Covid-19 has been a key motivator for high net worth clients to embrace high-capacity plans in their insurance planning, Charles Monat's Martin Wong said.
«The pandemic has brought about a greater sense of awareness – clients wanting to put in place protective plans have reached a stage of enlightenment with regards to life insurance planning,» said Martin Wong, the Singapore chief executive officer of Charles Monat, a Swiss-Asian life insurance broker for high-net-worth individuals
«In the past 10 years, we’ve seen a significant step up. The global economic crisis in 2008 was an important turning point, and Covid-19 is proving to be a powerful secondary driver in this respect,» Wong, who was appointed to the role in 2018, told finews.asia in an interview about wealth planning trends in Singapore and how it has evolved over the past year.
Digital Engagement
The firm, which is celebrating its 50th anniversary this year, is seeing significant opportunities brought about by the pandemic, particularly among the new generation of HNWIs. The ability to engage with clients over a digital platform has helped propel the business forward amid lockdowns in the region over the past year, he said.
«Danger also brings about opportunities,» Wong said, noting the difference in client behavior among the «new rich,» who are «very comfortable» in engaging on its digital platform and take up the solutions they want remotely.
Greater China Growth
Wong also spoke about the significance of the China market to the firm. «There is no doubt the Greater China region has played a major part in our growth story,» Wong said.
«The growing wealth in China has brought many positive spin-offs with our partners, such as private banks and trustees, and we are there with them,» he added.
«Clients there, who have amassed a significant amount of wealth, see the need to ringfence, secure and plan ahead their legacy,» Wong said. «This is providing a solid runway for the market.»
Long-Term Planning
With the scale of wealth transfer in Asia and the growth of wealth in the region, Wong said the need to incorporate proper planning for legacy and transfer goals will only increase among clients.
«The next 50 years looks to be an even more exciting growth story for Charles Monat,» he said.
Founded in Hong Kong in 1971, Charles Monat operates in Dubai, Hong Kong, Liechtenstein, Kuala Lumpur, Miami, Singapore and Zurich, and has placed over $13 billion of individual life insurance for more than 8,000 high net worth clients.
