AIA Singapore has launched AIA Financial Advisers (AIA FA) as part of its move to strengthen its distribution network.
Mr Patrick Teow, Chief Executive Officer, AIA Singapore, said: “In today’s digital age, customers are more financially savvy and expect more access to professional financial advice. The new AIA FA is well-positioned to empower individuals with personalised and quality financial advice.”
AIA Singapore said the initiative underscores its commitment to provide customers with more choices and greater accessibility for quality and professional face-to-face financial advice. It is meant to complement its tied Agency Force which currently contributes about 70% of its new business.
AIA FA, a wholly-owned subsidiary of the insurer, will begin operations in October and will offer AIA's suite of life and selected accident and health plans.
Mr Tan Chuan How, CEO, AIA Financial Advisers, said: “I am excited to be part of this journey as we forge a new path to provide customers with more platforms for comprehensive financial advice.” Mr Tan is a 19-year veteran who has played a key role in growing and developing AIA Singapore’s tied Agency distribution channel.
Observers see the initiative as a way to drive growth amidst intense competition, absence of major banca deals in the near future and consumers’ preference for choice.
In recent years, several insurers such as Aviva, Manulife and Great Eastern have also set up their affiliated financial advisory firms in Singapore.
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