Cover Harpreet Bindra, CEO of HSBC Life Singapore
Harpreet Bindra, CEO of HSBC Life Singapore
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With both the expertise and perspective necessary to meet its clients’ wealth management needs, HSBC Life Singapore’s CEO Harpreet Bindra believes that the business is better positioned than ever for success
The past few years have seen Singapore witness a record inflow of wealth, with the Monetary Authority of Singapore reporting an increase of about 50 per cent in assets under management from 2017 to 2022. As the country strengthens its position as a leading financial centre in Asia with immense growth potential, the rise of options for wealth protection, accumulation and management has intensified.
Catering to the burgeoning needs of this high‑net‑growth segment, and to realise its ambitions of becoming Asia’s leading wealth manager, banking and financial services group HSBC has been actively expanding its insurance capabilities to round out its portfolio of holistic financial services—including acquiring AXA Singapore in 2021 for US$ 529 million, which it has since integrated into HSBC Life. HSBC Life is the bank’s insurance arm, with a mandate to help customers grow and protect their wealth through integrated health, wealth and protection propositions to support the holistic wellbeing of their customers.
Above Harpreet Bindra, CEO of HSBC Life Singapore
Harpreet Bindra, CEO of HSBC Life Singapore
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The company is now entering the next stage of evolution, marked by the appointment of Harpreet Bindra as CEO of HSBC Life Singapore in September 2023. Bindra, who has more than two decades of leadership experience in the insurance and financial services industry, was most recently based in Hong Kong as the global head of strategy and business development for HSBC Global Insurance and Partnerships, and his move solidifies the entity’s commitment to providing premium, diverse coverage to high‑net‑worth individuals (HNWIs) while tapping HSBC’s global bank of services. “HSBC Life’s competitive edge is being part of HSBC Group. Our role in a banking and financial institution means that we’re thinking beyond our clients’ insurance needs to manage their wealth more holistically,” he shares. “Beyond that, we can leverage the Group’s expertise and services to service our clients’ needs across the wealth spectrum and throughout their life stages.” Bindra elaborates on this and more in the following interview.
What are your thoughts and plans, now that you’ve settled in as CEO of HSBC Life Singapore?
I was heavily involved in HSBC’s acquisition of AXA Singapore and the development of post-merger integration plan and business strategy. Taking over as its CEO feels like the natural next step and my focus is now on steering the company through the next phase of growth and transformation.
Singapore is an ageing society. Almost one in four Singaporeans will be over the age of 65 by 2030. It’s therefore important for us to partner our customers in starting their retirement planning journey early, so they can enjoy retirement in a fulfilling way. This includes not only partnering with them in wealth accumulation ahead of retirement, but also helping them put together a comprehensive post‑retirement financial plan that provides a stable income, adequate medical coverage and long‑term care.
Wellbeing is a growing area of importance for Singaporeans, and life insurers can play a pivotal role in proactively promoting wellness. A holistic wellness proposition beyond insurance can help cover a wide range of customer health and well‑being needs, as well as reduce morbidity risks through fostering a healthier lifestyle.
Mortality and critical illness protection gaps, too, remain significant in Singapore. With our comprehensive suite of solutions, we’re well poised to meet our customers’ protection needs in these areas. Key to this is high‑quality needs‑based financial planning advice, which we will continue to deliver through our multiple distribution channels including HSBC Life financial advisers, banking relationship managers as well as representatives of financial advisory firms we partner with.
In addition, by leveraging our advantage of being an integral part of HSBC Group, we are uniquely positioned to offer integrated insurance and banking propositions to our customers, delivered in a seamless and cohesive manner. We’re also able to tap into HSBC’s global expertise to meet the bespoke and sometimes complex needs of our high‑net‑worth (HNW) clients.
“Younger HNWIs are often looking for more ‘interesting’ options such as indexed universal life products, which offer investment returns based on the index they’re tagged to”
Have you observed any trends within the HNW segment over the past decade, in terms of wealth management? How have the needs of HNWIs evolved?
Legacy planning and wealth accumulation remain key priorities for HNWIs, but the younger generation of HNWIs are embarking on this journey even earlier, setting a more resilient foundation for intergenerational wealth planning and transfer. They’re also more savvy and are often looking for more “interesting” options such as indexed universal life products, which offer customers the upside opportunity of equity markets through an Index Account whose performance tracks internationally recognized indices, with the protection from market downturns with a floor, protecting the policy from negative investment returns.
A more recent development is the rise in financing costs given higher interest rates, which has led to clients shifting from premium financed single premium policies to products with regular‑ or limited‑pay premium options for greater flexibility.
How, then, is HSBC Life meeting these evolving needs of HNWIs?
HSBC Life Singapore is one of the leading HNW life insurers in Singapore. We offer a complete range of insurance solutions to cover HNW clients’ needs across protection, savings, wealth creation and preservation, legacy planning, and health. Beyond that, our solutions are also highly customisable—particularly those for HNW clients. From traditional whole life products to universal life and variable universal life plans, as well as international health plans, we offer different options based on each client’s needs, risk appetite, and financing preference. Driven by our belief that physical, mental, and financial wellbeing are interconnected, we also look for opportunities to support customers in maintaining a lifestyle that can boost their physical and mental wellbeing.
It’s important to note that HNW clients have unique needs that require a high level of expertise to manage. We have a highly experienced and dedicated HNW servicing team within our business to offer best-in-class support to our clients and distribution partners, including pre-case screening, submission, underwriting, pricing, premium financing and policy servicing.
Why do you think that HSBC Life is well-placed to serve the insurance and wealth protection needs of people, specifically the HNW segment in Singapore?
HSBC Life is part of HSBC Group and as one of the largest financial institutions in the world, serving over 40 million customers in over 60 countries, HSBC’s financial scale and strong brand make us an insurer of choice for our customers.
HSBC has a proud history in Singapore dating back to 1877 and we have long-standing relationships with a number of HNW clients, sometimes spanning generations. Our ability to offer integrated banking, wealth and insurance propositions to our customers sets us apart. Our international connectivity is another key differentiator as a number of our HNW clients are internationally minded and seek opportunities across borders.
HSBC Life Singapore has a comprehensive suite of HNW insurance offerings in the market, that are delivered with high quality financial advice.
Our diverse distribution channels and strong relationships with our distribution partners adds to our strength. As part of its Asian Wealth strategy, HSBC is making significant investments in Singapore and HSBC Life Singapore is continually expanding its capabilities in terms of people, process, propositions and platforms to be able to better serve the needs our customers in Singapore.
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