MANY PEOPLE IN Hong Kong have realised they may live longer than previous generations and, therefore, will need to structure their finances carefully to pay for health care and other costs after retirement.
Consequently, there has been a surge in demand for wealth management advice and investment tools, causing the financial services industry to pay closer attention to divergent customer needs and expand their range of products accordingly.
'We no longer view ourselves as just an insurance company but as a financial services company,' said Francine Fu, general manager of marketing and financial intermediaries for AXA Hong Kong.
Ms Fu said the company's Hong Kong business had evolved into a multi-product enterprise that made use of a number of distribution channels. The change had been accompanied by a strengthening of internal systems and a new focus on meeting the needs of individual clients.
The agency training and support functions have been restructured and new products developed. The restructuring is based on three specific concepts: an increased number of investment options for retirees, the need for a one-stop shop and the proliferation of portfolio management options.
'There was a time when a customer's insurance needs were quite straightforward and focused on life protection,' Ms Fu said.