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CO-WRITTEN / PARTNER | Staff Reporter, Hong Kong
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Pioneering innovative insurance solutions

Hang Seng Insurance's comprehensive range of products made it a trusted ally for individuals and businesses.

For over half a century, Hang Seng Insurance has been a professional insurance provider offering dependable and affordable insurance coverage for the people of Hong Kong.

Leveraging on Hang Seng Bank’s extensive retail and commercial banking network, Hang Seng Insurance is a trusted ally of both individuals and businesses alike, thanks to its comprehensive range of insurance products for both individual and business.

In 2018, Hang Seng Insurance is proud to unveil its first flagship online life insurance product, which provide a completely digital and hassle-free application process for customers. “Hang Seng strives to provide customers with tailor-made health and wealth solutions through comprehensive product offerings and convenient service channels,” says Wilson Tang, Head of Insurance at Hang Seng Bank and Chief Executive at Hang Seng Insurance.

“Our dedicated team of professionals in place to provide underwriting and claim services to take care of every need of its customers with an optimized service experience. Providing comprehensive retirement solutions has been our focus, with population ageing, increase of life expectancy and inflation, in order to have a hassle free retirement life, a prudent financial plan with both wealth accumulation and protection features are necessary,” Tang adds.

The company’s first life insurance plan available for purchase online is eCancerPro, which is one of the few life insurance plans in the market that offers cancer coverage without the need for a waiting period.

This means that customers will be covered immediately after their applications are approved. By following a few simple steps, customers can obtain an online quotation, and apply and pay for the plan online – no medical examination or additional documentation is required.

Embracing online solutions
Insured individuals can share all the benefits of their plan with one child below the age of 18 without additional underwriting or premium payments. Premiums are fixed for 10-year terms and the plan is renewable up to an insurance age of 80 regardless of the insured’s health status. eCancerPro also provides three insurance coverage levels to suit the different needs of customers, providing both cancer and life protection. More importantly, if the insured is diagnosed with early-stage cancer or carcinoma-in-situ, an advancement of 20% of the Sum Insured will be paid as a lump-sum, up to two claims can be made under the plan, giving the insured immediate flexibility.

“The launch of eCancerPro – our first online life insurance product – reflects our ongoing efforts to enhance our digital offerings and provide more convenient services that meet the wealth management and lifestyle needs of our customers,” Tang says. “The product concept is simple and straightforward for customers to understand: protecting the most common critical illness – cancer. It also provides the special free Child Benefit (without requirement for additional underwriting & premiums) feature that allows customer to enjoy extended protection coverage for him/herself and their loving child with just paying single policy premium,” he adds.

Another online insurance product which the company has launched in 2018 is eFamilyPro, a life insurance plan designed to provide beneficiaries with a lump-sum death benefit should misfortune strike. In the event of the insured’s passing, family members can receive a lump-sum benefit ranging from HKD500,000 to HKD3,000,000, depending on each family’s budget and personal needs.

Applying for eFamilyPro is easy – customers simply need to submit their application online. The policy covers up to age 80 of the Life Insured and no additional health check-up is required. Further, the monthly premium is fixed for the first 10 years and will be adjusted every 10 years.

“While there can be many digital offerings in the market, Hang Seng Insurance always put customer need as the top priority and offer the quality online products to our clients,” says Tang. “eCancerPro and eFamilyPro are simple, straightforward, customer-oriented, and provide a wide coverage. eCancerPro offers three choices of Sum Insured while eFamilyPro provides four choices of Sum Insured. These are deliberately provided so that customers can consider their individual insurance needs and make a quick and easy decision.”

“This marks a milestone for Hang Seng Insurance to offer online protection for our clients. In designing these two online products, we aim for the best-possible coverage for our customers and their important family members,” he adds.

Retirement planning made easy
Hang Seng Insurance also helps clients reach their retirement goals, delivering comprehensive insurance solutions to address their financial and family protection needs. 

“Generally speaking, retirees have a greater demand for quality medical services, but are no longer covered by company’s medical plan. So, there is a need to get another backup,” Tang says. “Besides, before retiring to enjoy your golden days, you may want to secure your family with comprehensive protection and be well prepared for your legacy planning,” he adds.

Amidst continuous social, economic and technological changes, planning a carefree retirement can be challenging. Many risk factors that would undermine retirement planning should be accounted for including growing average life expectancy, inflation, market volatility, as well as property liability risks.

To address these risk factors, Hang Seng Insurance believes that a well-funded retirement reserve captures four key areas: stable income, wealth accumulation, medical protection and life protection. 

In order to maintain a quality of life upon retirement, clients should have a steady stream of income to support their needs. 

Meanwhile, insurers also need to cushion the impact of market volatility, and beat inflation in the long run. At Hang Seng Insurance, wealth accumulation is also a top priority in order to address clients’ financial protection needs.
Further, one of the biggest concerns for most retirees is the availbility of funds to support unforeseeable medical expenses. As the population grapples with ageing and the inevitable health risks that come with it, comprehensive retirement plans should also relieve clients of the burden of having to worry about medical expenses. This is why Hang Seng Insurance also puts a premium on medical protection as one of its key areas covered in its comprehensive retirement plan.

Lastly, one of the key areas that Hang Seng Insurance also wants to focus on is Life Protection. Upon unexpected changes in life, family members will continue to benefit from steady financial support with sufficient protection for their livelihood.

Backed by the best
Hang Seng Insurance is a wholly-owned subsidiary of Hang Seng Bank. Sharing the heritage of service excellence of its parent company, Hang Seng Insurance is committed to serving its customers with a solid combination of decades-long expertise, proven experience and unmatched business strength. 

Hang Seng Bank has also formed strong partnerships with its peers, and has entered into a distribution agreement with QBE General Insurance (Hong Kong) Limited to address customers’ needs regarding general insurance products. Hang Seng Bank has also teamed up with Bupa (Asia) Limited to provide medical insurance for its customers.

After launching eCancerPro and eFamilyPro, Hang Seng Insurance is on track to release more digital insurance solutions in coming years. “Digital insurance is of growing trend in the industry and Hang Seng Insurance has been making breakthrough to tap this new market segment. Our two online insurance products were received with positive market response. It is foreseeable to have more online products coming future to cater customer needs and changing customer behavior,” Tang notes. 

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.

“Our goal is to continuously strive for innovation and to transform from traditional to online service provider. Through Hang Seng Bank’s network, our brand name enjoys strong credibility and allows us to serve our customers by providing a comprehensive range of products,” Tang notes.

At the end of the day, Hang Seng Insurance aims to be a total solutions provider — providing an integrated insurance package that serves its customers. Through its products and services, Hang Seng Insurance hopes to help customers arrive at the right products to suit their needs, with the goal of achieving peace of mind and better living.

The relevant general insurance plan (“Plan”) is underwritten by QBE General Insurance (Hong Kong) Limited which is authorised and regulated in Hong Kong by the Insurance Authority. Hang Seng Bank Limited (“Hang Seng Bank”) is an insurance agent authorised by QBE General Insurance (Hong Kong) Limited for the distribution of this Plan.

The medical insurance schemes are underwritten by Bupa (Asia) Limited (“Bupa”) which is authorized and regulated by the Insurance Authority in Hong Kong. Hang Seng Bank Limited (“Hang Seng Bank”) is an insurance agent authorised by Bupa for the exclusive distribution of these schemes.

eCancerPro Insurance Plan is underwritten by Hang Seng Insurance Company Limited. Hang Seng Insurance Company Limited is authorized and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank is an insurance agent authorized by Hang Seng Insurance Company Limited and the insurance products are products of Hang Seng Insurance Company Limited but not Hang Seng Bank.

eFamilyPro Life Insurance Plan is underwritten by Hang Seng Insurance Company Limited. Hang Seng Insurance Company Limited is authorized and regulated by the Insurance Authority of the HKSAR. Hang Seng Bank is an insurance agent authorized by Hang Seng Insurance Company Limited and the insurance products are products of Hang Seng Insurance Company Limited but not Hang Seng Bank. 

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