Zurich has set up a new subsidiary called Zurich Life Insurance (Hong Kong) which has been granted a life insurer's license by the Hong Kong Insurance Authority.
The new licence will allow Zurich Life to deliver products and solutions that are well-tailored to the needs and expectations of customers in the market, it said in a statement.
Geoffrey Au, CEO of Life Insurance, Zurich Hong Kong, said, "We see tremendous growth prospects in the local life insurance segment given the strong demand from customers to find solutions for their long-term financial needs. Traditionally, there is a strong savings culture in Hong Kong, but amid a persistent low interest rate environment, people are looking for better ways to safeguard their finances and strengthen their investment portfolio - and many are looking towards life insurance products to fill this gap."
We see tremendous growth prospects in the local life insurance segment."
"Zurich Hong Kong has seen strong new business growth in life insurance - recording more than a 50% increase in annualized premium equivalent ("APE") in the first quarter of 2021 compared to the previous quarter1. My team and I are very excited about this new milestone, which underpins our commitment to the Hong Kong insurance market and our ambition to further grow our business. It's also particularly exciting that this launch coincides with Zurich Hong Kong's 60-year anniversary in the market."
As part of its launch, Zurich Life will bring to the market two new products, an Investment-Linked Assurance Scheme and the Swiss Protect Term Insurance Plan. The unique ILAS product supports customers' wealth succession wishes and legacy goals by allowing the change of policyholder and life insured. Meanwhile, Swiss Protect focuses on safeguarding customers with life protection at an affordable premium that is guaranteed to remain unchanged within the term.
Zurich Life will also be introducing two new digital platforms - MyZurich Life and ZOOM - to connect with customers and Independent Financial Advisers in a more dynamic and seamless way.
MyZurich Life is a self-service online platform that empowers customers to access and manage their life insurance policies around the clock. Using the platform, customers may view their policies, review policy status, check premium payment records, as well as evaluate their latest investment portfolio, and even process switching instructions to help meet their financial targets.
ZOOM is a mobile application specially developed for IFAs and brokers - allowing them to easily and efficiently perform financial and risk assessments and formulate proposals for customers.