Wednesday, April 25, 2012

Zurich Life Insurance (Singapore) Pte Ltd


Zurich today announced the launch of its subsidiary, Zurich Life
Insurance (Singapore) Pte. Ltd., following its successful registration as a direct insurer by the
Monetary Authority of Singapore. The new licence enables Zurich to serve more domestic
customers in Singapore with a wider range of products to complement its existing products
offered through the existing branch of Zurich International Life.

Mr. Graham Morrall, CEO of Zurich Life Insurance (Singapore), said: “The launch of the new
subsidiary reaffirms our commitment to the Singapore market, and positions us for further
profitable growth. We aspire to be the best insurer for the affluent and emerging affluent
customer segments, as measured by our customers, distributors and employees. Singapore is a
market with relatively high concentration of wealthy and high net worth individuals, where
we see considerable growth potential in our target segments.”

Zurich presence in Singapore

In Singapore, Zurich provides a wide range of insurance offerings. Under its general
insurance entity, Zurich Insurance Company Ltd (Singapore Branch) offers general insurance
products for commercial and corporate clients. It also offers life insurance solutions for
individuals and corporate customers through Zurich International Life Limited (Singapore
Branch).



The branch of Zurich International Life established since 2006 has equipped Zurich with a
strong understanding of the unique needs of the affluent market in Singapore. Together with
Zurich’s global expertise in risk management and insurance solutions, Zurich in Singapore is
well placed to bring expert knowledge and offer customers an extensive range of savings,
investment and protection products.

Putting the “sure” in insurance

A lack of transparency and clarity remain top concerns for many consumers when buying life
insurance. To ease the worries, Zurich endeavors to offer customers products and services
which are easy to understand at every step of the way from application, to purchase and
claims.

Mr. Morrall added, “By “putting the ‘sure’ in insurance”, Zurich is committed to provide the
right solutions by offering clarity, simplicity and surety. To reach out to more customers, we
are implementing a multi-distribution strategy through close collaboration with our trusted
distribution partners who also hold our core value of customer centricity. We are keen to expand our distribution channels and attract the best talent to join us, by equipping them with
the necessary tools and training to deliver the best to our customers.”

To mark the launch, Zurich has also opened a new Business Centre which provides customers
a modern meeting space to meet financial professionals to discuss their financial planning
needs.


Zurich International Life Limited (Singapore Branch) has been operating in Singapore since 2006
with a license to offer protection, saving and investment plans to the expatriates and high net worth
individuals. Its award-winning savings and investment plan, Vista, is targeted at individuals with the
ability to invest at least USD 5,000 per annum over ten years. Its International Term Assurance is
aimed at individuals who wish to apply for a life insurance policy with a minimum sum assured of USD
400,000.

Zurich Insurance Group (Zurich) is a leading multi-line insurance provider with a global network of
subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as
well as other markets. It offers a wide range of general insurance and life insurance products and
services for individuals, small businesses, mid-sized and large companies as well as multinational
corporations. Zurich employs about 60,000 people serving customers in more than 170 countries. The
Group, formerly known as Zurich Financial Services Group, is headquartered in Zurich, Switzerland,
where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on
the SIX Swiss Exchange and has a level I American Depositary Receipt program which is traded
over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.

Being part of Zurich Insurance Group, Zurich Life Insurance (Singapore) Pte. Ltd. offers a
comprehensive suite of life insurance, investment, savings and protection solutions for individuals and corporate consumers, to cater to their evolving protection and investment needs.


Disclaimer  

5 comments:

  1. New ventures will hopefully heighten the company's position in the market. Not only that, the effort also increase the options for the consumers.

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    Replies
    1. Which companies are distributors or servicing agents of Zurich Intl Life in Singapore or the Philippines ?

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  2. Which companies are distributors or servicing agents of Zurich Intl Life in Singapore or the Philippines ?

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  3. Off-hand, Zurich has bancassurance tie-ups with Citi and ANZ. It has a small tied-agency force, but I'm sure they will be looking to expand now.

    ReplyDelete
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