Singapore, March 2, 2019 – Prudential Singapore (“Prudential”) has seen its high net worth (HNW) client base increase by 10 per cent since the launch of its dedicated HNW offering 10 months ago. The insurer defines HNW clients as those who have over S$5 million in sum assured.1
The new offering, branded “Opus by Prudential”, has been specially designed to address the unfulfilled wealth protection and transfer needs of the fast-growing HNW population in Singapore. The country currently has 184,000 millionaires with the number set to increase to 240,000 by 2023.2
Mr John Elkovich, Head of High Net Worth Solutions, Prudential Singapore, said while the number of wealthy individuals in Singapore is growing rapidly, many of them are not adequately insured against personal, financial and business risks.
“By investing in and setting up a high net worth insurance brand, we want to help high net worth families bridge their protection gap and stay adequately prepared to face life’s curveballs.
“Additionally, we found that high net worth families in Singapore are not well prepared in the area of wealth transfer, with only one in five having a plan to ensure the smooth transfer of wealth across generations.3 Their wealth is usually locked up in their homes or businesses, making it difficult to liquidate when the need arises. With the instant liquidity that life insurance offers, high net worth families can avoid having to sell off assets, and can also manage costs such as estate taxes,” said Mr Elkovich.
Leading with advice and service
With Opus at Prudential, the life insurer is differentiating itself by providing an advice and service-led offering. Since April 2018, Prudential has trained over 65 Private Wealth Consultants (PWCs) and a team of Wealth Planners to help its clients identify their needs and advise them on wealth protection and transfer.
This team is supported by an external panel of subject-matter experts skilled in the areas of legal and estate planning, tax and business advisory, as well as trust and fiduciary services.
Opus clients have access to these experts and their services through a curated list of strong partnerships that Prudential has built. They include BDO, Colin Ng & Partners, Deloitte Singapore, Equiom Group, Rajah & Tann, Trident Trust, Virtus Law and Vistra.
Additionally, every Opus client has a dedicated underwriter, case manager as well as policy and claims team servicing them. This ensures faster turnaround time and more personalised services.
To top it off, Opus clients get to enjoy a specially curated loyalty programme comprising entry to exclusive lifestyle and networking events, personalised gifts and rewards, and access to a VIP medical panel.
Access to comprehensive product suite
Underpinning Opus’ advisory services are Prudential’s comprehensive suite of protection, savings and retirement solutions that customers can use to protect and grow their wealth.
“In Singapore, people are living longer, with an average lifespan of 83 years and inching towards 100. Rising longevity means people are going to need a much bigger nest egg for their retirement. Hence, it is important that our solutions are designed to ensure our clients are financially ready to live for longer years and have enough to leave a legacy for their future generations,” said Mr Elkovich.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 87 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$36.3 billion funds under management as at 31 December 2017. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 4,800 financial consultants.