China Life Insurance (Singapore) has launched an agency channel as it eyes expansion in the local insurance industry.
It wants to build a “trusted and experienced team of at least 500 consultants within the next five years”, to provide services to local and high net worth clients.
The agency will also be provided with an array of insurance plans to offer bespoke solutions to meet clients’ unique needs.
These plans, including protection, endowments, investment-linked insurance and hybrid solutions, are customisable to offer value-added financial solutions to customers to fulfil their risk protection, retirement, wealth management, and legacy planning needs.
Lin Xiangyang, chief executive of China Life Singapore, said that the company wants to achieve “three connections”.
“First, to connect China to Singapore’s insurance markets,” he said. “China Life Singapore serves as a highly influential platform for China Life Insurance (Group) to break into the international market.
“By garnering support from the group, China Life Singapore will spearhead its influence across Southeast-Asia in tandem with China’s Belt and Road Initiative.
“Second, to connect insurance to technology. By digitalising the process of insurance business practices, the incorporation of technology can provide improved overall customer service.
“Third, to connect our Agency Channel to talented local consultants. As a leading brand in China’s insurance industry, China Life Singapore hopes to attract exceptional local talents through the Agency Channel.
“It will serve as a powerful platform to cultivate and nurture top talents within the industry.”