Insurance Archives - MARKETECH APAC

Singapore – MoneyHero Limited, a publicly-traded personal finance and digital insurance platform in Greater Southeast Asia, has made a US$8m non-binding offer to acquire 100% of the shares of its competitor, MoneySmart.

MoneyHero’s acquisition of MoneySmart is designed to strengthen its market leadership and unlock significant synergies in Asia’s rapidly evolving personal finance and insurance sectors.

Under the terms of the offer, MoneyHero values MoneySmart at US$8.0m, with additional potential valuation upside. The US$8.0m will be paid in new MoneyHero shares, while any extra valuation upside will be settled in cash, contingent upon the results of a comprehensive due diligence process.

Although MoneyHero aims to acquire 100% of MoneySmart, the company is also considering purchasing shares from individual shareholders on a case-by-case basis.

The US$8.0m offer in MoneyHero shares, plus additional cash based on due diligence, accounts for MoneySmart’s recent capital reduction noted in filings with Singapore’s Accounting and Corporate Regulatory Authority. MoneyHero’s offer includes a premium, reflecting its confidence in the added value MoneySmart will bring to the combined entity.

Rohith Murthy, CEO of MoneyHero, said, “Our offer to MoneySmart reflects the strategic value of combining our two companies. This acquisition will further strengthen our leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation. Given MoneySmart’s recent share buyback, we believe we’ve made a fair and compelling offer that benefits both sides. Most importantly, we believe the synergies from this merger will drive significant value for our shareholders and customers.”

Singapore – The Monetary Authority of Singapore (MAS) has released a statement on the Allianz-Income Insurance deal following a recent parliamentary query on whether the organisation will be working alongside the Competition and Consumer Commission of Singapore (CCCS) regarding the acquisition deal. It is worth noting that this follows a slew of public outcry regarding the acquisition, stating how it will ‘commercialise’ a brand that Singaporeans trust in the insurance space.

The response, made by Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Board Member of MAS, noted that MAS’ primary role as regulator is to promote a sound and progressive financial sector. For the insurance sector, they want insurers to manage their risks well so that policyholders are assured that their long-term policies are safe and will be adequately protected.

Moreover, Tat noted that when MAS assesses the application for a change in substantial shareholder in an insurer, they will consider a range of criteria, in particular, the applicant’s track record, financial soundness, reputation, as well as fitness and propriety.

“MAS had reviewed and was satisfied with the relevant processes Income’s Board had put in place to address conflicts of interest with respect to the appointment of its financial advisor on this proposed deal, and the decision to enter into the deal with Allianz. In the appointment of the financial advisor for the deal, the Chairman of Income’s Board had recused himself. The decision to enter into the deal was made by the Board, comprising a majority of independent directors,” he stated.

Moreover, Tat also highlighted that fostering a competitive insurance market with financially strong insurers is a key part of MAS’ approach to ensuring that insurers operate sustainably and serve the public well. They believe that a competitive market is the most effective way to meet the insurance needs of Singaporeans, and facilitate access to affordable insurance options and good service over the longer term.

“The insurance market in Singapore is highly competitive. There are currently more than 50 direct insurers in Singapore offering a wide range of insurance products to meet the insurance needs of individuals and businesses. In both life and general insurance, Income has market shares of less than 10% based on written premium. For many insurance products, Income does not always offer the lowest prices compared to other insurers,” he remarked.

Lastly, he stated that he understands the public concerns and even those in the government, assuring them that MAS has regulatory requirements and guidance in place for insurers to maintain sufficient capital reserves, put in place robust governance and risk management frameworks, and also to treat their customers fairly.

“Should the proposed deal be approved, there will be no change to the terms and conditions of existing insurance contracts. MAS expects Income to fulfil its obligations to all policyholders under the terms of its existing insurance contracts. I note that Allianz has also publicly stated its intent for Income to continue to honour the terms of the existing policies underwritten by Income and ensure a seamless transition with no impact to existing policyholders. MAS will hold Income and Allianz to account to these commitments”, he stated.

Singapore – Homegrown financial services company Singlife today launches its latest 360 ‘Dream’ campaign, which emphasises its role in helping Singaporeans achieve financial freedom.

It launches with a brand film, the third starring Mediacorp artiste and Singlife brand ambassador Pierre Png, which builds on the story of its 2023 campaign, ‘The Dream’.

Singlife’s 2024 Dream campaign continues to play on the local expression “Caaaaan!” to encourage consumers to dream big, and plan so they can achieve their goals in life, no matter how big or small.

Kicking off the campaign is a light-hearted film titled ‘The Dream: Eco Home’, following the story of a couple who dream of building an eco-home, reflecting an increasing focus on a sustainable, zero-waste future for all.

Unfazed by their ambitious aspiration, the couple’s financial adviser assures them that their eco-dream can become a reality. Singlife brand ambassador, Pierre Png, makes his appearance as the couple’s helpful ‘dream’ neighbour.

The film campaign will be rolled out over the coming weeks through an integrated, multi- channel communications strategy, encompassing TV, digital, social and out-of-home advertising (OOH).

Complementing the campaign film is an immersive digital portal called ‘The Dream Cube’, which consumers can take part in and envision their own financial freedom dream. The digital and interactive online portal leverages generative Al to give consumers a glimpse of their own financial freedom dream.

Talking about the campaign, Debra Soon, head of brand, communications, marketing and experience at Singlife, said, “We want to empower Singaporeans and partner them on their journey to achieve financial freedom. By showing them their dream, we hope it will inspire them and remind them that with proper planning, the dream can become a reality. Singlife is here to be the partner of choice for achieving their goals, no matter how big or small.”

Singapore – Global insurance company Manulife has unveiled a new global brand strategy with the new tagline ‘Where will better take you’. This strategic initiative is designed to unite Manulife’s global brand resonance across the world and underscore its mission of ‘Decisions Made Easier. Lives Made Better.’

To mark the launch of the new Global Brand Strategy and tagline, Manulife has rolled out a series of eye-catching advertisements in Hong Kong, which includes wrap advertisements at key locations such as the Star Ferry Pier in Tsim Sha Tsui, Hong Kong taxis featuring body wrap advertisements, digital panel ads at the Hong Kong International Airport Baggage Reclaim Network, and a bus shelter domination at Statue Square in Central as well as bus shelters across the city.

In tandem with this, Manulife also supports the core programme at the façade of M+, one of the most prominent landmarks in Hong Kong’s iconic skyline. Starting from June 21, 2024, audiences can enjoy a selection of brand-new animated videos showcasing numerous museum objects, alongside moving image works, between 6-7pm and 9-10pm.

Manulife’s new brand strategy alongside the new tagline focuses on its key pillars of offering, including Health, Life, Investment Management, Retirement Planning—MPF, and Retirement Planning—Saving.

This new tagline by the company also coincides with Manulife’s ongoing Investor Day, held in Hong Kong and Indonesia, highlighting how the company is uniquely positioned to achieve their financial targets and reinforce the attractive opportunities and strong momentum across their global businesses.

“Our new global tagline reflects our ongoing and steadfast commitment to creating better opportunities for everyone. This tagline is a clear reflection of our mission to make decisions easier and lives better for people around the world. With the worldwide launch of campaigns, it helps connect our mission to our understanding of customers’ needs and provides relevance to them. We look forward to generating value and creating sustainable business growth as our customers’ partner that drives progress and hope,” Manulife told MARKETECH APAC.

Kuala Lumpur, Malaysia – Insurance and takaful solutions provider Zurich Malaysia has joined forces with Malaysia-based pet insurance platform Oyen to introduce ‘Oyen Takaful Kucing’, the first-ever cat takaful product in Asia.

Oyen and Zurich’s innovative collaboration aims to address the growing demand for takaful pet coverage that can provide comprehensive protection for cats and their owners in Malaysia.

The ‘Oyen Takaful Kucing’ coverage can cover up to RM8,000 of unexpected vet bills when a customer’s pet cat falls ill or is injured. With this, owners can seek quality veterinary care for their feline companions during emergency situations.

Additionally, the Shariah-compliant product will provide pet owners with coverage plans that are aligned with the Islamic principles and values of mutual protection and shared responsibility.

Leveraging Oyen’s AI-enhanced application, the cat takaful insurance ensures seamless submission, processing, and tracking of claims, which offers a swift assessment and greatly simplifies the experience for pet owners.

Shamsul Azman, chief executive officer of Zurich General Takaful Malaysia Berhad, said, “We are excited to collaborate with Oyen in introducing Asia’s first cat takaful product. We believe that this product aligns with the evolving needs of pet owners and supports our commitment to innovation and customer-centric solutions. Zurich is proud to be part of this venture, and we look forward to making a meaningful impact on the pet insurance and takaful industries in Malaysia. This ties back to our brand campaign “Care For What Matters,” reinforcing our dedication to protecting what our customers value most.”

Kevin Hoong, co-founder and CEO of Oyen, also shared, “As the pioneer of pet insurance in Malaysia, we are encouraged to see the exponential growth in the segment since our launch in 2021. We have seen growing interest from pet owners who prefer takaful as a protection option for themselves and their family (including their pets). With our new takaful offering with Zurich, a leading global brand, we look forward to helping more Malaysian pet owners afford high quality veterinarian care that is comparable to that of developed nations like UK, Japan, and Sweden. This partnership marks a significant step in providing peace of mind and security to pet owners while respecting their faith-based principles.”

Singapore – Financial services company Singlife has recently unveiled their latest brand campaign, designed to inspire and empower individuals across Singapore to embrace the ‘can-do’ spirit on their journey towards financial freedom.

Singlife’s new campaign via MullenLowe Singapore uses the quintessentially local expression “Caaaaan!” throughout its marketing and communications assets, highlighting the parallels between its brand story and Singapore’s national journey.

This phrase highlighted in the campaign also serves as a reference to Singapore’s spirit of resilience and determination, while simultaneously showcasing Singlife’s commitment to helping Singaporeans achieve their financial goals.

Titled ‘The Dream’, the campaign depicts the aspiration of everyday Singaporeans to retire early with peace of mind, showing a middle-aged couple embarking on an adventurous and relaxing retirement journey with Pierre Png, Singlife’s brand ambassador, showing up as their ‘dream’ neighbour. The film wraps up with the significance of pursuing one’s dreams, and how Singlife empowers Singaporeans to take the first step in achieving their vision of financial freedom.

‘The Dream’ builds on Singlife’s first campaign ‘The Jugglers’ and will also be rolled out over the next few weeks through an integrated, multi-channel communications strategy, encompassing broadcast, radio, digital, and out-of-home advertising (OOH).

Debra Soon, group head of brand, communications, and marketing at Singlife, said, “Some people have grand dreams, while others have modest ones – all are entirely valid. Whatever your dream, Singlife is here to help you confidently say ‘can’ and achieve it with financial freedom.”

Meanwhile, Paul Soon, chief executive officer, MullenLowe Singapore and China, expressed, “In partnership with Singlife, our goal was to craft a campaign that inspires honest conversations among Singaporeans, instilling in them the confidence and reassurance needed to believe they can pave their own way to financial freedom.”

Singapore – To promote its new protection offering, insurance company Income and BBH Singapore have teamed up to release the music video ‘Fallin’ Apart’, performed by the American band The Calling, in a bid to delve into the themes of resilience and courage to face life, even when it is falling apart.

According to the agency, ‘Fallin’ Apart’ emotively conveys the stress, uncertainty and raw feelings which can result from an unexpected health issue, married with the realisation that one is not adequately covered.

Moreover, the viewers are also directed to the campaign microsite where they can assess the potential size of their own insurance protection gap via a ‘protection gap calculator’.

Stella Tan, vice president and head of brand and segment marketing at Income Insurance, said, “Staying adequately covered with insurance is vitally important but often, easily overlooked. Now more than ever is the right time to invest in life, health and critical illness cover following the aftermath of the pandemic and the current economic downturn where unforeseen circumstances can hit anytime. We’re amazed by The Calling’s ability to transform our message into a powerful rock song that connects with our audience on a personal and emotive level.”

Meanwhile, Luke Somasundram, senior copywriter at BBH Singapore, commented, “Songs have the profound ability to reach a place deep in our brains by way of our hearts. And crafting one with The Calling lets us tap into nostalgia to convey a message that’s more relevant and urgent than ever.”

MARKETECH APAC also reached out to BBH Singapore and Income to learn more about the campaign’s creative direction and factors considered prior to the music video launch.

BBH Singapore told MARKETECH APAC that the campaign was simple yet an urgent message for viewers to avail insurance–told in a way that brings the messaging to life via a music video.

“The message behind this campaign is a simple but urgent one – it’s about ensuring that you have adequate insurance coverage before a medical emergency strikes. The song was a vehicle to bring to life the anxiety and helplessness one feels when one doesn’t know if they have adequate coverage,” the agency.

They also added that for the music video’s sentimental messaging, while they are full aware that not many people are comfortable with discussing sad topics, people are always drawn to forms of media that communicate such feeling.

“People don’t want to talk about sad or uncomfortable topics – like whether they have adequate insurance coverage. But it’s so naturally human to love a sad song. We realised the right song could let people connect with the emotions they would feel if they didn’t have adequate coverage, which in turn could inspire them to get covered. So we decided to create that song,” BBH Singapore told MARKETECH APAC.

They also added, “Singapore has one of the highest insurance protection gaps in Asia. This campaign was aimed at Singaporeans in the 30s to 40s who hadn’t ensured they were adequately covered. We worked with The Calling, a band that was massively popular in the early 2000s because we knew this was a band that would have strong emotional resonance with our target audience.”

Meanwhile, Income told MARKETECH APAC told the campaign is rooted from the brand’s objective of raising awareness and realisation amongst Singaporeans on the importance and urgency of having adequate protection to be prepared for unforeseen circumstances that can hit anytime.

Citing data from the Life Insurance Association (LIA), Income says that Singapore faces a 21% protection gap in mortality and 74% in critical illness

“To ensure that we resonate with Singaporeans as we tackle the topic of insurance protection and financial readiness, we turned to music, which is what many turn to when confronting difficult feelings or challenging times in life and related to Singaporeans in an entertaining way that cuts above the noise,” Income told MARKETECH APAC.

They also added, “In this campaign, we lyrically brought to life the campaign message that “Life can fall apart if you are not adequately covered” and motivated Singaporeans to cease the silver lining and beat the odds by being protected ahead of time.”

While there is a myriad of factors that may have contributed to their increased traction across the primary campaign touchpoints, Income told MARKETECH APAC it boils down to two factors.

“The use of music, which allows us to effectively speak to our target audience in a unique way that engages the mind and tugs at the heart strings, [and] the engagement of The Calling, which is a band that our target audience is familiar with and hence, would be more open to listen to the song and subsequently the message that we want to bring across,” they concluded.

Manila, Philippines – Digital life insurer Singlife Philippines and personal finance marketplace Moneymax has announced their collaboration to make the first-ever Philippine mobile life insurance app through the launching of the ‘Singlife Plan & Protect’ app.

The app enables users to build an emergency fund with a high-interest account, access a guided financial planning tool, and buy customizable life insurance & investment products.

The newly formed partnership is the first of its kind for both digital platforms. For Moneymax, it marks the launch of its life insurance offering in addition to its travel and fire insurance pages, which were launched earlier this year. On the other hand, Singlife will be leveraging its platform to provide fuss-free financial solutions that in the past were only available through traditional means.

Commenting on the app launch, Rien Hermans, CEO of Singlife Philippines, said, “Unexpected life events—such as disability or even death of the family breadwinner, or serious illnesses within the family—can drain a lifetime’s worth of savings and even worse, confront families with a high, hard-to-pay-back debt.”

“For the Juans and Marias of today who work hard and plan to achieve their goals, we want to empower them—with the help of Moneymax—to take control of their hard-earned money. The Singlife Plan & Protect App can guide them through taking proactive steps to make sure they will always have money when they need it”, he added.

Meanwhile, Prashant Aggarwal, CEO of MoneyHero Group, commented, “Through our strategic partnership with Singlife, we strengthen our commitment to expanding our offers and increasing awareness of digital insurance in the country. Moneymax and Singlife share the same mission of helping customers find financial products that best match their needs and budget, which is what this partnership is all about.”

Singapore – Etiqa Insurance Singapore, a life and general insurance provider, unveiled its latest brand campaign, ‘With You for the Ride’, which aims to ignite the spirit of adventure among Singaporeans and invites them to explore life’s diverse possibilities and excitement in unexpected journeys.

Through the use of compelling narratives and dynamic visuals that appeal to the target audiences, Etiqa Insurance Singapore seeks to transform the way insurance is portrayed. The ‘With You for the Ride’ campaign showcases the company’s dedication to humanising insurance, making it relatable to the aspirations and dreams of Singaporeans.

By fostering a sense of partnership, trust, and confidence, Etiqa Insurance Singapore aims to build meaningful connections with customers and help them navigate life’s journey with ease.

The company will also spearhead a holistic array of initiatives across a comprehensive 360 campaign mix across online and offline channels. Etiqa Insurance Singapore aims to establish itself as a trusted companion through these initiatives, providing financial protection and support while empowering individuals to pursue their passions and dreams.

The ‘With You for the Ride’ campaign will be widely featured across digital, social media, and out-of-home channels, including bus shelters, MRT stations, and movie theatres in Singapore.

Shirley Tan, chief marketing officer at Etiqa Insurance Singapore, said, “We believe that life is meant to be lived with enthusiasm and a spirit of adventure. We take immense pride in being the steadfast partner our customers can count on, no matter where their journey leads. Our fresh ‘With You for the Ride’ campaign encapsulates this very essence, illustrating that we stand by individuals through every twist and turn, defying the constraints of age.”

She further adds, “In a world where uncertainties abound, Etiqa aspires to redefine the insurance journey by underscoring the significance of a robust and unwavering alliance between insurers and their esteemed customers. We fully comprehend the value of trust in cultivating enduring relationships, and our fresh campaign embodies Etiqa’s dedication to protection and transparency, pledging to be the unwavering partner that our customers can depend on.”

Hong Kong – Multinational insurance company Manulife in Hong Kong has announced new members of its leadership team namely Thaddeus Yu as chief strategy officer and Alice Li as chief communications officer. Together, the executives will report directly to Patrick Graham, chief executive officer of Manulife Hong Kong and Macau.

Yu succeeds Carrie Tong, who was recently appointed as chief operations officer for Hong Kong and Macau.

In his new role, Yu is responsible for setting the overall strategic priorities of the Hong Kong and Macau business, ensuring prudent choices, and executing plans aligned with the company’s priorities. He is also in charge of assessing necessary and effective changes to the company’s business model to ensure the company stays on course in achieving its strategic objectives.

With over 15 years of experience in various local and regional positions at Cigna, AIA, and Bank of Montreal Insurance, Yu joined Manulife’s Asia strategy team in 2021. During his time in his previous position, he led strategy development, spearheaded critical business initiatives, and provided guidance on strategic projects while also managing the Asia CEO office.

Meanwhile, Li’s responsibilities include leading strategy development for external and internal communication goals, building corporate reputation and a culture of pride, and promoting the company’s global Impact Agenda, aligned with Manulife’s global communications team and strategy.

With more than two decades of experience in corporate and marketing communications, Li is a seasoned professional who joined Manulife in 2020. Since then, she has made significant strides in the company’s communication strategy and impact. Prior to Manulife, her career spanned diverse industries, including energy, telecommunications, IT, and insurance, as she held senior positions with global brands such as Shell, SmarTone-Vodafone, Microsoft, and AXA.

Speaking on the new appointments, Graham said, “With their extensive knowledge of our company’s strategic priorities and their functional expertise, I am confident that the talented new members of our senior management team will be pivotal in driving us towards achieving our ambitions in Hong Kong, Macau and the broader GBA markets as we embark on the next phase of our growth agenda. Their appointments also highlight our ongoing commitment to harnessing top talent through an active leadership development pipeline.”