HSBC Insurance Rebrands to HSBC Life Singapore
HSBC Insurance (Singapore) has announced upgrades to its business with the launch of a new brand, HSBC Life Singapore, two new insurance products, and an expanded distribution line through independent Financial Advisory (FA) firms.
The business overhaul reflects the overall growth and evolving composition of Singapore’s insurance market compromising both Singapore’s increasingly aging and wealthy domestic population and the growth of international citizens seeking more sophisticated wealth and insurance solutions in Singapore.
HSBC widening its distribution channel to include FAs
HSBC Life Singapore is expanding its distribution channels by partnering with key FA firms who currently serve a broad spectrum of retail to emerging affluent customers. This partnership complements HSBC Life Singapore’s current distribution model which includes a bancassurance arrangement with HSBC Bank and third-party distribution arrangements with other financial institutions.
“Meeting our customers’ protection needs is key to our growth and expanding into financial advisory firms in Singapore will enable us to reach out to a new group of customers who can benefit from HSBC’s new product offerings. We are excited about the new opportunities that these partnerships will bring as we are committed to serve local customers’ needs. We will develop meaningful propositions to ensure we help our partners in offering relevant and compelling solutions to meet their customers’ needs.” – HSBC Life Singapore CEO, Mr Carlos Vazquez.
New Protection Plans for Retail & HNW Segments
HSBC Life Singapore has introduced two new whole-life plans, Life Protect Advantage and Emerald Legacy Life Plan.
In 2018, HSBC Life Singapore expanded its product manufacturing capabilities to ensure it offers a holistic range of products and solutions that meet the diverse needs of its customers across their different life-stages. It plans to introduce more product-first innovations which will close the protection gap that Singaporeans are currently facing.
In particular, HSBC Singapore Life will develop more protection-geared products that can support its customers’ long term financial and retirement planning needs.
The brand will be changed from “HSBC Insurance (Singapore)” to “HSBC Life Singapore” which better reflects HSBC’s brand promise.
“Our new brand is symbolic of how we are committed to grow our Singapore business. In the past year, we have revamped core elements of our business, increased investments in capabilities and made some key senior appointments that will get us ready for the new phase of growth. Predicting the future is impossible, but we can improve the odds of delivering on our promises to our families by protecting ourselves against any unforeseeable disruptions. The new brand signals our desire to be a best in class provider for our partners to help them deliver their promises to their customers and to help our customers deliver their promises to their families.” – Vazquez.
The revamp is part of HSBC’s previously announced ambitions to grow wealth revenues in Asia by at least $1b by 2020. Almost half of this revenue growth ($400m) will come from its global insurance business.