China Taiping Insurance Group has launched a life insurance business in Singapore as it expands its business to become a composite insurer in the city-state.
The company, a state-owned enterprise with China's Ministry of Finance as its ultimate shareholder, has a track record of 80 years in Singapore.
China Taiping Insurance Singapore (CTPIS) gained a licence to write life policies from the Monetary Authority of Singapore in August 2018.
CTPIS said it plans to leverage its parent company’s artificial intelligence technology to boost productivity and improve customer service.
Lance Tay, general manager for life insurance at CTPIS, said demand was growing for quality protection and wealth management products as a result of growing affluence and an ageing population.
Tay said the insurer is now ready to provide solutions that include savings and retirement, financial protection and legacy transfer.
He added that CTPIS plans to target the mass affluent market via financial advisory firms and banks and reach high-net-worth clients through international brokers and private banks.
Yang Yamei, the general manager of CTPIS, said the latest developments form part of the group’s broader vision to build an international and “state-of-the-art financial insurance group with global competitiveness”.
CTPIS did not respond to further questions on its expansion, sent by InsuranceERM today.