StanChart eyes 20% market share with US dollar insurance plan

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

It said the plan is one-of-a-kind legacy building product introduced 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 high-net-worth individuals for them to grow and transfer their wealth to the next generation.

Managing director and chief executive officer 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% 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) here.

Source : TheStar