Aegon recognized for addressing needs of Asia’s growing high net worth market
July 28, 2016, 12:30 CEST
Continuously evaluating the market has strengthened Transamerica Life Bermuda’s product proposition, and helped this Aegon subsidiary scoop the ‘International Life Insurer of the Year Award - Hong Kong’.
According to the 2015 World Wealth Report, wealth across Asia's emerging markets is expected to total US$8.4 billion by 2017. This presents a significant market opportunity for life insurance providers.
The opportunity is compounded by low insurance penetration, in which only low single digits* of the region's High Net Worth Individuals (HNWIs) have life insurance to help secure their wealth legacies.
Transamerica Life Bermuda responded by expanding its offer in the HNWI classification by introducing products and services tailored to this growing segment, such as the signature Private Series of universal life products (Universal Life, Universal Life Plus and Universal Life Max). A new product – Universal Life 2 – was also successfully launched earlier this year.
In January 2015, Transamerica Life Bermuda improved its underwriting categorization, providing an enhanced regional classification for HNWIs across Asia which has since been widely adopted across the industry, providing more favorable policies for HNWIs. That same year, Transamerica Life Bermuda revamped its distributor portal to provide timely updates to partners.
Customer response to these flexible life insurance solutions has been so positive that Transamerica Life Bermuda has increased headcount by 100% since 2013 in both the Hong Kong and Singapore offices.
In recognition of its success, Asian Banking & Finance magazine named Transamerica Life Bermuda 'International Life Insurer of the Year Award – Hong Kong' during its inaugural Insurance Asia Awards, held in Singapore on July 20.
*based on estimated Asian new premiums in High Net Worth insurance versus growth of HNWI wealth in 2014 (Capgemini Asian Pacific Wealth Report 2015).