Great things happen when one has focus. “As an insurer, we aim to help our customers grow and protect their wealth,” says Candy Yuen, CEO of HSBC Insurance (Asia) Limited in Hong Kong (“HSBC Insurance”). HSBC Insurance carries the HSBC brand to customers who seek protection, savings for education, retirement solutions, or even legacy planning through insurance.
The strength of HSBC’s brand is based on its heritage of over 150 years of continuing success. HSBC is one of the world’s largest banking and financial services organisations serving more than 45 million customers through four global businesses with a network that covers 73 countries and territories around the globe.
“As Hong Kong’s bank, HSBC has grown as one of the first financial institutions in the city. HSBC Insurance connects with our customers and grows this special relationship, providing easy-to-access and relevant insurance products,” adds Yuen. HSBC Insurance in Hong Kong is ranked first in MPF based on total asset under management and is a leading player in the Life Insurance sector.
This success is based on the firm’s focus on understanding its customers and delivering products they appreciate.
The focus on contributing insights
HSBC Insurance enjoys a long and strong relationship based on customer-centric services, product offerings, and extensive in-branch and digital touch points. “We need to be aware of the limitations of protection plans offered by employers, if any, as they usually only provide a basic level of protection. At HSBC, we excel at consumer insights, and we are dedicated to research and producing consumer surveys, reports, and tools such as the Future of Retirement, the Value of Education, the Power of Protection, and the HSBC Retirement Monitor. One of our surveys shows that people who plan most actively are more confident in their future than those who do not. It is important to have your own plan and a regular financial ‘check-up’ with your trusted advisor – a sound financial plan with insurance as the foundation should help secure your financial well-being and bring peace of mind, allowing you to look to the future with confidence, and achieve your hopes and dreams,” continues Yuen.
HSBC Insurance has led the way as the first and only firm to release retirement spend indicators. The HSBC Retirement Monitor is not a survey but a benchmark based on real data and statistics to provide estimated costs required for three different kinds of retirement lifestyles. First released in December 2015, this information is publicly available and updated quarterly to reflect the latest changes in price and consumer behaviours. The Monitor was recognised by the Hong Kong Federation of Insurers in October 2016 where HSBC Insurance garnered the Most Innovative Product/Service Award in the Life Insurance (Wealth) category.
Creating greater awareness of retirement and protection planning whilst enabling customers to easily take action is at the heart of HSBC Insurance’s customer-centric strategies. For over a decade, the company has successfully led efforts to generate public awareness on their protection and retirement needs. The award-winning HSBC Retirement Monitor report joins reference publications: HSBC Power of Protection, HSBC Future of Retirement, and HSBC Value of Education in creating a comprehensive and authoritative source of information that is regularly updated and expanded in the continuous study of customer needs and insights. Currently there are over eight surveys and eleven reports available. The most recent updates have focused on raising awareness of potential coverage needs for significant sectors of the insurance coverage market in Hong Kong: that of healthcare costs in retirement for women and critical illness coverage gaps for families.
The focus on evolving digital needs
Digitisation is a key focus for the group. Advances in digital technology are revolutionising the way people find, choose, and pay for goods and services. A recent HSBC report on evolving consumer behaviour shows internet penetration is as high as 79% of the population in Hong Kong, online banking is the commercial service Hong Kong consumers are most likely to use, and one-third of respondents made a purchase via a mobile device in the past month. HSBC Insurance in its role as the thought leader on retirement seizes this opportunity to make information on retirement and coverage needs freely available through the group’s ever expanding digital platforms to speed up customer financial need analysis and simplify the journey to understand their own needs. “We believe that public education is crucial to the desired outcome of closing the protection and savings gap,” states Yuen.
The average working person with dependents in Hong Kong has a mortality protection gap of around HK$2.2 million. This information is based on the Asia Pacific 2015 Mortality Protection Gap research report published in 2015 by Swiss Reinsurance Company Ltd. HSBC Insurance is vigilant in filling the protection gap in society by providing an option to answer this fundamental protection need for customers. The company recently launched an innovative pure online term life policy coverage product. The HSBC Term Protector is a simple term life policy where the customer can complete the entire purchase journey in a swift and easy manner online in less than five minutes without the need of a medical examination.
The focus on social responsibility
HSBC Insurance believes that a true industry leader also has a duty to the society as a whole. It strives to be a corporate citizen as well as a role model employer. In 2016, HSBC Insurance recorded high employee participation rate for corporate sustainability projects in support causes such as the Community Chest Green Day and Dress Casual Day, as well as the International Day of Disabled Persons, and their very own HSBC Community Festival.
Another notable example is their Healthy Living Education Programme conducted in partnership with a local charity. The programme saw HSBC Insurance staff reach out to over 1,700 low-income primary school and community-college students around Hong Kong through a series of workshops, fun days, and seminars to provide education as a means to improve physical and mental health. As a group, permanent staff are encouraged to give back to society with a two-day paid volunteer leave.
“As part of HSBC values, the group is committed to creating an inclusive working environment where employees are supported to achieve their potential, regardless of any aspect of personal difference. Our employee benefits are designed to be inclusive and non-discriminatory. This means that, wherever feasible, our benefits apply to domiciled partners, same-sex partners, spouses, domiciled children, and all employees regardless of age,” says Yuen.
“We have come a long way since the founding of HSBC Insurance. The company strives to bring out the values of HSBC group in our business activities. We aim to set the highest standards of behaviour so our employees and customers can be proud of our business,” concludes Yuen.
Great things are achieved when one has focus, and HSBC Insurance’s customer-centric focus provides the means for customers to easily focus on wealth goals to achieve an abundance of remittances not only for their future but for generations to come.
Informed, empowered, insured, and endowed. HSBC Insurance (Asia) Limited. The Hong Kong Business Magazine 2016 Grand Award winner – Enterprise Award.
Do you know more about this story? Contact us anonymously through this link.