A launch ceremony was recently held by China CITIC Bank International Limited (CNCBI) and FWD Macau to announce the establishment of their bancassurance partnership in Macau to “provide a comprehensive suite of insurance products and services” to local CNCBI customers, including high-net-worth (HNW) individuals, according to a joint statement earlier this week.
A bancassurance, according to Investopedia, is “an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s client base”.
Marking their first bancassurance collaboration in the city, the statement noted that FWD’s customer-led products and services, as well as propositions will offer local CNCBI customers and visitors a “seamless insurance experience that is simpler, faster and smoother”, helping customers meet their wealth management and legacy planning needs.
CNCBI Executive Director and Deputy Chief Executive Officer Helen Kan (簡吳秋玉) was quoted by the statement as saying: “We are excited to partner with FWD in Macau at a time of tremendous business opportunities brought forth by the fast-paced growth of the bancassurance market in Macau and the vigorous development of the Guangdong-Hong Kong-Macao Greater Bay Area [GBA]”.
Kan is also the CNCBI Head of Personal & Business Banking Group.
Moreover, FWD Managing Director for Greater China and Hong Kong CEO Ken Lau (柳志堅) was quoted by the statement as saying: “With this partnership, we will bring our innovative and digitally-enabled products combined with seamless customer experience to CNCBI customers, as well as visitors to Macau, to help them meet their diverse wealth management and legacy planning needs”.
According to an About US statement on its website, FWD Hong Kong and Macau are part of the FWD Group, a fast-growing pan-Asian life insurer with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD is a top 3 life insurer by new business first year premium in Hong Kong, and a top 1 life insurer by premium growth income in Macau, the statement said.
FWD Hong Kong has been assigned strong financial ratings by international agencies. It offers life and medical insurance, employee benefits, and financial planning. FWD Macau provides a suite of life and medical insurance products, the statement pointed out.
The statement noted that FWD reached its 10-year anniversary in 2023. “The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology,” the statement said, adding that “through this customer-led approach, FWD is committed to changing the way people feel about insurance.”
This undated handout photo jointly provided by the organisers earlier this week shows CNCBI Executive Director and Deputy Chief Executive Officer, and CNCBI Head of Personal & Business Banking Group Helen Kan (third from left) and FWD Managing Director for Greater China and Hong Kong CEO Ken Lau (fourth from right) posing with senior members of both FWD and CNBI.
