China Taiping Insurance Singapore (CTIS) has revealed it will add life insurance to its existing general insurance offering in the city state.
CTIS, part of the China Taiping Insurance Group, is a state-owned enterprise with China’s Ministry of Finance as its ultimate owner.
The Singaporean business has been operating and offering general insurance for 80 years and has now expanded its business to become a composite insurer.
CTIS will lean on its parent company by leveraging its digital technology and introducing it to the Singapore operation.
The technological advances will help “boosting productivity and improve customer service”, the company said.
Lance Tay will be leading the life insurance side of the company as general manager.
“Demand for quality protection and wealth management solutions is underpinned by the strong wealth creation and rapidly ageing population in Singapore,” said Tay.
“This surge in demand is attributed to the country’s changing demographics. As the population increases in age, the desire for wealth accrual and retirement goes up.
“The launch of our life insurance business is timely. As a composite insurer, in addition to providing a wide range of general insurance solutions, we are now ready to provide solutions that include savings and retirement, financial protection and legacy transfer.”
According to Tay, CTIS will reach out to local financial advisory firms and banks, as well as reaching out to international brokers and private banks to promote its life products.
The first two products unveiled are the i-Save and i-Wealth, both short to medium-term savings plans.