The subsidiary, Zurich Life Insurance (Singapore), will allow the firm to tap into the country's mass market life insurance segment.
The insurer had previously operated under a defined market segment licence that allowed it to serve corporate and high net worth individuals, or about 5 per cent of the Singapore insurance market. The licence "enables us to gain access to the rest of the market outside of the defined market segment," said Mr Graham Morrall, CEO of the Singapore subsidiary.
The company aims to focus on Singapore's emerging affluent customer segment - individuals with monthly income of between S$6,000 and S$8,000, and S$200,000 in investable assets. This segment is estimated to be worth about S$800 million.
As part of its expansion plans, Zurich Life intends to double its workforce in Singapore to 100 by the end of this year and distribute its products through channels, such as independent financial advisors, banks and insurance brokers.
Source: Today online
