Nowadays, it is nearly impossible to separate one’s financial situation with that of the world’s. Thanks to the rise of globalisation, the two have already blended seamlessly. But thanks to the volatility of global markets coupled with the ever present threat of inflation, important expenses and asset values are unsecured and constantly fluctuating.
Medical expenses, for instance, are one such necessity that is always benchmarked against the global economy given medical cost inflation and the demand for quality healthcare. While advances in science and technology have paved the way for effective methods to cure critical illnesses, these are often expensive and beyond the reach of middle-class consumers, and public medical services are often depleted. Hence, customers are now constantly seeking a “total insurance solution”—a reliable and one-stop service insurance provider to save time and cost on searching for comprehensive coverage.
Hang Seng Insurance Company Limited (“Hang Seng Insurance”), a long-time player in the Hong Kong insurance industry, is one such insurer that aims to cater to the above needs. With its core value of “customer-centric”, Hang Seng Insurance offers a wide array of products and services that serve as wealth-and-health total solution which emphasise synergy among different insurance plans, accumulate capital for future plans, and protect customers against unexpected events by easing their financial pressures.
New Focus: Wealth and Health
Talking about the new proposition of putting insurance in living by Hang Seng Insurance: wealth and health. On one hand, the company has a range of life insurance products for wealth accumulation, such as its newest annuity product dubbed FutureEnrich Life Insurance Plan (“FutureEnrich”) which consists of elements combating inflation and annual dividends that bolster potential returns. It guarantees a 3% annual increment of Guaranteed Monthly Income during Income Period1 that safeguard against inflation while providing annual and terminal dividends.
In addition, FutureEnrich provides free supplementary benefits such as terminal illness benefit, accidental death benefit, and unemployment benefit that aim to safeguard the customer and the customer’s family, as well as optional supplemental benefits such as the waiver of premium benefit, payor’s benefit and cancer benefit that offer enhanced protections.
Hang Seng Insurance also offers universal life insurance products targeting different segments that the sum insured can be flexibly adjusted according to different needs of customers at different stages of their lives, creating an integrated solution covering life protection, wealth accumulation and legacy planning altogether.
For health, Hang Seng Insurance provides enhanced protection products with different levels of protection to cater for different customer needs. PreciousLife Critical Illness Life Insurance Plan, for example, provides coverage for 128 early to late-stage critical illnesses that safeguard against the strike of critical illness. It also offers Severe Child Illness Benefit2 providing critical illness protection for customers under 18 years of age, and allowing parents to provide care to their children.
At present, Hang Seng Insurance offers various products ranging from education funds, retirement planning, mortgage protection, legacy planning, and critical illness protection to provide a wealth-and-health total solution for customers who have different insurance needs.
A Diverse Product Portfolio
In its first year, Hang Seng Insurance’s products focused on savings plans. But with the evolution of customer lifestyles and in consideration of the uncertainty of the investment market and global economy, customers were requesting products that suits their goals in different life stages. For such, Hang Seng Insurance went on to launch annuity and endowment insurance products which provide guaranteed interest and life insurance coverage with flexible payment terms. Its product launches over the years mirror the company’s keen attention to the needs of its customers, as well as market demand.
In 2006, in response to the public concern about health and medical protection due to the attack of SARS and swine influenza, Hang Seng Insurance launched a series of protection plans that provide critical illness protection, followed by a corporate term life plan in 2008. Meanwhile, to cater to the insurance needs of the elderly, the company launched SavourLife II Annuity Life Insurance Series and Exquisite Universal Life Insurance Series for retirement and legacy planning.
In addition to meeting and addressing its local customers’ needs, Hang Seng Insurance also pays attention to economic cues abroad and the needs of its customers in the region. For instance, seizing the opportunity of the renminbi market, Hang Seng Insurance launched in 2012 its first-ever renminbi-denominated insurance product ProsperDragon (RMB) Life Insurance Plan, and its first renminbi annuity product HarvestLife (RMB) Life Insurance Plan two years later. In 2015, SavourLife II (RMB) Life Insurance Plan was added to its roster of renminbi products.
Leveraging on Strengths
How is Hang Seng Insurance able to provide these? As a wholly-owned subsidiary of Hang Seng Bank Limited (“Hang Seng Bank”), Hang Seng Insurance is able to leverage on its parent’s competitive edge to serve its customers.
With the highest rated banking services in Hong Kong for 11 consecutive years3, Hang Seng Bank brings not only comprehensive services to customers, but also convenient channels for quick and easy bank access. Customers are confident of the bank’s credibility and competence in its long history of outstanding service for over 80 years in Hong Kong. As a testament to this, Hang Seng Bank has been named “Best Bank-Domestic (Hong Kong)” by The Asset for 17 consecutive years. Hang Seng Bank was also perceived as the Most Recommended Bank by customers in Hong Kong according to the Added Value Banking Study 20153, and as a Trusted Banking Partner of over half of Hong Kong’s population4.
Taking advantage of Hang Seng Bank’s extensive branch network, Hang Seng Insurance is able to provide insurance services to customers in a more convenient manner. A capable and competent team of professional relationship managers stationed throughout the branch network are readily available to formulate tailor-made insurance solutions based on different customer needs. Further, iPoint Sales & Service Centres located in convenient locations allows customer representatives to serve customers who are only available outside office hours, specifically until 7:30 p.m., with some locations even operating on Sundays.
What’s Next for Hang Seng Insurance?
As a true innovator, Hang Seng Insurance is working hard in the area of product innovation: developing products in response to customers’ changing needs and market trends. It is also able to offer customers a wide range of products with premium services before and after the application of plans.
In the next few years, in order to keep up with advances in today’s technology, Hang Seng Insurance will place products and offers in the digital space. These future plans for digital include an overhaul of the company’s website to increase need-based content as well as the launch of Insurance Needs Calculators via a mobile platform sometime in the first quarter of 2017.
Finally, Hang Seng Insurance expects to be busy developing and executing several expansion and growth plans. For mainland customers applying for policies in Hong Kong, Hang Seng Insurance plans to roll out product and service enhancements to meet the uptrend market coming from one of the world’s economic powerhouses. In particular, the focus will be put on legacy planning products to cater to the rising demand due to the boom after the economic reform, and to address the concern about the uncertainty of succession planning policy in mainland China. For Hong Kong’s own high-net-worth market, meanwhile, the company will continue to develop tailor-made services and products.
At the end of the day, Hang Seng Insurance aims to be a total solutions provider— providing an integrated insurance package that best serves its customers. Through its products and services, Hang Seng Insurance hopes to help customers arrive at the right product to suit their concerns, with the goal of achieving peace of mind and better living. For Hang Seng Insurance, this means minimising interruption brought by the unexpected, and maximising future possibilities, all for a better future for its customers.
1 During the Income Period, the Policyholder will receive Guaranteed Monthly Income on each monthiversary until the end of Income Period. For details, please refer to product materials and policy provision.
2 Claims for Severe Child Illness Benefit must fulfil respective definitions together with the terms and conditions as stated in the Plan’s policy schedule. For details, please refer to policy provision.
3 According to Added Value Banking Study 2005-2015, among personal banking customers of the eight major banks in Hong Kong.
4 Based on the provisional estimate of Hong Kong Population aged 18 or above in end 2015 released by Census and Statistics Department and the number of Hang Seng Bank Customers aged 18 or above holding HKID card of the same period.
The above information is a product summary of information for reference only. Please refer to the product leaflet/flyer and contract for the detailed coverage, exact terms and conditions and exclusions of the relevant life insurance plans.
The above designated Life Insurance Plans are underwritten by Hang Seng Insurance Company Limited (“Hang Seng Insurance”). Hang Seng Insurance is authorised and regulated by the Commission of Insurance of the HKSAR. Hang Seng Bank Limited is an insurance agent authorised by Hang Seng Insurance.
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