22 July 2014
Skandia International, part of Old Mutual Wealth, develops its growth strategy in Asia with two new developments. Firstly, it has expanded its presence in Asia by entering into a strategic partnership with Jardine Lloyd Thompson Asia (JLT), one of the largest brokers in Asia. Secondly, it has launched an innovative new life cover solution to meet the needs of high net worth individuals and businesses in Asia.
The partnership with JLT is a key milestone in Skandia International’s Asian strategy. JLT has a global reach, and Skandia International will benefit from their experienced distribution network, with the potential to access 50 well-known private banks in Hong Kong and Singapore. This will enable Skandia International to offer its award winning product and expertise to a broader set of customers, including high net worth Asian investors.
Skandia International’s new innovative life cover solution, called the Silk Life Plan, is a Variable Universal Life product. It is a specialist solution designed to meet the needs of high net worth individuals and businesses and will be particularly attractive to clients of private banks. Silk is a hybrid solution that offers the security of a high end life cover policy combined with investment flexibility.
Silk allows a wide range of investments to be placed into a life product. This enables investors to invest their wealth during their lifetime whilst also participating in life assurance. High net worth Asians are generally asset rich, but these assets (e.g. property, investments and businesses) can be difficult to dispose of quickly in the event of death. This can leave the investors’ family with little accessible cash. Silk can help with legacy planning, estate equalisation, business continuity, key man insurance and talent retention, making it an attractive solution for high net worth Asians.
Steve Hickman, global head of high net worth at Skandia International, comments:
“We are seeing growing demand from high net worth individuals for higher levels of life protection. Our innovative Silk product will meet this demand head on, whilst ensuring their investment requirements are also met.
“We have ambitious growth plans to widen our product offering and distribution in the Asian market, specifically in the high net worth segment. The partnership with JLT and the launch of our new innovative Silk solution is a powerful combination which will enable us to meet the needs of the high net worth sector.”