Our Chief Commercial Officer, Jeremy Young, recently sat down with three leading finance and insurance media outlets to discuss the changing dynamics of the high-net-worth (HNW) life insurance market and how Transamerica Life Bermuda has been staying abreast of customers’ needs with relevant and flexible financial solutions and services.
During the conversation with finews.asia, Jeremy shared insights on the factors contributing to the evolving landscape, such as rising demand for succession planning from HNW individuals (HWNIs). Flexibility, diversification, and values-based investing are among the latest trends and the company has been optimizing its proposition to continue to better serve a broader base of customers.
He told Asia Insurance Review about the need to put forward wealth management strategies that address the impact of inflation on portfolios and the growing focus on society and the environment among younger HWNIs. To effectively respond to these changing priorities and perspectives, he stressed the importance of rethinking ways around distribution, diversification, and partner engagement.
On the back of the pandemic, HNWIs in Asia are increasingly aware of the importance of succession and estate planning, with over 50% looking to take action within five years. Jeremy discussed with The Straits Times their different priorities ranging from family dynamics, tax implications to asset distribution, and how these various objectives can be met with strategies and tools tailored to individual situations.