Zurich targets Singapore as growth engine for corporate sales
Zurich International Life (ZIL), one of the leading international insurance companies, officially unveils its International Group Protection and International Pension Plan in Singapore. Neal Armstrong, branch manager for ZIL in Singapore said: “Zurich is responding to the growing demand in Asia to provide employee benefit solutions for multinational companies that locate their headquarters in key regional hubs such as Singapore and Hong Kong. The lack of flexible international plans and restrictions in Section 5 (of the Central Provident Fund) and Supplementary Retirement Scheme plans leave employers looking for alternative ways to improve retirement benefits for their employees.”
The International Pension Plan is one of the first corporate savings plans to gain approval from the Monetary Authority of Singapore. A unit linked, defined contribution group savings plan, it is designed to meet the retirement needs of the expatriate and internationally mobile staff of a multinational company. The plan can also be used as a supplementary top-up plan to the Central Provident Fund. The award winning International Group Protection plan is a term insurance contract that provides death, disability and income replacement benefits in a single flexible plan. The plan is suitable for the group insurance requirements of both Singapore local companies and multinationals, and as a single plan it can help reduce costs and administration.
ZIL’s corporate sales manager for Singapore, Benn Gilmour, adds: “I’m delighted that we can now offer a comprehensive corporate solution for multinationals here in Singapore. Zurich has seen positive growth in the region and it’s a natural progression for us to extend our product range to meet the demands of the strong corporate market. Both plans offer flexibility as standard and it’s through our experience of implementing and administering corporate solutions over the last 20 years, for many different organisations worldwide, that we’ve gained the expertise to offer such adaptable solutions.”
Source: Zurich International Life www.zurich.com