Bank revamps its Singapore insurance business with new name and ramps up offerings with new products, expanded distribution arrangements.
In a bid to capture a slice of Asia-Pacific's booming insurance market, HSBC has rebranded its Singapore life insurance business to HSBC Life Singapore, and has rolled out two new whole life plans for its retail and high-net-worth segments, the British multinational bank announced on Wednesday.
The bank is also partnering independent financial advisory firms to complement its bancassurance arrangement with HSBC Bank and third-party distribution arrangements with other financial institutions, as it hopes to reach a wider spectrum of customers.
«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,» said Carlos Vazquez, chief executive at HSBC Life Singapore.
Growing Insurance Market
There is strong growth potential both in the domestic and the offshore market, with Singapore's increasingly ageing and wealthy domestic population, as well as the growth of international citizens seeking more sophisticated wealth and insurance solutions in the city-state.
HSBC hopes to grow its wealth revenues in Asia – where it makes 80 percent of its profits – to $1 billion by 2020. Almost half of this figure, $400 million, is expected to come from its insurance business, with Singapore playing a key role, the bank said.
Asia Retail Wealth Management
Yesterday, finews.asia reported about the London-headquartered bank's plans to add 300 staff at its Asia retail wealth management arm by the end of the year. Part of this includes boosting its wealth staff in Singapore by 50 and the launch new digital offerings in the republic.
