Hang Seng Insurance
Wilson Tang Chief Executive Hang Seng Insurance Company Limited
Hang Seng Insurance seeks to maintain its leading position
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n 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.
90 HONG KONG BUSINESS ANNUAL 2016
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 multigenerational 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