HSBC Life Singapore secures win in Insurance Asia Awards 2020

The company was recognized for its one of its kind solution, designed to address the retirement planning gap.

HSBC Life Singapore was awarded the New Insurance Product of the Year - Singapore in the 5th year of Insurance Asia Awards, presented by Insurance Asia magazine.

The awards programme recognises the most acclaimed insurance firms in Asia that have introduced exceptional initiatives and solutions that empowered them to successfully adapt with the rapidly changing customer demands and digital transformation.

HSBC Life proved to be one of the top insurance companies with its one of its kind solution currently available in Singapore, designed to address the retirement planning gap through its product—HSBC Life Variable Annuity.

Life expectancy in Singapore is at 84.8 years which is the highest in the world. While rising longevity is good news, it is also creating greater financial uncertainty among Singaporeans, with many believing they do not have enough financial resources to live well during their senior years. Furthermore, a report polled 2,000 working adults on their financial state of health and found out that Singaporeans are financially unprepared for retirement.

Retirement and income planning is a key customer need in Singapore. Customer surveys, interviews, macro statistics, and understanding of customer needs led the insurance company to build a unique solution, HSBC Life Variable Annuity, a one of its kind solution, which is designed to address the retirement planning gap in Singapore.

Most customers want to grow their retirement funds however they are not confident about investing due to market uncertainties. This customer confidence crisis is a key barrier that prevents customers from investing to fulfil their future goals.

Furthermore, 1 in 3 Singaporeans do not invest and view investing as gambling. Meanwhile, 27% of Singaporeans who invest, speculate excessively with returns that fare poorly whilst 67% favor using their savings account as one of their financial planning instruments. The impact of the pandemic has also caused the Dow to drop by more than 20%, after an 11-year run in the bull-market territory.

HSBC Life notes that in this uncertain market environment, HSBC Life Variable Annuity customers have been protected from the market downturn, resulting from the negative effect of COVID-19.

With the product’s launch in January, HSBC Life stands as the only company in Singapore to offer this solution presently, reflecting a combination of innovation and passion to bring the best to customers and push the boundaries for better.

As many Singaporeans reach a pivotal period of their lives, they are starting to reach retirement and have a greater need to maintain a steady income for the years ahead. HSBC Life’s solution responds to these needs by ensuring Singaporeans remain invested and protected from any sudden market downturn, while allowing them to take advantage of any potential upside.