Skandia International, part of Old Mutual Wealth, is developing its growth strategy in Asia with the expansion of its regional presence by entering into a strategic partnership with Jardine Lloyd Thompson Asia (JLT) and unveiling a new life cover solution to meet the needs of high net worth individuals and businesses in Asia.
The partnership with JLT is a key milestone in Skandia International’s Asian strategy. JLT has a global reach, and Skandia International will benefit from their experienced distribution network, with the potential to access 50 well-known private banks in Hong Kong and Singapore. This will enable Skandia International to offer its product and expertise to a broader set of customers, including high net worth Asian investors, the company said in a statement.
Skandia International’s new innovative life cover solution, called the Silk Life Plan, is a variable universal life product. It is a specialist solution designed to meet the needs of high net worth individuals and businesses and will be particularly attractive to clients of private banks. Silk is a hybrid solution that offers the security of a high end life cover policy combined with investment flexibility, Skandia noted.
Silk allows a wide range of investments to be placed into a life product, enabling investors to invest their wealth during their lifetime whilst also participating in life assurance. High net worth Asians are generally asset rich, but these assets (e.g. property, investments and businesses) can be difficult to dispose of quickly in the event of death, the company added, noting that this can leave the investors’ family with little accessible cash. Silk can help with legacy planning, estate equalisation, business continuity, key man insurance and talent retention, making it an attractive solution for high net worth Asians.
Steve Hickman, global head of high net worth at Skandia International, comments: “We are seeing growing demand from high net worth individuals for higher levels of life protection. Our innovative Silk product will meet this demand head on, while ensuring their investment requirements are also met. We have ambitious growth plans to widen our product offering and distribution in the Asian market, specifically in the high net worth segment. The partnership with JLT and the launch of our new innovative Silk solution is a powerful combination which will enable us to meet the needs of the high net worth sector.”