Singapore-based insurance company Great Eastern Life has repositioned its business orientations in Indonesia as a bancassurance provider.
Sensing an opportunity in an underdeveloped sector of the market Singapore's Great Eastern Insurance in cooperation with Bank OCBC NISP has launched its new product Legacy Protector.
Great Eastern Life Indonesia president director Clement Lien said the change was driven by the company’s recent research, which showed that hardly any similar products have been widely marketed in the country.
Intergenerational Benefits
«After being in operation for some years in Indonesia, we have decided to reposition ourselves as a bancassurance specialist. This allows us to focus our efforts into creating new products to cater to bancassurance needs in the country,» said Lien.
The new bancassurance offers risk protection not only to the policy holders but also to their descendants
Growing Wealth
«The product can be beneficial for [the next] three to four generations and it is also transferable to the children or grandchildren,» added Lien.
OCBC launched its onshore private banking in Indonesia through its eighty-five percent owned subsidiary, OCBC NISP earlier this year. The unit leverages OCBC Bank’s integrated wealth management platform that includes insurance products from Great Eastern Holdings, brokerage services from OCBC Securities and private banking services from Bank of Singapore.
