Freshly rebranded HSBC Life Singapore is expanding its distribution channels by partnering with what it describes as “key” financial advice firms that serve retail and emerging affluent customers.
The bank did not name any of the firms involved.
It said the wider distribution model complements its current agreements, which include a bancassurance arrangement with HSBC Bank and third-party distribution deals with other financial institutions.
Carlos Vazquez, chief executive HSBC Life Singapore, said: “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 will develop meaningful propositions to ensure we help our partners in offering relevant and compelling solutions to meet their customers’ needs.”
Protection plans for retail and HNW segments
HSBC Life Singapore has also introduced two whole-life plans, Life Protect Advantage and Emerald Legacy Life Plan.
The bank expanded its product manufacturing capabilities in 2018 and plans to introduce more product-first innovations, aimed at closing the protection gap that Singaporeans currently face.
In particular, more protection-geared products that can support customers’ long-term financial and retirement planning needs.
New name
As mentioned above, the brand is changing from HSBC Insurance (Singapore) to HSBC Life Singapore to “better reflect HSBC’s brand promise”.
Vazquez explained that the change symbolises the bank’s commitment to grow its 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.”
Capturing Asian wealth opportunities
The revamp is also part of HSBC’s previously announced ambitions to grow wealth revenues in Asia by at least $1bn (£789m, €894m) by 2020. Almost half of this revenue growth ($400m) will come from its global insurance business.
HSBC Life Singapore will play a key role in contributing to this growth given its ability to tap Singapore’s strong reputation as a regional hub for the insurance and reinsurance industry in Asia, the bank said.
