AIA Singapore Launches Wealth Centre to Serve Domestic and Regional HNWIs and Wealthy Families Including International Private Medical Insurance

In this iPMI Global regional country update, international private medical insurance (iPMI) market analyst Ian Youngman looks at news from AIA Singapore, who have launched a wealth centre to serve domestic and regional HNWIs and wealthy families.

• AIA Singapore unveils wealth strategy and ambitious plans to be the top insurer in the wealth segment.
• The increase in regional and domestic wealth primes AIA Singapore's wealth strategy with the launch of AIA Wealth Centre to provide bespoke experiences for customers in Singapore.
• AIA Singapore has launched AIA Wealth Centre, dedicated to serving regional and domestic affluent and high-net-worth (HNW) individuals and families.
• AIA Singapore's wealth strategy is a strategic response to the projected surge in Asia's affluent population, which is expected to grow 61 percent to reach 28.2 million individuals by 2026, compared to 17.5 million in 20211.
• Singapore is also expected to see its share of this growth, with the number of HNW individuals increasing by 12 percent to 592,000.
• Alongside the rising affluent population, Asia is experiencing significant growth in family offices.
• This trend mirrors the growing need of wealthy individuals and families seeking a more holistic approach towards wealth management and an increased focus on legacy and well-being. 
• AIA Wealth Centre is a one-stop wealth centre dedicated to offering holistic wealth management services for affluent and HNW customers that is accessible only by invitation. Beyond traditional wealth preservation and accumulation consultation, customers have access to a specialised panel of experts on areas such as legal, tax and trusts.
• This multi-disciplinary approach ensures that clients achieve their personal financial goals and well-being aspirations within a holistic framework.
• It is a strategic investment by AIA Singapore to demonstrate the insurer's commitment in providing tailored solutions and unparalleled experiences to clients, within an exclusive space.
• This commitment to exclusivity reflects AIA Singapore's deep understanding of the needs and aspirations of its affluent and HNW clients.
• The company's is also underpinned by its strong commitment to Singapore's vision of becoming a premier global financial centre.
• This strategic focus aims to attract wealth across the region and contribute to Singapore's economic prosperity, while bolstering Singapore's position as a trusted, vibrant, and well-regulated financial centre for discerning investors. 
• The launch of AIA Wealth Centre and AIA International Wealth, demonstrates a commitment to a wealth strategy as part of a strategic focus to be the pre-eminent insurer to address the needs of the growing affluent and HNW client segment in Singapore as well as across the region.
• AIA International Wealth, a wholly owned subsidiary of AIA Singapore leverages on the strengths of Singapore as a trusted financial hub, focused on helping the affluent and HNW customers to grow and manage their wealth.
• This is delivered through a specially curated suite of insurance solutions, tapping onto AIA's longstanding heritage in wealth management and insurance expertise to better cater to customers' specific financial needs.

Analysis

• This is bringing the tired 20-year-old way of servicing HNW customers into the modern world.
• It will probably be copied globally and be a game changer for HNW insurance.
• The range of services offered includes private medical insurance (PMI) and international private medical insurance (iPMI).
• HNW is one of the biggest growth areas for international private medical insurance (iPMI).
• Specialist brokers of various levels of quality- offer much HNW business but most such HNW packages do not include health insurance.
• More international private medical insurers now target HNW.
• This is the first time a major insurer has offered a full range of HNW services rather than just being an excuse to offer a few products.

About the Author

Ian Youngman is an independent writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.