China Life Singapore Announced the Official Launch of China Life Singapore Agency Channel
SINGAPORE, Sept. 7, 2020 /PRNewswire/ -- China Life Insurance (Singapore) Pte Ltd ("China Life Singapore") today announced the launch of the Agency Channel. It aims to penetrate the local insurance industry and build a trusted and experienced team of at least 500 consultants within the next five years, equipped to provide utmost services to local clients and high net worth clients.
China Life Singapore builds itself as a unique and reliable local company by incorporating digitalisation to maintain high-quality customer service. Mr. Lin Xiangyang, Chief Executive of China Life Singapore, said, the company will be committed to achieving "Three Connections".
"First, to connect China to Singapore's insurance markets. China Life Singapore serves as a highly influential platform for China Life Insurance (Group) Company ("Group Company") to break into the international market. By garnering support from the Group Company, a Fortune 500 company, 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."
Mr. Lin also proposed "Six High Missions" for the new Agency Channel: to form a high-efficient management team; to provide high-value product range; to cultivate a high-quality sales team; to create a high-tech service system; to serve high-net-worth clients; and to achieve high-quality development goals. He believes that the Agency Channel still remains one of the most attractive sales platforms with the potential for significant career advancements. He is excited about the value that the Agency Channel will provide to the clients and the positive vibe that it will add to the industry.
Jerome Png, Head of Agency Department of China Life Singapore, said, "As a late entrant to this space, we have the nous and know-how to provide our clients with a fresh experience. We are excited to improve on the best practices of our industry peers to create greater value for both our consultants and clients. Our Digital Transformation projects in the next few years will help elevate the customer experience journey, which will dovetail nicely with our consultants' natural human touch, achieving a nice balance. Ultimately, I'm excited by the value we will be creating for our clients as well as our consultants and create positive vibe for the industry."
The Agency Channel is to be treated with the utmost importance. The company projects to develop a more competitive compensation structure that leads to career progression pathways. Upon consolidating China Life Singapore's successful experiences from Group Company and China Life Insurance (Overseas), ideas will be implemented to craft suitable and unique career pathways for each consultant. All consultants need to pass the relevant exams offered by the Singapore College of Insurance and will also receive a 90-day in-house training programme. Outstanding consultants will be given a well-established platform to receive guidance in management and other related skills, envisioning for themselves a career blueprint of infinite possibilities. It is anticipated that this project will allow excellent consultants to be well-established role models of youth entrepreneurs in the local scene.
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 plans, endowments, investment-linked insurance plans and hybrid plans, are highly customisable to offer value-added financial solutions to customers to fulfil their risk protection, retirement, wealth management, and legacy planning needs. The company believes in giving back to society and will support agency through corporate social responsibility activities to make a positive impact on the community and customers.
For more information on China life Singapore Agency Channel, please visit:
Established in 2015, China Life Insurance (Singapore) Pte. Ltd. is a licensed life insurer which is regulated by the Monetary Authority of Singapore. As part of China Life Insurance (Group) Company ("China Life") which is the largest financial insurance corporation in China, we are backed by its financial strength and established heritage^. China Life is a Fortune Global 500 company, ranked 51 in 2019, for 18 consecutive years. It is an influential global brand with a brand value of over RMB 451.861 billion*.
Our parent company, China Life Insurance (Overseas) Company Limited ("China Life (Overseas)") is a wholly-owned subsidiary of China Life. It has grown to become one of the largest financial institutions in Hong Kong with an asset value of more than HKD 416 billion (December 2019) and its premium income exceeded HKD66 billion in 2019. China Life (Overseas) has extended its footprint in Southeast Asia region in recent years, and established subsidiaries in Singapore and Indonesia in 2015 and 2018 respectively. Its financial rating by Moody's was "A1" (insurance financial strength rating in September 2019) and by Standard & Poor's was "A" (long-term local currency issuer credit rating and insurer financial strength rating in December 2019).
^ Note: The Fortune Global 500 ranking was accorded to our strong ultimate parent company, China Life Insurance (Group) Company. The Moody's and Standard & Poor's credit ratings were accorded to China Life Insurance (Overseas) Company Limited, our parent company.
* Source: Top 500 Most Valuable Chinese Brands 2020 by World Brand Lab