Singaporeans are living longer and they’re also getting wealthier – and insurance providers are increasing their product offerings to take care of their financial needs.
Insurance companies have entered the territory of banks, introducing new products to protect the wealth of a steadily growing number of high net worth individuals. Prudential defines high net worth customers as those who have over S$5 million in sum assured, and according to their research, Singapore is home to 184,000 millionaires, with this number set to hit 240,000 by 2023. Really, who can blame them for wanting a slice of the banks’ pie?
It’s more than just about wealth creation for this potential market – or for themselves. Prudential was seeing a worrying trend where only one in five high net worth families in Singapore had plans in place for the smooth transfer of wealth between generations. Their wealth was often locked up in homes or businesses, so they had no liquidity. They were also not adequately protected from personal, financial and business risks.
These insights led Prudential to craft an advice-and-service-led offering called Opus By Prudential. A team of 65 specially-trained private wealth consultants helps clients identify their needs, and provides advice on wealth management and legacy planning.
Each Opus client has his or her own dedicated underwriter, case manager, and policy and claims team, for prompt, personalised service. Perks also include access to a VIP medical panel, and invitations to exclusive networking and lifestyle events.
AXA Insurance has a similar proposition called AXA Imperial Collection, which is a range of tailor-made legacy, wealth, lifestyle and global medical solutions aimed at high net worth individuals. Coverage extends to private art, collectibles, jewellery, yachts, and luxury and performance cars. An entire suite of luxury concierge services are also available to clients 24/7 – they even have an AI-enhanced digital app that can make recommendations or book taxis.
Now that insurance providers are extending their expertise well beyond traditional protection, savings and retirement solutions to include wealth management and legacy planning, they are set to win the hearts of elite clients – and the generations who succeed them.