Wen Consulting

14/05/2020

We are hiring!

Work in the most comfortable environment (from home)! https://www.techinasia.com/jobs/f2327253-83b8-4029-83d6-6eaa58c002e0?is_created=true

30/04/2020

Thanks to Singapore Fintech Association, we are now a certified FinTech company in Singapore as an InsureTech Platforms provider for the IFAM platform. We look forward to pushing the boundaries of Fintech in Singapore to greater heights.

23/03/2020

“FIs should cancel or defer all non-critical events such as marketing and promotional roadshows, as well as investment or education seminars.”

MAS issued an advisory to all financial institutions in Singapore, telling them to implement safe distancing measures in all aspects of their business operations, especially customer touch points. This is part of the national effort to reduce the risk of further local transmission of COVID-19.

20/03/2020

Wave of prohibition orders from MAS fires multiple warning shots at every institution's need for strong, updated compliance standards.

The Monetary Authority of Singapore said it has issued prohibition orders ranging from six to 12 years on six individuals, who were formerly insurance agents and bank employees.. Read more at straitstimes.com.

25/10/2018

Another excellent article by Salma Khalik. If these errant doctors and malpractices could be weeded out more actively and aggressively by the Government, policyholders of Integrated Shield plans (especially the private hospital plans) should face less painful and less frequent premium increases in the future.

As well-paid professionals who vow to do no harm, doctors should not be cheating patients by overtreating them or making false claims.. Read more at straitstimes.com.

28/08/2018

The new kid on the block. China Taiping Insurance Singapore received its licence from the Monetary Authority of Singapore to carry out its life insurance business in Singapore.
Will Ping An Insurance follow China Life and China Taiping, and enter the life insurance market of Singapore too?

China Taiping Insurance Group (CTIG), one of four state-owned insurance groups directly managed by China's central government, will work with Enterprise Singapore to promote greater collaboration between Singapore and Chinese companies on regional infrastructure projects under the Belt and Road Init...

23/08/2018

An excellent front-page article in The Straits Times by Salma Khalik on why more hikes in Integrated Shield plans premiums are inevitable, especially for the older policyholders, despite all the past increases.

The premiums have more than doubled over a five-year period in some cases as insurers groan under the stress of mounting claims.. Read more at straitstimes.com.

09/08/2018

This would be the Mother of all takeovers in the insurance industry in Asia if it were to materialise. Other large insurers can be expected to start a bidding war if Prudential Asia is in play.

Ping An Insurance (Group) Co. is considering buying Prudential Plc’s Asia business, people familiar with the matter said, a deal that would reshape Asia’s booming insurance industry and mark the biggest-ever Chinese acquisition.

02/08/2018

Singapore's life insurance industry will have a new player from China soon.

23/07/2018

More choices for consumers in . The fastest growing financial adviser distribution channel in the life industry has a new player with a unique business model.
"New kid on the block Sony Life Financial Advisers has opened a new outlet that has eight relationship managers on hand to offer advice on buying insurance products and financial planning services. The 890 sq ft walk-in store at Westgate, which opened last Friday was inspired by similar outlets in Japan that have proven highly popular...Sony Life Financial Advisers managing director and chief executive Fumio Aono told The Sunday Times that the new LiveLife store gives consumers an option to meet relationship managers in a comfortable area at their convenience. Relationship managers will be paid a monthly salary instead of commissions, unlike at most of its rival firms."

New kid on the block Sony Life Financial Advisers has opened a new outlet that has eight relationship managers on hand to offer advice on buying insurance products and financial planning services.. Read more at straitstimes.com.

21/07/2018

The Business Times published a front-page article (paywall) on the latest annual investment return performance comparison of participating funds of major life insurers in Singapore, based on our post of 18 July 2018.

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2017 has turned out to be a robust year for policyholders of traditional participating (par) policies. But they are likely to have to brace themselves for a more modest performance this year. Read more at The Business Times.

18/07/2018

Prudential has the most top quartile investment performance for its participating (par) fund in in terms of average net returns by duration, from 1 to 12 years up to 2017.

AIA and Manulife rank second and third respectively.

Par products account for over 50% of new business sales in Singapore generally. Insurers must achieve good returns on their par funds consistently in order to deliver the projected returns promised to their par policyholders in the long run. Although high returns may not necessarily translate into high bonus rates for par policyholders, some insurers have indeed raised their declared bonus rates this year due to good returns achieved on their par funds.

The table shows the average net returns on par fund by duration based on the annual net investment returns calculated using the following standardised formula that is commonly used to compare investment yields on insurance funds:

Net Investment Return = Net Investment Revenue / (Average Assets - (Net Investment Revenue)/2)

The average net returns are calculated using geometric mean.

The standardised approach removes differences in formulae that may be used by insurers for their published returns.

The yellow shaded boxes represent average net returns which are in the top quartile, i.e. top 25%, among this group of insurers.

Please note:
1. Past performance is not necessarily indicative of future performance.
2. OAC has been removed from the comparison after the fund merger with Great Eastern in 2017.
3. We will improve the methodology by replacing total assets with policy assets in compiling this annual returns table in the future.

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