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CO-WRITTEN / PARTNER | Staff Reporter, Hong Kong

Hang Seng Insurance seeks to maintain its leading position

In this day and age of a volatile economic backdrop, planning for the future is more difficult than ever. Simply saving up for retirement is no longer enough, with investments becoming an integral part of the retirement planning process. The complexity of products and sheer number of available options can make choosing a suitable plan or policy seems overwhelming. Clients need a partner that they can rely on to help navigate them through these uncertain economic times.

Hang Seng Insurance Company Limited(“HSIC”), a local-based insurance company, has grown to be one of the leading providers of bancassurance in Hong Kong. HSIC is also able to leverage off of the extensive branch network of Hang Seng Bank Limited (“The Bank”) to offer a wide range of bancassurance products. Through its branches and a large team of professionals, The Bank helps customers achieve their insurance needs and financial goals. The Bank has a team of well-trained relationship managers and insurance salespeople and they are always glad to help and provide services to customers.

Innovative products which meets customer ever-changing needs
HSIC has been recognised in the market not only for its strong channels servicing offered to meet clients’ insurance needs, but also for its innovative and diverse products available. The company has evolved its product offerings to cater for different needs of customers such as medical insurance, wealth management, and legacy planning.

According to the population projection forecasted by the Census and Statistics Department of Hong Kong Special Administrative Region in September 2015, the population is expected to remain on an upward ageing trend. The proportion of the population aged 65 and senior is projected to rise markedly, from 15% in 2014 to 33% in 2064. This projection implies the growing need of customers to plan ahead on their retirement and a step forward and legacy planning which shows their caring of their next generation. Exquisite Universal Life Insurance Plan (“Exquisite”), the HSIC’s flagship universal life insurance plan, is designed to cater the need.

Key features of the product include a range of options for the payment term and period of guaranteed and fixed interest rate, different choices of currency, option of changing eligible life insured and flexibility for multi-generational legacy planning. Another spark light of the product is its flexibility. The product can be customised by selecting a combination of the above key features, No-Lapse Guarantee benefit period and premium payment term that suit customers various needs such as estate liquidity, estate equalisation, family protection etc.

This product is not just applicable to personal customers, but also to corporate customers. The plan can help customers in arranging business continuation strategies, key person insurance and executive bonus plan.

Apart from Exquisite, HSIC also offers a wide range of medical protection plans, saving plans, retirement plans and education plan. As the market continues to evolve, HSIC also strives to keep up by launching new products that cater to every customer’s unique needs.

Future plans
Over the next five years, HSIC seeks to maintain a leading position by offering the best fit health protection and wealth management solutions to the company’s wide spectrum of clients. “The company’s commitment will always be to help customers find the right solution for their goals, whether it is to protect their health & life, or grow their wealth over the long term,” says Wilson Tang, Chief Executive, Hang Seng Insurance Company Limited.

HSIC will continue to actively tap the wealth insurance needs driven by Hong Kong aging population (retirement planning); further build on juvenile products for education funding plus add-on protections (education planning); build on the strong RMB wealth insurance proposition; and maintain a diversified bancassurance business with growing focus on Protection Plans.

HSIC’s product suite will continuously evolve to provide one stop wealth and health insurance service, covering all of the clients’ needs to a greater extent in their different stages of life. “Whether it is a protection-focused product, wealth accumulation-focused product, or one that covers both, HSIC will have the right solution available,” adds Wilson Tang. For high net worth clients, HSIC will continue to develop increasingly tailor-made products to meet customers’ unique needs.

The company is also committed to find new ways to continuously improve the level of service and convenience offered to clients. With an online platform in the works, HSIC seeks to allow clients to access their accounts and transact wherever and whenever they would like. Further, the company is looking to integrate its service platforms, both face-to-face and digital, to deliver a seamless, user-friendly customer experience. No matter what your needs are,HSIC helps you plan today for a better tomorrow.

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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