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great eastern's no. 2 joins aia

mr tan hak leh, who is currently the president of the life insurance association of singapore is leaving great eastern life to join aia as it's ceo.

ge's group chief executive, christopher wei, will concurrently assume the position of chief executive (singapore).

former ge group chief executive, mr ng keng hooi also joined aia from great eastern life as it's regional managing director in october 2010.

mr tan's last day of service at great eastern will be on may 24, 2011 and he will be assuming his new role at aia on june 01, 2011.

mr tan will be replacing aia singapore's current executive vice-president and chief executive, mr kenneth juneau, who will be retiring after 18 years with aia.

mr tan said:

"the combination of aia's new beginning as an independent publicly listed company, a very strong and motivated leadership team both regionally and locally and a wonderful growth platform make this opportunity a compelling one."

great eastern also announced that dr khoo kah siang, currently cfo of the singapore business, has been promoted to assume the newly created position of general manager (singapore).

Great Eastern Holdings Limited (GEH) Announces Management Changes

latest news from great eastern holdings limited:

Great Eastern Holdings Limited (GEH) Announces Management Changes

Mr Tan Hak Leh, CEO (Singapore) steps down.
Mr Christopher Wei, Group CEO of GEH, concurrently assumes the position of CEO (Singapore).
Dr Khoo Kah Siang promoted to General Manager (Singapore).

Great Eastern Holdings Limited (GEH) today announced that Mr Tan Hak Leh, CEO (Singapore) has resigned to pursue another opportunity. His last day of service will be 24 May 2011.

Mr Christopher Wei, Group Chief Executive Officer of GEH, will concurrently assume the position of CEO (Singapore). GEH also announced that Dr Khoo Kah Siang, currently Chief Financial Officer of the Singapore business, has been promoted to assume the newly created position of General Manager (Singapore) and will take charge of the day-to-day running of the business.

Mr Wei said, "We thank Hak Leh for his contributions and wish him well. The fundamentals of our Singapore life and general insurance business are strong, the bench strength of our company is deep and we are delighted to promote from within. Kah Siang has been with us since 2006 and is an Actuary by training, with a Doctorate in Statistics. He has spent the last 16 years in the financial sector, including four years as Deputy Director in the Monetary Authority of Singapore. He will play a prominent role in continuing the disciplined execution of our strategies to grow the Singapore business as we strive to deliver sustainable value to our customers and shareholders."

Dr Khoo commented, "Great Eastern is a leading insurance company in Singapore and is in excellent shape. We have a clear strategy which positions us well for future growth. I look forward to working closely with Chris and the management team to drive our business forward."

my comments:

in the life insurance industry and not unlike any other industry, there will always be key staff movements whether within the same industry or not.

therefore, this announcement is a usual 'happening' and change/s to key personnel can take place anytime and is definitely not a surprise to me.

untimely passing of ms tiffany ong

it was reported in the media that ms tiffany ong, aged 23 years, a female journalist with leading local magazine her world, slipped and fell in her bathroom on saturday night and found dead in her home on sunday.

she was pronounced dead at approximately 9pm by paramedics.

ms ong was said to be of good health and sporty as well as she was also a former national swimmer. it is not known why she fell and there were no visible bruises on her body.

the police is currently investigating it as a case of "unnatural death".

my comments:

surely such an untimely passing and our prayers and thoughts are with the ong family.

many articles have been written about the home where most accidents happen especially in the kitchen and bathroom, not only to infants and children, but often to adults and the elderly as well.

is this surprising?

honestly, no because this is the place where most of us will invariably spend most of our time confined to the 4 walls of our residence and statistics* will also confirm that most accidents occur in the home.

besides the dangers of a fire, another very common accident is falling or tripping over objects at home and the very likely place where this happens is in the bathroom.

*According to an analytic study by Korea Consumer Agency, conducted from January to July 2010, among 1,422 senior accidents reported to Korea Consumer Agency, 48.8%(694 cases) happened in a domestic environment. Especially, 50.0%(347 cases) of home accidents were caused by slippery surfaces of bathroom or room floors, or stairs.

why?

for starters, the files and flooring tend to be rather slippery when wet after a shower and therein lies the higher probability of falling here. this is a very real scenario as i myself have fallen in my bathroom after finishing the daily obligatory shower.

other than taking simple steps to make our homes, baby/child/adult/elderly safe, and installing fire alarms (with fire extinguishers within easy reach), there is still another recommendation that i will always present to my prospects/clientele which is to consider taking up 2 essential policies being the fire/home insurance and personal accident plan. (these are complimentary in any wealth protecion portfolio).

these policies can be tailored to each individual/family's needs and the pricing of the premiums can be said to be truly affordable.

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TGIF - thank God it's friday

kindly bear with me for not blogging today because it's a special day, being Good Friday.

yes, thank God it's Good Friday because of God's unchanging love, He sent his only begotten son, Jesus Christ to die for all of mankind as recorded by the Bible in the book of John chapter 3 verse 16:

"For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting ilife."

i wish each and everyone, a truly blessed Good Friday.

TGIF - thank God it's friday

kindly bear with me for not blogging today because it's a special day, being Good Friday.

yes, thank God it's Good Friday because of God's unchanging love, He sent his only begotten son, Jesus Christ to die for all of mankind as recorded by the Bible in the book of John chapter 3 verse 16:

"For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting ilife."

i wish each and everyone, a truly blessed Good Friday.

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great eastern life - launch of prestige portfolio

just launched, great eastern life's prestige portfolio.

what is great eastern life's prestige portfolio?

Prestige Portfolio is an investment-linked, personalised wealth accumulation plan that gives you access to a wide range of Prestige Portfolio funds, skillfully managed by a team of established and recognised award-winning fund managers.

5 Key Benefits

•Choice of more than 100 Prestige Portfolio funds to select from
•Enjoy value-added services and tools at your convenience
•A fully customisable and versatile portfolio
•Insurance protection to safeguard your investments
•Dedicated and professional Great Eastern Representatives at your service

A Perfect Partnership of Top Performance Funds By Award Winning Managers1
With a varied selection of over 100 Prestige Portfolio funds, all stringently handpicked by Great Eastern and managed by established fund managers around the world, you are spoilt for choice when it comes to the selection of the type of funds that helps you meet your investment objectives.

On top of ensuring the best selection of funds to suit your investment objectives and risk profile, you have access to the expertise of these established investment professionals who will actively manage your funds, ensuring your money work hardest for you, delivering the appropriate investment returns.

Online Portfolio Management Tools at Your Fingertips
Prestige Portfolio is designed to fit into your busy lifestyle. With the ease of our online tools, managing and staying current on your investments has never been easier. Simply log-in anytime, to obtain updates on your investments, read up on fund managers' articles or to get access to in-depth funds information. In short, you enjoy a wealth of knowledge and flexibility in managing your portfolio.

A Customized and Versatile Plan to Help Achieve Wealth Accumulation
Prestige Portfolio is tailored to meet your investment needs in accordance to your evolving wealth accumulation aspirations. With a wide selection of Prestige Portfolio funds, you can be ensured of the best fit for your investment preference and risk profile.

With this personalised approach, you can be confident that your wealth accumulation plan is well mapped out, be it for your children's education planning or that retirement you have long dreamed of.

Your Best Interests, Protected
Prestige Portfolio is not just a wealth accumulation plan, it gives you added financial security in your investments with insurance coverage on Accidental Death at no extra cost, with no medical underwriting required. To further safeguard your investments, simply attach a Premium Waiver Rider2 (ILP) to ensure that investments premiums will continue to be contributed to your plan in the event of Critical Illness.

Professional Great Eastern Representatives at Your Service
Our professional and dedicated Great Eastern Representatives will walk through with you to develop a personalised Prestige Portfolio solution to meet your wealth accumulation needs. He/she can assist you in the fund selection process so you are well positioned to make a discerning decision on your investment portfolio.

Enjoy the best of both worlds; by having the convenience of online services and tools plus the services of a Great Eastern Representative to assist in your investment planning and goals, today and in the future.

Take the first step to enjoy the inspired life with Prestige Portfolio today.

1Past performance of the manager is not necessary indicative of its future performance.
2 Applicable for Prestige Portfolio (RP) only.

This blog is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.

Investments in this plan are subject to investment risks including the possible loss of the principal amount invested. The value of the units in the Fund(s) and the income accruing to the units, if any, may fall or rise. Please refer to the Product Highlights Sheet and fund prospectus for the specific risks of the Fund(s). Past performance is not necessarily indicative of future performance.

A product summary in relation to the Prestige Portfolio may be obtained through Great Eastern Life Assurance Co Ltd, its Life Planners or any of its appointed distributors. Potential investors should read the product summary before deciding whether to invest in Prestige Portfolio.

mas reprimands mr lau see yong and mr tan chong boon

MAS REPRIMANDS MR LAU SEE YONG FOR A CONTRAVENTION OF SECTION 12(1) OF THE FINANCIAL ADVISERS ACT (CAP. 110) [“FAA”]

1 On 14 April 2011, MAS reprimanded Mr Lau See Yong for contravention of section 12(1), read with section 23(5) of the FAA1. Under these provisions, a representative of a licensed or exempt financial adviser is not allowed to act for more than one financial adviser at any one time, unless the financial advisers are related corporations2. Mr Lau had been acting as an exempt financial adviser representative of both Target Insurance Brokers Pte Ltd [“TIBPL”] and Magnetron Insurance & Financial Services Pte Ltd [“MIFSPL”] from 5 November 2007 to 31 January 2008.

2 TIBPL is an insurance broker registered under the Insurance Act. TIBPL is also exempted from holding a financial adviser's licence to act as a financial adviser in Singapore pursuant to section 23(1) of the FAA.

3 MIFSPL is an insurance broker registered under the Insurance Act. MIFSPL was also previously exempted from holding a financial adviser's licence to act as a financial adviser in Singapore pursuant to section 23(1) of the FAA. However, MIFSPL’s exemption was withdrawn by MAS on 22 January 2009. Hence, MIFSPL is no longer permitted to provide financial advisory services in Singapore.

MAS expects all representatives of a licensed or exempt financial adviser to comply with the provisions of the FAA, Financial Advisers Regulations and the conditions of their appointments at all times.

MAS REPRIMANDS MR TAN CHONG BOON FOR A CONTRAVENTION OF SECTION 12(1) OF THE FINANCIAL ADVISERS ACT (CAP. 110) [“FAA”]

1 On 14 April 2011, MAS reprimanded Mr Tan Chong Boon for contravention of section 12(1), read with section 23(5) of the FAA1. Under these provisions, a representative of a licensed or exempt financial adviser is not allowed to act for more than one financial adviser at any one time, unless the financial advisers are related corporations2. Mr Tan had been acting as an exempt financial adviser representative of Magnetron Insurance & Financial Services Pte Ltd [“MIFSPL”] and a licensed representative of Jpara Solutions Pte Ltd [“JSPL”] from 17 December 2007 to 9 January 2008.

2 JSPL is a licensed financial adviser under the FAA.

3 MIFSPL is an insurance broker registered under the Insurance Act. MIFSPL was also previously exempted from holding a financial adviser's licence to act as a financial adviser in Singapore pursuant to section 23(1) of the FAA. However, MIFSPL’s exemption was withdrawn by MAS on 22 January 2009. Hence, MIFSPL is no longer permitted to provide financial advisory services in Singapore.

MAS expects all representatives of a licensed or exempt financial adviser to comply with the provisions of the FAA, Financial Advisers Regulations and the conditions of their appointments at all times.

Notes:

1 Sections 12(1) and 23(5) of the FAA were repealed as of 26 November 2010. On the same day, section 23G of the FAA came into force prohibiting a representative from acting for more than one principal at any one time unless the principals are related. Also on the same day, MAS launched the Representative Notification Framework [“RNF”], under which financial institutions have to notify MAS when they intend to appoint a representative to provide financial advisory services under the FAA.

2 “Related corporations” is as defined under section 2 of the FAA.




Notes:
1 Sections 12(1) and 23(5) of the FAA were repealed as of 26 November 2010. On the same day, section 23G of the FAA came into force prohibiting a representative from acting for more than one principal at any one time unless the principals are related. Also on the same day, MAS launched the Representative Notification Framework [“RNF”], under which financial institutions have to notify MAS when they intend to appoint a representative to provide financial advisory services under the FAA.

2 “Related corporations” is as defined under section 2 of the FAA.

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parliament passes DI-PPF bill

yesterday, the di-ppf* bill was passed by parliament.

*di = deposit insurance scheme and ppf = policy owners' protection scheme.

the di scheme and the ppf scheme aims to compensate depositors and policy owners respectively in the event that their bank or insurer fails.

some of the enhanced features of the di scheme and the ppf scheme under the di-ppf bill are:

enhanced di scheme:

a. more types of entities are covered as depositors extended to all non-hbank
depositors like companies, partnerships and unincorporated entities. the
current di scheme covered only individuals and charities.

b. increase in coverage limit from the current $20,000.00 to $50,000.00.

c. insured deposits to include deposits used as security. these will include
any deposits of an insured depositor including his deposits which have
been pledged, charged or secured as collateral to a scheme member.

enhanced ppf scheme:

a. scheme extended to accident and health policies and additional classes of
general insurance policies which now includes individual and group a&h
insurance and personal motor insurance.

b. level of coverage to increase. currently, the ppf life fund covers 90% of
all life policies which will be increased to coiver 100% of protected
liabilities up to a maximum limit as prescribed in the di-ppf bill. the
ppf general fund will also provide 100% coverage but there will not be
any maximum limit for protected liabilities of general insurance policies.

my comments:

cpf home protection scheme

in a report by our free daily tabloid, today, a shockingly high 9,000 housing and development board flat owners saw their home protection scheme or national mortgage insurance lapse due to insufficient funds in their cpf accounts to pay the premium.

although this represents just 1.7% of approximately 556,000 home owners who service their hdb loans with cpf savings, nevertheless, these owners do not have the protection against the loss of their homes should the breadwinner dies prematurely or become incapacitated before the loan has been fully paid.

and to add to this, there were another 2% who were not insured due to medical conditions or other reasons.

my comments:

i have always sounded the risk of future affordability of paying premiums for those who advocate buy term and invest the rest thingy.

and worst, the longer the term plan, the higher the risk of future affordability of paying premiums.

and this risk can translate into reality even for a plain and 'affordable' term plan like the home protection scheme.

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introducing seth wee

i take pleasure to introduce mr seth wee - one of our youngest advisers who has recently joined us. he was previously with one of the big 4 insurers. i'm pleased that he has decided to pledge his future with promiseland independent pte ltd after being pursued by some of our friendly competitors. and i've also noticed that seth have also started his blog at:

http://sethwee.com

i would like to take this opportunity to welcome seth and wish him many enriching and rewarding years with us.

tokio marine life insurance singapore - launch of tm wealth enhancement (enrich)

today, we have been notified through an email from tokio marine life insurance singapore on the official launch of their latest product, tm wealth enhancement (enrich).

what is tm wealth enhancement (enrich)?

this is a 5 year term single premium participating endowment plan open to cash and srs only.

product specifications:

death/tpd benefit - On Death or TPD, 125% of Single Premium (SP) plus any attaching bonus will be payable in one lump sum.

With respect to TPD benefit only:

a. The TPD benefit is payable in one lump sum up to a maximum of $2 million per life, inclusive of all other insurance
taken up with Tokio Marine Life Insurance Singapore Ltd. (TMLS).
b. TPD cover is provided up to the policy anniversary preceding the age of 65.

accidental death benefit - On Accidental Death, an additional benefit equivalent to the Death / TPD Benefit (excluding bonuses) is payable.
Accidental Death Benefit coverage is up to the policy anniversary preceding the age of 65.

structure of bonuses - Reversionary bonus rate is projected to be $10 per $1,000 SA, compounded at 1% per annum.
Terminal bonus on Death, TPD or Maturity expressed as a percentage of the attached bonus is projected at 71%.
Terminal bonus on Surrender expressed as a percentage of the non-guaranteed surrender value is projected at 65% for end of year 3 and above.

underwriting - Simplified issue underwriting applies.

A specific Simplified Issue Proposal Form – Single Premium is to be used for proposal application.
The Death / TPD Benefit will be 100% of single premium plus any attaching bonus if any of the conditions exist:
a. age next birthday is more than 60;
b. any answer to underwriting questions in proposal form is a “yes”; or
c. policyholder is not a Singaporean, Singaporean PR or Malaysian with a work permit or Foreigner holding an
Employment Pass with at least 6 months’ validity
If the Sum-At-Risk (i.e. the 25% of the SP) exceeds TMLS’ Non-Medical Limit (NML), the client will be subject to our usual medical assessment. If the client does not wish to go for the relevant medical examination/test, the death/tpd cover will be reduced to 100% of single premium.

proposal guidelines:

Age at entry (min) - 1 age next birthday (22 age next birthday for SRS)
Age at entry (max)- 70 age next birthday
Minimum single premium - $20,000
Payment - SGD only
Policy Term options - 5 years
Backdating - Not available


my comments:

tm wealth enhancement (enrich) is a bold initiative by tokio marine life insurance singapore to compete with the entrenched market leader in a similar class product, growth which is ntuc-income's flagship single premium participating endowment plan.

ever since mr david beynon took over the reins of tokio marine life insurance singapore, i noticed the company has continued in its strategy of being consumer focused and their latest product surely enhances this.

for tm wealth enhancement (enrich), i have done a comparison with ntuc-income's growth purely on returns and here's how the statistics stack-up:

tm wealth enhancement (enrich)

sp gcvom (yield) trom (yield)

$20k - $199k 1.01% 3.02%
$200k and above 1.05% 3.06%

ntuc growth

$20k 0.98% 2.99%
$30k 1.00% 3.007%
$40k 1.006% 3.016%
$50k 1.011% 3.02%
$100k 1.02% 3.03%
$200k 1.026% 3.037%
$500k 1.029% 3.04%
$1 million 1.03% 3.041%

note: sp = single premium, gcvom = guaranteed cash value on maturity and trom = total return on maturity.

additional compelling factors in tokio marine's camp - the yields are based on a more conservative piror (projected investment rate of return) of 4.50% versus ntuc-income's 5.25%.

and of course, tokio marine's distinctive record of never cutting bonuses since the company's existence in 1948.

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aviva - launch of mycare plus

on march 28, we were notified by email that aviva will officially launch mycare plus on april 08, 2011.

what is aviva mycare plus?

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Aviva expands distribution network with launch of Aviva Advisors

latest news from aviva:

Aviva’s recently launched initiative, Aviva Advisors, will see them entering the tied agency market, providing Singaporeans increased access to needs-based financial advice from the insurer. The advisors will have access to Aviva’s full suite of life, health, and investment products. Aviva is the only life insurer in Singapore to also have its own unit trust platform, Navigator.

The expansion comes in the wake of Aviva’s strong performance in Singapore last year, which saw the insurer double its life insurance sales.

Aviva currently distributes their solutions through independent financial advisory firms, as well as partnerships with organisations like the Singapore Armed Forces. Their successful bancassurance agreement with DBS Bank, which began in 2001, was extended in 2009 for another 5 years. In April last year, Aviva also changed the general insurance market by being the first insurer to offer car, travel and home insurance solely online, direct to the customer. Aviva Advisors will add to the insurer’s extensive distribution network.

Simon Newman, CEO of Aviva Singapore, said, “We know our customers want choice as to how and where they buy their insurance and investment products, so, at Aviva, we develop solutions that go to the customer where they feel the most comfortable. Some of our customers prefer the familiarity of DBS Bank, some may prefer independent advisors, and yet others will prefer to buy direct from us. Aviva Advisors caters to customers who choose to get quality financial advice directly from us.”

At present, the Aviva Advisors team comprises 50 advisors. The insurer is looking to keep the team at an optimal level to maintain a high level of support and training for each advisor, and for customers to benefit from a dedicated service. The team is also backed by a dedicated call centre to assist and serve customers.

Aviva Advisors is helmed by Principal Advisor Alvin Nathan, who’s been in the insurance and investments industry since 1994.

“We aim to make a positive difference to our customers’ lives. This starts with selecting the right people as Aviva Advisors. Through a stringent recruitment process, we hire only certified and experienced advisors with a strong understanding of customer needs and the insurance industry,” explained Nathan. “To stay on as an Aviva Advisor, there are also a number of benchmarks to meet that serves to ensure we’re treating our customers fairly and offering the best possible, most relevant advice to help Singaporeans plan for their future.”

One of these benchmarks includes the number of full fact-find processes the advisors must complete, where solutions are recommended only after a thorough consultation of the customer’s financial situation, lifestyle and needs.

Aviva has also invested in tools to help customers make informed decisions. For example, the insurer offers over 400 funds through its investment-linked products and unit trust platform, Navigator. They have commissioned external consultant, Mercer, an award winning investment consultant firm, to segment all the funds, such that customers are able to easily identify which group of funds are suitable according to their risk appetite and investment goals. A glossary of the various criteria in which customers can use to further narrow their fund selection has also been created to simplify the fund-choosing process.

“We equip our advisors with the right tools to help simplify financial solutions so customers understand and can take charge of their financial future. Already, Aviva Advisors have the skillset and experience to provide professional financial planning over a wide range of insurance and investment needs. This will mean they are able to follow customers through their various life-stages and provide holistic advice, whether it’s for protection or wealth accumulation,” added Newman.

my comments:

when cgu took over ics in 2001, the entire ics agency (approximately more than 200 agents) was let go and as far as i know, taken over by pias (professional investment advisory services pte ltd).

now, aviva has come full circle and re-entered the tied agency channel. this is a surprise to me because unlike prudential singapore, the parent company in uk does not operate with a tied agency channel.

but i wish aviva well with their new initiative.

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