Singapore: Prudential sets up financial advisory firm

Insurer Prudential Singapore said it will be setting up a financial advisory firm, promising a wider range of products and services to its customers that are complementary to its life insurance offerings.

Through this new financial advisory arm, Prudential will provide customers with more products and services, including wealth solutions and general insurance such as travel insurance and motor insurance, in addition to its life insurance offerings.

The insurer said that it received approval from the Monetary Authority of Singapore (MAS) to set up its financial advisory arm in December.

The new financial advisory firm marks another distribution channel for Prudential, which currently includes over 5,000 financial consultants, bancassurance partners – United Overseas Bank (UOB) and Standard Chartered Bank (SCB) – and digital channels like Pulse, the insurer’s mobile app.

Other insurers with financial advisory firms include AIA Financial Advisers, Great Eastern Financial Advisers, Manulife Financial Advisers, and Singlife Financial Advisers.

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