamic shift in Filipino consumer behavior towards digital solutions.   Ivan Buenaventura, Chief Information Officer, Manulife Philippines, shared: “Grounded by our commitment to becoming our industry’s most digital, customer-centric global company, our digital services at Manulife are focused on addressing the most common pain points related to insurance, such as information access, financial literacy, affordability, and ease of use."   Read full article below.   #technology #digitaltransformation #digitalization

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