Life insurer Prudential Singapore K6S has announced the expansion of its distribution network with the official launch of Prudential Financial Advisers (PFA), its financial advisory arm.
With PFA, Prudential says it now offers a wider range of insurance products including general insurance and wealth solutions. This is in addition to Prudential’s core solutions in whole and term life, health, savings, retirement and group insurance.
The new financial advisory firm will complement Prudential’s existing distribution ecosystem, and aims to better support Singapore residents who are living longer as the country’s life expectancy continues to rise.
Customers will have access to a broad range of products and services including general insurance such as travel insurance and motor insurance and wealth solutions such as unit trusts.
They can also tap on the complementary solutions and auxiliary services including estate planning, family office and tax advisory, provided by PFA’s partners.
Dennis Tan, CEO of Prudential Singapore the launch of PFA will add to the “breadth and depth” of Prudential’s offerings to address customer’s enhanced needs for financial security and healthcare “at every stage of their lives”.
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PFA will be led by industry veteran Bernard Chai who was most recently Prudential’s Head of Agency Transformation before being appointed CEO of PFA.
According to Chai, the financial advisory channel has seen steady growth in the last few years. “Customers today are expecting more one-stop solutions to meet their needs for all-of-life, especially on the back of rising life expectancy, and Prudential Financial Advisers is well placed to meet this need,” he says.
“Prudential’s life insurance offerings as well as general insurance and wealth management solutions from our partners. In this way, we help them to address their healthcare needs, as well as to protect and grow their wealth, so that they can better plan for their retirement,” he adds.
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With the addition of PFA, Prudential’s distribution ecosystem comprises its financial advisory firm, with the new channel offering a range of insurance and wealth solutions to customers at various stages of their financial planning journeys, as well as its tied agency network with more than 5,000 financial consultants in Singapore who distribute our protection.
Prudential’s ecosystem also includes its exclusive bancassurance partnerships with United Overseas Bank (UOB) and Standard Chartered Bank, and its digital channels through its PRUShield and microinsurance plans are offered.
As at 2.20pm, shares in Prudential were trading flat at US$10.03.
