UOB is targeting rising rich with their insurance offering.
According to a research done by UOB Wealth Banking in December last year among 412 individuals, 24% of the rising rich had no insurance. As the result, Singapore's rising rich are unnecessarily exposing themselves to financial risk as many are not adequately insured.
The rising rich are defined as those who have assets under management of between S$100,000 and S$350,000.
In terms of the level of insurance coverage, one in two was underinsured by industry standards, and only 22% had adequate insurance.
Author's comment: "Interesting to note that Boston Consulting Group study had previously identified this
below affluent segment as having the best value potential and being one of the most overlooked when it came to both banks and insurance services. Looks like UOB is starting to distribute Pru's insurance as an upsell product to this segment."
Source: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1211220/1/.html
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