Posted on 23 February 2012 - 05:36am
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Article from The Sun Daily
From left: ING Insurance Bhd head of product marketing and development Ang Swee Choo, deputy CEO Bruce Hodges, Louwerier and Chai at the launch of the INGeasi For You series of products.
KUALA LUMPUR (Feb 23, 2012): ING Insurance Bhd, the country's third-largest insurer with a market share of 11%, expects to grow its investment-linked insurance segment from 17% last year to 25% this year and to subsequently push it to account for half of its total portfolio in 2014.
The company's chief marketing officer Joos Louwerier said investment-linked products will be the insurer's strong pillar of growth and it will focus on promoting these products in the next two to three years.
"We currently have 90,000 policyholders for investment-linked products. This year, we expect to register an additional 25,000 policyholders with the launch of the INGeasi For You series, which will translate to RM80 million in premiums," Louwerier told reporters at the launch of the products yesterday.
Its head of retail business distribution, Chai Koh Min, said demand for products that combine protection and investment elements has been growing, with ING Insurance recording a 28% growth in investment-linked insurance policies sold last year.
"With 9,000 agents ever ready to push our investment-linked products, as well as through our marketing campaigns and training programmes to promote the competency of our agency force, it is possible to achieve our target of a 50:50 investment-linked and traditional products portfolio in 2014," Chai said.
The INGeasi For You series comprises three all-in-one, flexible investment-linked insurance packages to suit one's needs at different stages in life.
"We expect an equal contribution from the three packages, due to higher premiums from the Build package (for families) balancing the higher number of cases for the Discover and Achieve packages (for the early 20s and 30s)," said Chai.
The products provide protection against death and disability, critical and female-related illnesses as well as loss of family income.
The insurance packages also come with medical and hospitalisation benefits and provide customers with the opportunity to invest, depending on their budget and risk appetite.
Article from The Sun Daily
