HSBC Life Singapore has announced the appointment of two new senior executives to its leadership team, a move that reflects the company’s strategy to enhance its distribution channels and product offerings.
The appointments are part of HSBC’s broader ambition to address evolving customer needs in Asia and position itself as a leading wealth manager in the region.
Effective Sept. 30, Ouling Lu assumed the role of chief product propositions officer.
In this position, he will spearhead efforts to drive the growth of HSBC Life’s products in Singapore, focusing on innovation and customer engagement. He will also manage the company’s existing portfolio of policies.
Lu brings extensive experience to the role, having served as head of products and propositions for Greater Asia Life at Milliman, and holding leadership roles at Allianz across Asia, Europe, and the US.
Michael Wei has been appointed to the role of chief partnership distribution officer, effective Oct. 1.
He will be responsible for overseeing HSBC Life’s bancassurance, high-net-worth, and financial advisory distribution channels in Singapore while leading the company’s sustainability and corporate social responsibility initiatives.
Wei’s background includes over two decades in the life insurance and banking sectors, with prior leadership positions at Citi, OCBC, Manulife, and most recently Sun Life Singapore, where he was chief partnership and marketing officer.
Both executives will report to Harpreet Bindra, CEO of HSBC Life Singapore.
Bindra said the new hires’ leadership and experience will be instrumental as the company works to strengthen its business in Singapore and advance its strategic goals.
“I am pleased to welcome Michael and Ouling to my leadership team. Both senior leaders bring with them a wealth of experience and a passion for innovation that will be invaluable as we continue to execute our strategy and expand our market presence in Singapore,” he said.
Early this year, HSBC Life received the Employee Engagement of the Year award in the financial services sector at the 2023 SBR Management Excellence Awards, an accolade that underscores the company’s commitment to fostering a positive work culture.
The award recognises HSBC Life’s efforts to integrate and engage its workforce, particularly following the merger of its two insurance units earlier this year, which brought together 800 employees under the HSBC Life Singapore banner.
In support of its employee engagement initiatives, HSBC Life introduced a “Culture Tribe,” which comprises over 20 staff members from various departments who work to enhance communication, trust, and inclusion across the organisation. This group has organised more than 30 activities to foster collaboration and raise awareness of employee benefits.
Regular communication is another key aspect of the company’s engagement strategy. HSBC Life has held six town hall meetings to ensure that staff remain informed about the company’s direction and business objectives while providing digital platforms to facilitate interaction among employees.
As part of its corporate social responsibility initiatives, HSBC Life participated in the OneMillionTrees movement, with a notable level of staff involvement. The company was also recognised for its CSR efforts, receiving the “Friends of Red Cross” award in October 2023, presented by the president of Singapore.
