HSBC insurance products cater to customers’ wealth needs across various life stages

Saving for the golden years remains the principal goal of every one in five persons in Hong Kong. But many are not familiar with retirement products and are unable to save enough for their twilight years.

“Those facing this predicament should start early planning of their retirement and savings needs to achieve their long-term financial goals,” Jim Costello, Director and Head of Wealth Insurance, HSBC Insurance said. To fulfill diverse individual wealth needs, HSBC lays out a variety of solutions including annuities, investment-linked insurance and other long-term investments. “The ageing population triggers worries for the majority of Hong Kong people who think they do not have enough time to save sufficiently for retirement. This may explain why there has been an increasing demand for life products, especially annuities.”

Considering the growing demand for life insurance, HSBC Insurance grew its new life business by 20 percent compared with the first nine months of 2011, maintaining its leadership with a market share of 23.1 percent.

As a market leader in life insurance business, HSBC offers a comprehensive range of insurance solutions to cater to different customer needs. “Our investment-linked products provide a platform for customers to make their own investment choice to capture the potential growth and our traditional products provide guaranteed returns, which are fit for more conservative customers. In view of ageing population, we also focus on developing post-retirement products, such as our Early Income Annuity Plan, to help customers enjoy a more relaxing retirement life. Moreover, we also focus on developing RMB insurance business to meet customer demands for capturing the growth potential of RMB.”

Through HSBC’s integrated bancassurance model, insurance products are manufactured and distributed through an extensive network, under the same brand and one roof. “This allows us to understand customer needs better and offer solutions that meet financial goals of customers. By offering one-stopshop financial services and maintaining long-standing relationships with our customers as their financial services partner, we are in a better position to anticipate their needs and offer solutions most appropriate for them to meet their financial goals.”

HSBC Insurance aims to be the customers' trusted partner for the long-term as they protect, grow and create wealth across life stages. Advisers first understand the needs and financial goals of customers, the level of risk they are willing to take and their investment horizon. The focus is on helping customers with wealth needs such as protection for the family, education for their children, retirement, managing and growing wealth and legacy planning.

“Financial solutions, which are suggested based on these broad parameters, underline the fact that life insurance should be a key part of the overall wealth portfolio,” Costello stated.

Last but not least, HSBC works to increase the awareness among customers for financial preparedness via educational tools and initiatives to provide practical illustrations for retirement savings. Not long ago, the Bank launched a quiz that awarded a HK$1.28 million worth of retirement solutions, equivalent to two years’ worth of retirement savings, to the grand prize winner. All winners were also eligible for free financial planning sessions with an HSBC financial adviser.

FAST FACTS

• HSBC Insurance (Asia-Pacific) Holdings Limited is a wholly owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited, which is in turn owned by HSBC Holdings plc, the London-based holding company of the HSBC Group.

• HSBC Insurance is part of HSBC's global Retail Banking and Wealth Management operations, providing a broad range of quality insurance products and services to retail customers.

• HSBC Insurance is the largest administrator of retirement schemes in Hong Kong.