As part of the life insurer’s quarterly snapshot for Q1 2024, Singlife has shared some of its insights for the coming year as well as some of the biggest developments within the firm for 2023.
Singlife group CEO Pearlyn Phau said that the company is on track for an “exciting” new year and shared what is on the agenda as it homes in on its strategy and plans.
“We’ll be launching several new products, particularly in the investment and wealth space, while fortifying the competitiveness of our existing core offerings,” Phau said. “Our focus on affluent, emerging families, and young adults will further guide the development of tailored financial solutions.”
In 2023, GROW with Singlife, the life insurer’s wealth investment arm, unveiled three products under its platform. For 2024, GROW with Singlife CEO Akhil Doegar hopes to touch on the impact of digital wealth platforms on financial advisory models as well as the effects of inflation and volatile markets on the insurance investment space.
“The global wealth management industry is undergoing a period of rapid transformation, driven by changing wealth segments, new investor demographics, and the rise of digital wealth platforms,” Doegar said. “This presents both challenges and opportunities for financial advisors in Singapore, who must adapt to these changes to remain competitive and deliver value to their clients.”
The insurer also tackled the gaps in an aging society, with dementia being singled out as the rising threat for the country.
“In Singapore, dementia is a growing concern, affecting 1 in 10 people aged 60 and above,” Phau said. “It is the fifth leading cause of disability here, and with our aging population, the number of cases is expected to rise. Singlife is committed to empowering Singaporeans with knowledge and resources to navigate this journey, for themselves and their loved ones.”
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