Transamerica Life Bermuda: Tailored insurance solutions at the highest standard

Transamerica Life Bermuda takes pride in delivering the finest products for its valued HNW customers.

In Singapore, which has one of the region’s most highly developed insurance industries, it is surprising to know that many Singaporeans do not seek any of the retirement or insurance options available to them. Rather, they focus on the steady accumulation of wealth during their lifetime; as their net worth increases, so does the need for proper insurance plans in preparation for their future. In fact, this is a trend that is visible in many parts of Asia apart from Singapore.

As Singaporeans remain substantially uninsured, it is crucial that they secure insurance coverage as their assets increase. 

High quality insurance services

For example, one customer may have a child, a spouse and a business valued at $20 million and may decide to bequeath their business to their child. How can the customer ensure that his or her spouse is taken care of if something happens? “The customer can create a life insurance policy, with their spouse as the beneficiary of a policy offering $20 million of coverage, equating to the customer’s bequest. Subject to the terms of the policy, their spouse would receive $20 million cash upon the customer’s death without any impact on the child’s inheritance,” says Paul Courtney, Chief Executive Officer of Transamerica Life Bermuda (Singapore branch office).

“To meet the changing needs and expectations of high net worth individuals in the region, we offer a variety of universal life and term life insurance to ensure our customers’ wealth legacies are protected. We see a rapidly growing market in the high net worth insurance sector, and increasing wealth mobility both for diversification and lifestyle reasons,” he adds.

As with all businesses in the digital age, Transamerica Life Bermuda must also work to adjust its services in order to meet the growing demands of customers who wish to access their services through various digital channels, whether for communication purposes or simply to research information. The trend will also mark an increase in business volume as information on insurance coverage becomes more accessible to the public. Because of this, Transamerica Life Bermuda ensures that all customers receive the same high-quality service standards and commitments that they have always provided in the past, despite increased customer expectation.

“To meet these challenges, in the last 24 months, we have upgraded internal systems to improve the efficiency in processing new applications and provide timely status updates to our distribution partners and customers. Next year, we plan to introduce a new point of sales system to improve experience and efficiency in submission of applications and related documents,” notes Paul. “Moving forward, we also have plans to upgrade our customer and distributor portals to improve user friendliness and accessibility to cope with mobile technology,” says Paul of the company’s plans to ensure reliable service for their customers in the near future. 

Improving standards

It is clear that Transamerica Life Bermuda is aware of the challenges that are being posed to the company, and use the challenge as an opportunity to further improve Transamerica Life Bermuda’s service standards. “We offer innovative insurance solutions tailored specifically for high net worth individuals. Throughout our time, our core aim has been to deliver the highest standard of service with the finest, innovative products. This is something we take pride in and want to share with our customers,” says Paul.

“It is key that Singaporeans continue to actively pursue financial literacy and seek quality advice from a knowledgeable financial advisor,” he continues. As a top insurance provider across Asia for high net worth individuals, families, and businesses, Transamerica Life Bermuda is committed to helping customers protect their wealth legacies, and preserve their hard-earned assets, for generations to come.

“Life insurance is an effective and flexible wealth planning tool that safeguards families and loved ones during unforeseen circumstances. It is not about the highest returns, but rather about wealth protection and providing peace of mind.”