today, david choo, the md of promiseland independent pte ltd and myself attended the grand launch of zurich life insurance singapore at the marina mandarin hotel.
we have heard that zurich international life has applied for a full licence many months ago and today, the subsidiary of zurich insurance group, which is zurich life insurance singapore has been granted a full licence by the monetary authority of singapore to sell products to a wider market where previously, the company could only target a defined market with a restricted licence.
zurich international life has been operating locally since 2006 and has been limited to the mass affluent and affluent market which represents some 5% of the total market.
mr graham morrall, chief executive of zurich life insurance singapore said that with the full licence, the company is reaffirming its full commitment to the singapore market and will enable it to tap a bigger segment of the market although the company does not intend to compete in the mass market.
my comments:
zurich life insurance already has tie-ups with both anz and citibank to tap the bancassurance channel and will explore more bank partners to distribute their products.
it also has an existing agency force of approximately 50 tied agents and aims to double this number by the end of 2012.
across the causeway, zurich financial services has already acquired compostie insurer, malaysian assurance alliance.
we are excited to be a partner of zurich life insurance singapore and what this means is that consumers here will benefit from having another insurer to add to the wide range of insurance products already available from existing players in our tiny red dot nation.
Another foreign con artiste joining the fray. Singapore is a goldmine. Gold can be picked up every where, on the streets, mrt, the mall., etc so easy and the law is so lax and in favour of the con artistes. The consumers are left to protect themselves. Left right centre they are being attacked. The presence of these con artistes is omnipresent now.
ReplyDeleteDo not buy Zurich life. I invested 14000USD in Zurich life @ 500 dollars a month but then did not complete the policy. FIrst they told me hold onto the investment as there was a high penalty for early closure. After I held for 4 years they now tell me I held too long so they deducted 3000 dollars and will give me only 8000 back. My advice learned the hard way invest your own money do not trust any of these insurance and investment companies.
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