Swiss insurance group, Zurich has set up a new subsidiary Zurich Life Insurance in Singapore, following successful registration as a direct insurer by the Monetary Authority of Singapore (MAS).
Zurich Life Insurance (Singapore) chief executive officer Graham Morrall said the launch of the new subsidiary reaffirms the company’s commitment to the Singapore market, and positions it for further profitable growth.
"We aspire to be the best insurer for the affluent and emerging affluent customer segments, as measured by our customers, distributors and employees," Morrall added.
Morrall said the company will be targeting an affluent clientele, rather than looking to compete at the mass market with some of the well established insurers in the Singapore.
According to the company, the new license will enable it to tap the entire Singapore insurance market with a wide range of product offerings through a multi-channel distribution strategy that will include independent financial advisers, priority banks, agency, retail banks, private banks, insurance brokers and employee benefit consultants.
Zurich previously operated under a defined market segment license, which enabled it to serve only corporate and high net worth individuals, or about 5% of the Singapore insurance market.
The company currently operates Zurich International Life Ltd (Singapore) and intends to double its agency force in Singapore to 100 by the end of 2012.