Great Eastern creates agency division for wealthy clients

Great Eastern creates agency division for wealthy clients | Insurance Business Asia

Great Eastern creates agency division for wealthy clients

Khor Hock Seng (centre), Great Eastern CEO, and Ben Tan (leftmost), managing director of regional agency/FA and bancassurance, accompanied by the insurer’s financial representatives.

Great Eastern has launched a team, composed of 141 of its top financial representatives, targeted at Singapore’s new affluent customer base.

The team, known as Prestige Partners, was created to reach the new affluent segment which is growing rapidly in Singapore. According to government data, the number of households with an annual income of over SG$200,000 doubled from 7.3% in 2008 to 14.3% in 2018.

With 64% of the new affluent segment under the age of 40, Prestige Partners seeks to serve them by providing personalised financial solutions to protect and grow their assets and income, as well as a range of services such as medical, travel and security assistance through a dedicated service concierge, a statement by Great Eastern said.

The clients of Prestige Partners members will also have access to exclusive services at ‘Prestige Suites’, the first of which is located at the recently opened Great Eastern office at Paya Lebar Quarter. Dedicated business support managers will also be assigned to Prestige Partners to help them fast-track underwriting and claims for their customers.

Prestige Partners financial representatives have received additional specialised training through a tailored high net worth advisor programme at the Nanyang Technological University’s Wealth Management Institute to equip them with the latest insights to better service the unique needs of the affluent segment.

“The launch of Prestige Partners is a testament to Great Eastern’s commitment to serve this growing affluent segment,” said Ben Tan, Great Eastern’s managing director for regional agency/FA and bancassurance. “Through this new career pathway for our representatives, they will receive comprehensive training and be equipped with the skills and knowledge to best serve this growing market segment.”