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China Life Singapore: Contributing to the digitalisation of Singapore’s insurance sector

IFM_ China Life Singapore
China Life has remained on the prestigious list of Fortune Global 500 companies, and in 2022, achieved its all-time best ranking of 40

China Life Insurance (Singapore) Pte. Ltd., established in 2015, is a licensed life insurer which is regulated by the Monetary Authority of Singapore. As part of China Life Insurance (Group) Company (“China Life”), which is the largest Chinese government-owned financial insurance corporation, the Singapore entity has been growing from strength to strength. For 20 consecutive years, China Life has remained on the prestigious list of Fortune Global 500 companies, and in 2022, achieved its all-time best ranking of 40. As an influential global entity, the company has a brand value of RMB 452.539 billion.

China Life Singapore’s parent company, China Life Insurance (Overseas) Company Limited (“China Life (Overseas)”) is a wholly-owned subsidiary of China Life. With a total asset value of HKD 454.6 billion (as per December 2021 stats), it has become one of the largest financial institutions in Hong Kong. Its total premium income stood at HKD 59.7 billion in 2021. China Life (Overseas) has extended its footprint in the region of Southeast Asia in recent years, as it established subsidiaries in Singapore and Indonesia in 2015 and 2018. In October 2022, it got an ‘A1’ rating from Moody’s on the back of its solid insurance financial strength. This was further backed by another ‘A’ rating (long-term local currency issuer credit rating and insurer financial strength rating) from Standard & Poor’s in December 2022.

China Life Singapore won an award in the 2022 International Finance Awards for ‘Most Innovative Life Insurance Company – Singapore 2022’.

China Life Singapore operates on the commitment of offering value-added financial solutions to customers, so that the latter can fulfil their risk protection, retirement, wealth management, and legacy planning needs.

The Company also believes in the principle of giving back to society through its corporate social responsibility activities to make a positive impact on the community and customers in Singapore.

Moody’s assigned insurance financial strength ratings (IFSR) of A3 to the Company in November 2022, which validates the financial institution’s stable outlook. China Life Singapore currently has a network of 19 branches, formed by a strategic partnership between two banks. It also has 24 strategic partners, which were formed by brokerages and wealth management companies. China Life Singapore launched Agency Channel, with an aim to penetrate the local insurance industry and built a trusted and experienced team, which would provide top-notch services to both local clients and high-net-worth individuals.

In recent years, the company has been emphasizing the importance of technology, while injecting new impetus into the process of exploring and transforming new business models. China Life Singapore is eyeing an aggressive move towards the path of digitalisation, apart from providing featured products and sales channels, and last but not the least, expanding branding.

The company has been building up an efficient distribution network by strengthening the relationship with key business partners and expanding distribution networks. The company has recently formulated the “three-year business plan,” where it is using actuarial models to forecast profit and loss in the upcoming 3-10 years.

China Life Singapore launched its agency channel in 2020 to serve its valued customers. The Company is using “products”, “channels” and “investment” as three “wheels” to jointly promote its new business model. This agency channel will also help China Life Singapore to a timely rollout of its new products, apart from strengthening distribution channels and enhancing customer services to provide comprehensive and personalized products.

Talking about China Life Singapore’s transformation, the company launched OneLife core system, peripheral systems and put these into production on 28 February 2022. OneLife is the new generation of core systems and plays a key technical support role for China Life Singapore’s overall business development.

OneLife core system and its peripheral systems will significantly enhance operations’ processing time, reduce overall turnaround time and minimise human errors. These improve the efficiency in acceptance of new business and policy servicing which enhances customer experiences. OneLife will also allow flexibility in product development with improved features, addressing the diverse needs of customers.

Since 2020, the Company has successfully held ‘Innovation Forum’ twice to encourage employees to focus on value growth, actively enhancing innovation consciousness and leveraging on the staffs’ professional strength to solve operational difficulties. Through the forum, projects were presented, keeping in mind the innovations in systems, processes, business tools and standards, apart from providing best practices and support for the exploration of new business models, which in turn would assure high-quality growth for the company.

China Life Singapore introduced the China Life customer branding event of “Kids Art” to Singapore for the first time in 2021, and continued to host that in 2022.

This non-profit event aims to inspire the imagination and creativity of youngsters in Singapore, in order to draw a healthy life, a green future and family harmony.

During the 2022 chapter of the event, many wonderful masterpieces from kids’ artists were displayed. These received massive support as over 10,000 people participated in the voting campaign. Local art centres extended their helping hand as well.

China Life Singapore is backing the art platform built by “Kids Art” to provide a stage for Singapore’s talented young generation to realize their dreams, apart from growing up in the nourishment of art, culture and education. The Company will take this series of “Kids Art” competitions in Singapore as a long-term branding event.

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