SINGAPORE, March 7, 2023 /PRNewswire/ -- China Life Insurance (Singapore) Pte. Ltd. ("China Life Singapore" or "the Company") has won an award in 2022 International Finance Awards for Most Innovative Life Insurance Company - Singapore 2022.
Value Enhancement
China Life Singapore aims at high quality
Established in 2015, China Life Singapore 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 state-owned financial insurance corporation in China, China Life Singapore is backed by its financial strength and established heritage^. For 20 consecutive years, China Life is a Fortune Global 500 company, ranking 40 in 2022. It is an influential global brand with a brand value of RMB 452.539billion.
The Company's parent company, China Life Insurance (Overseas) Company Limited ("China Life (Overseas)") is a wholly-owned subsidiary of China Life. It has grown to become one of the largest financial institutions in Hong Kong with a total asset value of HKD 454.6 billion (December 2021) and a total premium income of HKD 59.7 billion in 2021. China Life (Overseas) has extended its footprint in Southeast Asia region in recent years, and established subsidiaries in Singapore and Indonesia in 2015 and 2018 respectively. Its financial rating by Moody's was "A1" (insurance financial strength rating in October 2022) and by Standard & Poor's was "A" (long-term local currency issuer credit rating and insurer financial strength rating in December 2022).
As a socially responsible company, China Life Singapore is committed to offer value-added financial solutions to customers to fulfil their risk protection, retirement, wealth management, and legacy planning needs. The Company believes in giving back to society through its corporate social responsibility activities to make a positive impact on the community and customers. Moody's has assigned insurance financial strength ratings (IFSR) of A3 to the Company in November 2022. The outlook is stable. China Life Singapore has a network of 19 branches formed by strategic partnership of 2 banks, and 24 strategic partners formed by local and international brokerages, and wealth management companies. The Company has officially launched Agency Channel. It aims to penetrate the local insurance industry and built a trusted and experienced team, equipped to provide utmost services to local clients and high net worth clients.
Business Strategy
Its three-year business plan is supported by actuarial science
Since establishment, the Company continuously reformed and innovated, as to provide excellent service to customers. In recent years, the Company has emphasised the importance of technology as the basis and injected new impetus into its development in the process of exploring and transforming new business model.
To achieve the goal of excellent customer service experience, China Life Singapore is committed to create greater value for customers by continuing to promote digitalisation, provide featured products and sales channels, and expanding the branding. The Company is also committed to building up an efficient distribution network by strengthening the relationship with key business partners and expanding distribution networks. As a key part of its journey to start a new era of transformation and explore new business models, the Company has formulated the "three-year business plan", using actuarial models to forecast profit and loss in the next 3-10 years. The Company officially launched agency channel in 2020, and the agents are professional, motivated and diligent, to serve valued customers. The Company uses "products", "channels" and "investment" as three "wheels" to jointly promote the maturity of the new business model.
With the new system, we can look forward to a timely rollout of new products, strengthened distribution channels and enhancing customer services to provide customers with the most comprehensive product to suit their needs.
Digital Transformation
The digitalization enhancement helps to meet customer needs
In 2021, the Company promoted the digitalization process of OneLife core system through concerted efforts. The Company officially launched OneLife core system, peripheral systems and put into production on 28 February 2022. The launch of OneLife system marks a new level for the Company's digitalization and core system support.
OneLife is the new generation of core systems, which plays a key and core technical support role for the Company's overall business development. The official launch of the OneLife core system and peripheral systems will significantly enhance operations' processing time which will reduce the overall turnaround time, it will also minimize human errors which improves the efficiency in acceptance of new business and policy servicing, that enhances customer experiences as well. In addition, OneLife will allow flexibility in product development to widen product range with improved features. This help to support China Life Singapore to develop more products to meet the diverse needs of customers.
Innovative Programme
Promote its branding in overseas
From 2020 onwards, the Company has successfully held Innovation Forum twice, which aimed to encourage employees to focus on value growth, actively enhance innovation consciousness, and leverage on their professional strength to solve the difficulties in operations and management. Through the Innovation Forum, many excellent projects were well presented in terms of system innovation, process innovation, tool innovation and standard innovation, to provide best practice and theoretical support for the exploration of new business models, and assist the Company to achieve high quality growth.
Furthermore, the Company introduced the China Life customer branding event of "Kids Art" to Singapore for the first time in 2021, and continued to host this competition in 2022. This is a non-profit event that aims to inspire the imagination and creativity of children and teenagers in Singapore, to draw a healthy life, a green future and family harmony.
The "Kids Art" Drawing Competition held by China Life Singapore last year, had many wonderful masterpieces from kids' artists. The masterpieces received hundreds of thousands of votes with more than 10,000 people participated actively in the voting campaign. It has also received extensive attention and praise from public, enthusiastic support from local art centre and painting institutions inviting more children to participate in the competition and experience the beauty of art.
The Company firmly believes that the art platform built by "Kids Art" will provide a stage for children and teenagers in Singapore to develop their talents and dreams, enabling them to grow up happily in the nourishment of art culture and education. The Company will take this series of drawing competitions with the brand of "Kids Art" hosted in Singapore as a long-term branding competition.
^ Note: The Fortune Global 500 ranking was accorded to our strong ultimate parent company, China Life Insurance (Group) Company. The Moody's and Standard & Poor's credit ratings were accorded to China Life Insurance (Overseas) Company Limited, our parent company.
Source： "Top 500 Most Valuable Chinese Brands" 2022 by World Brand Lab
