Zurich Life Insurance (Singapore) Pte. Ltd has announced that it will be embarking on a new distribution model to deliver services to customers in Singapore by transferring Zurich’s appointed financial representatives to Nexus Financial Services Pte Ltd, which has expanded its presence into Singapore.
The regulatory landscape of the Singaporean life insurance market is changing significantly and Zurich believes that a proactive approach towards more transparency, wider product choice and higher advice standards will ultimately lead to better outcomes for customers, as well as distributors and the industry as a whole.
Established in 2006, Nexus Group is currently the largest financial advisory firm in the Middle East offering a composite suite of insurance, savings and investment products to local and international clients and corporates.
Commenting on the transition Oscar M. Carrillo, Ad Interim Chief Executive Officer (CEO) for Zurich Life Singapore said: “This strategic initiative is a decision made in tandem with local market trends and developments to ensure that Zurich is continually aligning itself to best meet the needs of its customers, distributors and the local Singapore market. Zurich will be entirely independent of Nexus, ensuring a unique model that addresses the market needs for wider product choice and higher quality advice.”
Nexus Singapore will be led by CEO, Gary Harvey, who has more than 26 years of experience in the financial services industry of which 13 years have been in Singapore. Nexus Singapore has ambitious expansion plans for the local market and it intends on building a strong adviser network across multiple client segments in Singapore.
“The Singapore market presents a number of exciting opportunities for the growth of the Nexus business outside the Middle East. Not only is the dynamic local life insurance market attractive, but Singapore offers a well regulated and governed marketplace, a growing population of wealth and good geographical access to the rest of Asia,” said Gary Harvey, CEO, Nexus Singapore.
Advising on life, savings and investment products, Nexus Singapore will initially focus on the mass affluent market and will look to expand into the high net worth market segments in due course.
The transition will have no direct impact on Zurich’s customers. All existing customer commitments remain the same and customers will continue to be serviced by the same trusted representatives. Through Nexus Singapore, Zurich’s clients will be able to gain access to a wider selection of products and providers. Additionally, representatives have the opportunity to better utilize their full potential, offer holistic financial advice and market a broader range of products and solutions.
