AIA Singapore launches financial advisory subsidiary

New channel may be an attempt to challenge banks’ dominance over distribution

AIA Singapore launches financial advisory subsidiary

Insurance News

By Gabriel Olano

AIA Singapore has established its own financial advisory firm, known as AIA Financial Advisers (AIA FA), as it seeks to strengthen its distribution network.

The new firm is a wholly owned subsidiary of AIA Singapore, and is designed to complement its parent company’s tied agency distribution channel. Banks have been the dominant distribution channel for life insurance in the Singaporean market, and AIA entering the financial advisory arena could be seen as an attempt to compete.

AIA FA will be led by Tan Chuan How, who was instrumental in growing AIA’s tied agency distribution channel. An insurance veteran of 19 years, Tan has held several key roles at AIA Singapore, with the most recent being senior director of agencies. He also was head of recruitment and the head of the investment-linked policies business.

According to AIA, all its financial advisors will undergo a “comprehensive selection process” to make sure that they have sufficient skills and knowledge, as well as a customer-oriented mindset.

“The new AIA FA is well-positioned to empower individuals with personalised and quality financial advice. By strengthening our distribution network, with AIA Singapore’s market-leading tied agency force and the new AIA FA, we look forward to playing an even more active role to meet our customers’ evolving needs as we help Singaporeans live life confidently,” said Patrick Teow, chief executive officer of AIA Singapore.

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