Issue No. 6 April - June 2011
Message from the PresidentIndustry Events
Industry NewsQ&A with Kevin Holmgren

Message from the President

LIA PresidentForty-five per cent growth spurred by sales across all products

Straight from closing 2010 on a high note, the life insurance industry continued the uptrend into the first quarter of 2011, recording $460 million in weighted* new business premiums, a 45 per cent increase over the previous corresponding quarter.

Weighted regular premiums reached $294 million, registering a 35 per cent growth over the same period in the previous year. Single premium sales soared by 65 per cent to reach $166 million. Of this amount, 17 per cent comprised CPF-funded business.

Robust growth has come on the back of strong consumer confidence. The economy is in good shape and we are optimistic that the life insurance industry will remain strong for the rest of this year.

*Weighted new business premium is calculated as 10% SPI + 100% API with adjustment for premium payment terms of less than 10 years.

Know Your Client

Seventy-seven per cent of life insurance applications were completed with a full or partial fact-find, an improvement of 11 per cent over the preceding period.

Observing that the fact-find experience has been improving since 2010, I am heartened that more and more consumers see the value and benefit of going through such an exercise with their financial advisers. To lend support to the momentum, we are pressing on with consumer education efforts.

LIA radio campaign 2011

  • Know It All on 938LIVE (in English)
  • Capsules on Capital 95.8FM (in Mandarin)

The industry's main initiative for this year will be aired over 13 weeks from 27 June to 23 September.

25th Pacific Insurance Conference 2011

This year marks the return of a special event for the life insurance industry. The LIA and Singapore will host the 25th Pacific Insurance Conference (PIC), a biennial forum for chief executives helming life insurance, retirement savings or wealth management businesses from the Asia Pacific region, Europe and North America to network and exchange perspectives.

With the theme Back from the Brink: Seizing Today's Opportunities; Conquering Tomorrow's Challenges, the Conference will be held from 11 to 14 September at the Marina Bay Sands.

The LIA is proud to be associated with a highly regarded and long established conference brand. The Singapore Conference will deliver a slate of distinguished speakers who will address key issues of the day.

I keenly urge local practitioners to sign-up so as not to miss this chance of hearing and interacting with some of the world's top executives on how to build and sustain successful life insurance operations in demanding times.

Signature

Tan Hak Leh

Industry Events

25th Pacific Insurance Conference
11 - 14 September 2011, Marina Bay Sands Singapore

Back from the Brink:
Seizing Today's Opportunities; Conquering Tomorrow's Challenges

Early Bird registration fee
 
Registration is open! Go to
www.pacificinsuranceconference.org

On or before 15 July (EB)    USD 1,495 / SGD 1,950
After 15 July  USD 1,695 / SGD 2,150

 

Who should attend

Life insurance, retirement savings and wealth management industry leaders
-  CEOs
-  Senior Executives
-  Regulators
-  Educators
-  Specialists

Guest of Honour

Lim Hng Kiang, Minister for Trade and Industry, Singapore

Speakers and Topics

12 September 2011

PIC Cover

Keynote Address by Guest of Honour, Minister for Trade & Industry & Deputy Chairman of Monetary Authority of Singapore
 
Special Presentation
(TBC)
 
Plenary Session 1
Executive Panel Discussion
    Bancassurance and Its Impact on Consumers and the Insurance Industry
    -  David Fried, Chairman & Chief Executive Officer, HSBC Insurance Holdings
    -  John Van Der Wielen, Managing Director Wealth, ANZ Australia
    -  Chris Wei, Group Chief Executive Officer, Great Eastern Holdings

13 September 2011

Plenary Session 2
An Industry in Transition
    The Changing Face of Insurance in Asia

    -  Barry Stowe, Chief Executive, Prudential Corporation Asia & Executive Director, Prudential plc
    Investing Policyholder Funds for Safety and Growth
    -  John Dacey, Chief Executive Officer, Japan Asia-Pacific Business Unit, AXA
    Improving Agent, Staff and Customer Retention
    -  Yuan Siong Lee, Chairman & Chief Executive Officer, Ping An Life

Plenary Session 3
Achieving Growth in Challenging Times
    How will the Advisory Sector Evolve in the Next Decade?

    -  Robert Cook, Senior Executive Vice President & General Manager Asia, Manulife Financial
    Optimising Customer Satisfaction - Maximising Customer Value
    -  Cathy Honor, President, RBC Insurance
    Retirement Savings - Why the Public Should Choose Us
    -  Roger Steel, Chief Executive Officer, Sun Life Hong Kong

14 September 2011

Special Presentation
India - Conquered or Forgotten?

    -  Kamesh Goyal, Regional Chief Executive Officer, Allianz SE Insurance Management Asia Pacific

Plenary Session 4
Executive Panel Discussion
    Reinsurers - Architects of a Stronger Industry

    -  David Howell, Chief Executive Officer, Pacific Life Re
    -  Gerd Obertopp, Deputy Managing Director, Hannover Life Re International
    -  Martyn Parker, Member of Group Management Board, Asia Division Head, Swiss Re
    -  Dr Joachim Wenning, Member of the Board of Management, Munich Re
    -  Greig Woodring, President & Chief Executive Officer, RGA
 
Pre-Conference Road Show
Grand Hyatt Singapore
16 June 2011

PIC Cocktail - Photo 1 PIC Cocktail - Photo 2 PIC Cocktail - Photo 3
PIC Cocktail - Photo 4

Some 30 practitioners in life insurance and financial services attended a cocktail reception hosted by Mel Gottlieb, Chairman of the Pacific Insurance Conference Limited, and Michael Huddart, a member of the PIC Board, at the Grand Hyatt.

LIA Radio Broadcasts for Consumers
27 June to 23 September 2011
 
Tune in to a radio snippet series sponsored by LIA in English and Mandarin, which seek to raise public awareness concerning three themes, namely, financial advisory; protection, savings and investment; and wealth management.

938LIVE Logo

938LIVE 'Know It All'
 
Mondays to Fridays
Three times a day at 7:50am, 12:50pm and 6:50pm

Capital 95.8 Logo

Capital 95.8FM
 
Mondays to Fridays
Once a day at random between Morning 6:00 to 10:00am and Evening 5:00 to 8:00pm

LIA Networking Evening
Society Bar at One Raffles Link
28 June 2011

LIA Networking Session (28 June 2011) - Photo 1 LIA Networking Session (28 June 2011) - Photo 2
LIA Networking Session (28 June 2011) - Photo 3 LIA Networking Session (28 June 2011) - Photo 4
LIA Networking Session (28 June 2011) - Photo 5 LIA Networking Session (28 June 2011) - Photo 6

Industry News

 Manulife Service Centre
Ribbon-cutting ceremony at Tampines Grande
Left to Right: Robert Elliott, Chief Distribution Officer, Manulife Singapore; Annette King, President & CEO, Manulife Singapore; Philip Hampden-Smith, Executive Vice President and General Manager South East Asia Operations, Manulife Financial

Manulife Singapore opens Financial Advice and Customer Service Centre
Tampines Grande
June 2011

Along with business growth, Manulife Singapore expanded to the east of Singapore with a new Centre located at No. 9, Tampines Grande.

Ms Annette King, President & CEO, said: "Setting up this new additional office is a demonstration of our commitment to Singapore. Being in Tampines gives Manulife greater proximity to our clients in the Eastern zone. As a forward-thinking and reliable Company, we have expanded to serve them better."
 
Manulife Singapore topped the most recent Customer Service Satisfaction Index of Singapore for the financial services sector, scoring 68.5 points against the sector average of 66.2 and national average of 67.2 for all industries surveyed. This is an annual survey conducted by Singapore Management University.

Q&A with Kevin Holmgren

Kevin Holmgren - Photo 1With sterling credentials and an impressive career track record, one can see how Kevin Holmgren is a natural fit for his current role. The CEO of Prudential Assurance Singapore, a US citizen, started his journey when he received his Bachelor of Science (Finance) from University of Connecticut and then his Masters in Business Administration from Southern Methodist University.

With nearly three decades of experience in the insurance industry under his belt, this industry veteran has chalked up an illustrious career portfolio.  He rates his leadership skills as one of his strengths and one can understand why. He has held a notable number of management and regional positions in America and Asia throughout his 29 years in the insurance business.

He recognises that success does not come easy. "Hard work, resilience and strong perseverance are just some of the qualities you need to accomplish great things in life."

He spent 12 years in his first job at Allstate Insurance in the United States, holding various management roles. Thereafter, he flew across the world and joined AIA Malaysia in Kuala Lumpur for four years as the Vice President of Financial Planning and Personal Lines. He joined Prudential Asia in 2000, taking on leadership roles as the Director of Agency Development and Co-COO, Insurance, and CEO of PT Prudential Life Assurance in Indonesia for seven years, before his recent move to Singapore.

Today, Kevin helms Prudential Assurance Singapore where he leads his team in striving towards becoming the market leader.  "Our customers come first, and so we must deliver the best to them."

What drives this man? - "My desire to build a solid foundation for my wife and daughter, and to deal successfully with challenges that come my way," he said.

Kevin considers his new role a natural transition from working with a developing market in Indonesia to a more established one in Singapore.

Kevin Holmgren - Photo 2 Kevin Holmgren - Photo 3

A family man at heart, Kevin enjoys time out with his wife and daughter, as well as friends after a hard day's work.  He shares with LifeWire some of the things he hopes to achieve in his professional and personal capacity:

Q: Tell us a little-known fact about yourself.

To date I have moved 20 times in my life - 13 times within the USA and 7 times in Asia.

Q: What do you hope to achieve in life?

 I want to maintain a successful marriage, to raise my daughter well, to achieve financial independence, and to be able to help others who are in need.

Q: What are your leisure pursuits? 

I enjoy running, working out, reading, listening to music, and socialising.

Q: A couple of my proudest moments were....

The day I got married, when my daughter was born, and my first CEO posting.

Q: Complete the sentence:  I love life because....

I have a loving family and good friends, I have the ability to help others, I have good health and I've had various accomplishments.

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