TLB Participated in the Hubbis HNW Insurance Summit - Singapore 2023
On 6th September 2023, Transamerica Life (Bermuda) Ltd. (TLB) partnered with Hubbis and participated in the HNW Insurance Summit as a gold sponsor. The central theme of the summit revolved around the crucial role of life insurance in safeguarding wealth across generations. It highlighted the value of life insurance in providing liquidity during unexpected circumstances and mitigating the impact of global regulations and taxation, ultimately securing a legacy for future generations.
One highlight of the summit was the panel discussion led by thought leaders in the industry, including our Head of Brokerage (Singapore), Eddy Goh. Titled ‘What are the HNW Life Insurance Options?’, the experts dissected the myriad of options available to HNW individuals – Whole Life, Term Life, UL, VUL, IUL, and PPLI. The discussion centered around the challenges of presenting these products to the customers, changing from a product-centric approach to one that aligns with customers’ needs, and how advisors can enhance their proficiency level regarding these products.
By acknowledging the complexity of the wide range of products available, the panel provided guidance on how advisors can simplify these choices to present suitable solutions for their customers, while avoiding common pitfalls during the selection process. The discussion also called into question the effectiveness of the industry’s product-centric approach in meeting the genuine requirements of the customers. By shedding light on the distinctions between European and Asian customers’ needs, it showed the importance of tailoring insurance solutions to meet the unique demands of each market. Finally, the experts addressed a crucial concern – the proficiency level of private bankers and advisors regarding these life products. The discussion provided concrete steps that advisors can take to enhance their understanding, engagement, and active participation, to better advise their customers.
Commenting on the participation, Chirag Rathod, CEO of TLB said, “We are delighted to have been part of the Hubbis HNW Insurance Summit 2023. It was a meaningful and comprehensive platform for us to discuss the evolving role of life insurance in wealth management. By challenging industry norms and emphasising the importance of a customer-centric approach, the insights gained from this summit will shape how we deliver innovative financial solutions, enabling customers to attain lifelong financial security and peace of mind.”
The entire discussion is available for viewing at this link https://www.hubbis.com/video/what-are-some-hnw-life-insurance-options.