Stanchart eyes 20 pct market share with USDdenominated insurance plan

KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd (StanChart) is eyeing between 15 per cent and 20 per cent market penetration for its new US dollardenominated life insurance plan, Signature Heirloom (II), in the country within three years.

It said the plan is one-of-a-kind legacybuildingproductintroduced by Manulife Insurance Labuan Ltd (MILL), a wholly-owned subsidiary of Manulife Holdings Bhd’s (MHB), and is designed to cater to the demands of the highnet-worth individuals for them to grow and transfer their wealth to the next generation.

Managing director and chief executive officer (CEO) Abrar A Anwar said the target is achievable following demand for the product as it would help meet the legacy planning needs of the bank’s most valued customers.

“As the product’s distributor, our relationship manager will engage with our 30 per cent priority customers, which includes retail banking.

“In the past, high-net-worth customers had to go to financial hubs like Singapore and Hong Kong to access this type of life insurance product but now they can obtain it here,” he told reporters at the joint press conference by MILL and StanChart partnership on the announcement and launch of Signature Heirloom (II) yesterday.

The insurance plan marks the first collaboration between MILL and StanChart in Malaysia, although both groups have been enjoying a strong and successful partnership in Singapore and Hong Kong since 2016.

Abrar said the high-net-worth market is defined as individuals who are able to put in a premium between US$100,000 and US$125,000 (US$1=RM4.09), while for the businesses, it will depend on the revenue.

Meanwhile, MHB Group chief executive officer Lee Sang Hui said with a minimum sum assured of US$500,000, Signature Heirloom (II) will help business owners achieve their business continuity plans, many of whom have large asset bases that are not always liquid.

“Since it is US dollardenominated, it is viewed as more stable while being flexible enough to adapt to changing business needs.

“Manulife Malaysia is confident with StanChart’s strong presence and wide distribution network in Malaysia, everyone will be able to benefit from the offerings of the product,” he said.

Lee said the product offers much more convenience for those who are looking to enhance their legacy locally.

“It will reward healthy customers with lower insurance charges, as well as allowing the life insured to be changed in the future,” he added. — Bernama