Mr Jason Sadler, Managing Director

HSBC Insurance (Asia-Pacific) Holdings  Limited is a wholly owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited, the founding member of HSBC Holdings plc, the London-based holding company of the HSBC Group. In Hong Kong, insurance activities are conducted through two companies: HSBC Life (International) Limited, a licensed general insurer and HSBC Life (International) Limited, a life insurance and retirement benefits provider.  Outside of Hong Kong, insurance activities have expanded significantly over the past 18 months and now include the wholly owned HSBC Insurance (Singapore) Pte Limited, a 49 percent shareholding in HSBC Amanah Takaful (Malaysia) Sdn Bhd in Malaysia; a 26 percent shareholding in Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited in India, a 50 percent shareholding less one share in Hana HSBC Life Insurance Company Limited in Korea and a 10 percent interest in Bao Viet Holdings in Vietnam.

Maintaining a diverse and comprehensive range of products and services, HSBC Insurance provides its extensive customer base with the security and convenience of being looked after by one organisation. With offices throughout the Asia-Pacific region, it offers retirement benefits, life and medical coverage, as well as business and commercial insurance.

A global player and world-class bancassurer, HSBC Insurance is a rapidly growing business, and during the first half of 2008, profit before tax generated by the business globally reached US$1.6 billion, comprising 16 percent of total Group profit before tax. With over 10,000 staff employed in insurance worldwide, it has access to a potential in-house client base of over 128 million customers and companies within the HSBC Group. The company employs over 2,000 dedicated staff in its Asian underwriting and broking businesses, and HSBC Insurance (Asia-Pacific) Holdings Limited’s total assets stood at US$14.8 billion at the end of last year.

Its success as a leading bancassurer is driven by a number of strategic imperatives. These include cementing its position as a top-ranking life/pensions and investment provider and a world-class ethical credit protection insurer, as well as improving the management of group self-insurance programmes. In addition, HSBC Insurance aims to work with preferred strategic partners to gain scale; maintain its leadership as an insurance broker supporting Commercial Banking and Global Banking and Markets clients and third parties, and provide operational efficiency through straight-through processing (STP) and higher customer satisfaction.

Jason Sadler, Managing Director for Hong Kong, HSBC Insurance said: “Bancassurance is an organic growth driver in Hong Kong. Our strength as a leading bancassurer differentiates us from the rest. Our extensive distribution network combined with our underwriting capabilities and deep knowledge of the customer give us the competitive edge.”
During the first half of 2008, several customer-focused and market-leading initiatives were launched to propel the growth of bancassurance, including STP. Due to its focus on enhanced operational efficiency, STP resulted in benefits including a simplified financial planning review process, underwriting rules and automated data transfer among internal departments.

“Time to sell insurance has been reduced by 60 percent, and 90 percent of customers now walk out of the branch with life insurance cover in place,” added Sadler.

Sadler said that product innovation is a key priority as well. “Over the past years, we have developed pioneering products in the market.  For example, as the leading MPF provider in the territory, HSBC launched ‘SimpleChoice’ in January 2008, the first MPF scheme of its kind in Hong Kong that automatically allocates funds for members according to their age,” he said.

The success of another key product, LifeInvest Protection Plan (10 years Maximizer) drove HSBC Insurance to become No.1 in the Single Premium Market during 2007. Its main selling point was a guaranteed minimum benefit, essential for people concerned about making high risk investments in an uncertain economy. The RetireEnrich Protection Plus (deferred annuity protection) policy is another key product, which aims to provide security to customers with a stream of guaranteed payments to supplement their retirement fund.

The ‘Let’s Travel Green’ programme, introduced in June 2008, is a first for HSBC Insurance. This environmentally friendly initiative supports the Group’s carbon neutrality policy and aims to encourage the use of ‘eco-blocks’ – energy-efficient concrete blocks – in partnership with PolyU. Another new scheme, aimed at making busy customers’ lives much easier, is the sale of travel insurance policies (TravelSurance) across the over 100 ATMs in the territory.

“Establishing a distinct image for the business is an equally important part of the strategy. Our recent roll-out of the ‘Insuring Your Emotions’ brand campaign to differentiate our proposition was a milestone,” added Sadler.

With such a wide range of products on offer, and an unmatched level of professional service, it comes as no surprise that the company remained No.1 in Individual Life New Business (Regular Premium) and in New Single Premium market for the first half of 2008, and No.2 in non-life insurance business (as of 31Dec 07), according to the Office of the Commissioner of Insurance.
– Helen Dalley

PHILOSOPHY
The aim of HSBC Insurance is to be the insurer of choice, and the leader in its chosen markets, by providing solutions that consistently meet or exceed the needs and aspirations of customers, setting the standards for service delivery and value creation among insurers, and being influential in enhancing the development of its industry. It endeavours to be valued by customers, shareholders and staff alike. The overall mission of HSBC Insurance is to protect the lifestyles of personal customers and their families, and to guard the assets, liabilities and employees of its corporate customers, both now and in the future

FAST FACTS

2008
•       ‘Green’ Travel Insurance launch
•       TravelSurance via ATMs
•       SimpleChoice MPF scheme launch
•       Purchased 50 percent less one share in Hana Life to form Hana HSBC Life Insurance Company in South Korea
•       Launched Canara HSBC Oriental Bank of Commerce Life Insurance Company in India
•       Best SME Partner for MPF services and Insurance (Economic Digest Magazine 2007)
2007
•       Purchased 10 percent stake in Bao Viet
•       Launched HSBC Life in Taiwan
•       Excellence in Bancassurances under the Asian Banker Excellence in Retail Financial Services Awards 2007 by the Asian Banker Journal
•       Best SME Partner for MPF Services by Economic Digest Magazine
2006
•       Awarded ‘Life Insurance Company of the Year’ by Asia Insurance Review and London-based The Review - Worldwide Reinsurance
•       Launched joint venture with Jerneh Insurance (31 percent), Malaysia Employee Provident Fund (20 percent) and HSBC (49 percent)

Caption: Jason accepts the award for the Best SME Partner 2008 - MPF Insurance categories organised by Economic Digest