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The Star
3 days ago
- Business
- The Star
Empowering lives, driving sustainable growth
'We foster a culture where DEI principles are deeply embedded in our daily operations and business practices,' said Soo. Generali Life elevates insurance through inclusion and progress AS Malaysia's life insurance landscape evolves in response to shifting demographics and rising societal expectations, one insurer stands at the intersection of performance, purpose and progress. Generali Life Insurance Malaysia Bhd is not only breaking growth records but also transforming the meaning of being a truly people-centric insurer. At the helm is chief executive officer Soo Wai Har, who is championing a progressive transformation anchored in Diversity, Equity and Inclusion (DEI), quality service, innovative products, digitalisation and sustainability. 'We are committed to being a responsible employer. We foster a culture where DEI principles are deeply embedded in our daily operations and business practices. 'We invest in upskilling our people, nurture talent in all its forms and embrace flexible, sustainable ways of working,' said Soo in an interview with The Star at Menara Generali in Kuala Lumpur. Soo shared how Generali Life's forward-thinking strategies are enabling the organisation to serve as a Lifetime Partner to Malaysians — supporting them at every stage of life. Impressive growth Generali Life delivered exceptional results in 2024, achieving an impressive growth rate of 62% in overall performance — the highest among all Generali Asia entities and across Malaysia's life insurance industry. This momentum continued into Q1 2025, with a remarkable 68% year-over-year growth, despite a 10% contraction in the overall industry. "These good results stem from the successful completion of our two-year integration and system migration, an effective market penetration strategy, the development of our distribution team, enhanced product propositions introduced over the past few years and upgraded services," Soo explains. Notably, the agency channel grew by 3%, outperforming an 11% industry contraction, while the Bancassurance channel surged by 212% in Q1 2025, despite a 7% industry decline. The agency's strength is also reflected in the increase of Million Dollar Round Table (MDRT) qualifiers, which nearly doubled from 23 in 2023 to 42 in 2024 — including Generali Life's first-ever Top of the Table (TOT) qualifier and three agents who achieved the Court of the Table (CoT) status. Adding to its global distinction, four of Generali Life's top leaders and producers were ranked among the top 300 advisors worldwide in the Global Advisor Excellence Contest (GAEC), earning them a coveted spot at the finale in Monte Carlo. Women empowerment A shining example of Generali Life's DEI approach is the La Femmina initiative — an agency recruitment and empowerment programme designed to support aspiring female leaders and agents. "We created La Femmina to empower women from all walks of life to pursue fulfilling and dynamic entrepreneurial careers within the insurance industry. The programme is tailored to enhance skill sets, client servicing, prospecting, presentation and various other areas," says Soo. The results are evident: La Femmina members are 37% more productive than their peers, with 20 qualifying as MDRT members — including three who achieved COT status. Customer experience In Q1 2025, Generali Group unveiled its three-year strategic plan — Lifetime Partner 27: Driving Excellence — which sets a clear vision for 2027. The strategy reflects Generali Life's core purpose: enabling people to shape a safer and more sustainable future by caring for their lives and dreams. At the heart of this vision is a holistic, customer-centric approach to service. 'We utilise a comprehensive customer fact-finding tool to gain deep insights into our clients' needs, preferences and financial circumstances. This approach enables us to guide them in selecting the most suitable insurance products tailored to their financial situation and affordability,' says Soo. She adds, 'We also have the MyGenerali customer portal, which provides a seamless digital experience for customers.' The portal allows policyholders to view all their policies in one place, retrieve documents such as sales illustrations and policy contracts, submit claims online, update payment details and make fund switches based on expected returns — empowering them to manage their insurance needs anytime, anywhere. On the product front, Generali Life has introduced two innovative investment-linked plans — Wealth Creator and Wealth Creator Premier under the positioning 'One Plan, Multiple Dreams'. Designed to meet the needs of different life stages, these products offer a balance of flexibility, protection and wealth accumulation, helping customers achieve their evolving financial aspirations. Wealth Creator: Offers protection and a lump sum payout at a specific age, helping customers secure their future while supporting loved ones. Contributions can start small and grow over time as financial situations improve. Starting with a sum insured of RM350,000, this plan offers Guaranteed Insurance Charges for the Basic Plan, built-in Accidental Death coverage up to 500% of the basic sum insured and a loyalty booster — 20% of the account value at the 20th policy anniversary. Wealth Creator Premier: Combines financial protection with wealth growth, offering high coverage, flexible premium payment options and exclusive bonuses. Starting with a sum insured of RM800,000, it includes a 5% Wellness Reward for RM1mil coverage, guaranteed renewability and a Special Booster — 10% of Account Value every 15 years. It helps safeguard customers' assets, businesses and legacy for their loved ones. *Terms and conditions apply. Happy Asian couple embracing each other and smile outdoor. Financial planning With projections showing that 17.3% of Malaysians will be aged 60 or above by 2040, Soo emphasises the vital role of insurers in supporting retirement planning. 'As people live longer, healthcare and other costs in retirement become more unpredictable. Medical and critical illness insurance provides a safety net, protecting your savings from unplanned medical expenses or treatment costs. This financial protection is vital to preserving the overall retirement strategy.' Soo also highlights a concerning statistic: as of last year, only 45.5% of the Malaysian population had a life insurance policy. 'At every life stage, insurance is not just a safety net; it's a critical component of financial planning. Planning can be tailored for specific purposes such as children's education, retirement, or specific commitments like debt cancellation. 'Insurance is also a risk management tool and can serve multiple purposes — from income replacement and debit protection to covering hospitalisation expenses and ensuring financial stability through life's uncertainties,' she adds. Generali's solutions include: > GenWealth – An investment-linked plan with loyalty bonuses and fund options aligned to the customer's risk profile. > GenMedic – A medical protection plan offering an annual limit of up to RM8mil at a budget-friendly premium (with co-insurance plans), including enhanced cancer coverage. > OneMedic – A medical plan with an Inflation Defender feature and flexible benefits to support evolving healthcare needs. Driving future growth Generali Life's priorities this year remain anchored in expanding both its Agency and Bancassurance channels. 'For the Agency, we will continue to scale up and skill up our distribution force. Scaling up involves sales activation through segmentation, targeting MDRT, top and mid-tier agents. 'We're also focused on improving productivity through recruitment activities. To support this, we offer a full-time financing scheme called BOSS and the La Femmina programme to accelerate sales momentum,' explains Soo. 'Skilling up is delivered through our Generali Business Academy, which provides a structured training roadmap to guide agents through the various phases of their career.' On the Bancassurance front, Generali Life continues to strengthen its strategic partnership with Affin Bank to drive growth and deliver tailored solutions that meet customer needs. Instilling DEI in the workplace Soo underlines that DEI is more than just an initiative — it is a strategic imperative embedded in Generali Life's organisational culture. She shares that the company's key practices include: > Inclusive hiring that values diverse talent backgrounds; > Regular DEI training, including unconscious bias programmes to promote awareness and understanding; > Professional development opportunities for all deserving employees, supported by the WeLearn online learning platform and mentorship programmes to foster career growth. When asked about challenges in promoting DEI, Soo says, 'There are no challenges. In fact, it helps us engage more meaningfully with our employees. Training sessions, such as those on unconscious bias, stimulate different mindsets and reinforce a workplace culture where DEI is seen as a vital part of our operations and business strategy.' Generali Life also rigorously tracks DEI metrics, including gender balance, equal pay and performance-related KPIs. 'We report these annually to the Group,' Soo notes. Maintaining excellence With over 9,000 agents and partners (both General and Life entities) across Malaysia, Generali Life focuses on ensuring consistent service quality and alignment to core values. "It starts with a clear mission, reinforced through our comprehensive code of conduct, structured training and constant communication," Soo explains. Regular evaluations and recognition programmes help maintain performance standards and values-driven conduct. Digital innovation Generali Life's commitment to digital innovation is evident in its efforts to enhance efficiency, accuracy, speed and cost savings. 'We are exploring the use of artificial intelligence (AI) in claims adjudication, which involves automating many aspects of the claims process — from initial filing to final settlement. This significantly reduces the time required to process claims, resulting in faster payouts for policyholders.' She adds, 'We are also looking at AI voicebot to improve our call centre capabilities. 'We will continue to pursue bite-sized AI implementations, particularly in underwriting and customer service, to further improve our overall processes,' she shares. Sustainability Beyond business, Generali Life is advancing its commitment as a responsible insurer, investor, employer and corporate citizen through its sustainability strategy. Under the Lifetime Partner 27 framework, the company has committed to: > Responsible insurer: Promoting healthy lifestyles and preventive care; > Responsible investor: Integrating Environmental, Social and Governance (ESG) criteria, applying positive screening and reducing greenhouse gas (GHG) emissions; > Responsible employer: Embedding DEI and reducing the operational carbon footprint; > Responsible corporate citizen: Unlocking the potential of people living in vulnerable circumstances through initiatives like Project Bright Beginnings, which raised RM354,513 in 2024 to provide early education access for underprivileged children. "We push for inclusivity across race and gender and promote people based on merit. That's why I'm here today — because the culture supports it," says Soo. For more details about the insurer, visit
The Sun
13-05-2025
- Business
- The Sun
Prudential Singapore sweeps global MDRT Culture of Excellence Awards with 13 agency leaders earning the prestigious distinction
SINGAPORE - Media OutReach Newswire - 13 May 2025 – Prudential Singapore ('Prudential') has set a new benchmark in the financial services industry, with 13 of its agency leaders receiving the 2025 Million Dollar Round Table (MDRT) Culture of Excellence (COE) Awards, out of a global pool of 33 winners. With more than a third of the award recipients, Prudential topped the table with the highest number of MDRT COE winners this year. Recognised as a global premier association, MDRT members exemplify international standards of excellence in the life insurance and financial services industry. The MDRT COE Awards celebrate the global standard of financial services leadership and honour agency leaders who produce the best results across six criteria[1] or areas of agency management: production, retention, recruitment, persistency, whole person, and MDRT/MDRT Academy membership. Prudential offers its financial representatives a strong in-house MDRT support programme that nurtures qualifiers through mentorship programmes, study groups, and participation in regional and industry-led MDRT events. Mr Rom Lee, Chief Agency Officer, Prudential Singapore, said: 'We are pleased to celebrate our largest ever cohort of MDRT Culture of Excellence Awards winners. This speaks to Prudential Singapore's strong MDRT culture of sharing, where agency leaders engage in a collaborative exchange of their professional journeys and knowledge with others from across our wider agency force. We believe that through such sharing, we can together drive overall company growth and improved customer experiences. 'I would also like to commend the dedication and hard work of our 13 MDRT COE agency leaders who set the bar high. They lead by example whether it's by training their teams, giving back to our wider agency force through sharing of knowledge or contributing to our wider society through community engagement. With their strong leadership, our financial representatives will continue to provide the highest level of service and support to our customers.' Five Prudential agency leaders hit a milestone by winning the award for three consecutive years. Among them is Mr Bryan Phang, Financial Services Director, Prudential Singapore, who is the only three-time Diamond category awardee globally, having met five out of six criteria for the Awards. Said Mr Phang: 'Receiving the MDRT Culture of Excellence Awards was only possible with the hard work and dedication of our entire team. We emphasise a strong culture of growth, learning and giving back, to ensure our financial representatives achieve high performance and develop as professionals. This recognition motivates us to keep pushing the boundaries of excellence, inspiring others in the industry to do the same, and to continue delivering exceptional service to our customers.' Agency leaders awarded the MDRT Culture of Excellence include: Prudential's MDRT cohort has consistently demonstrated outstanding performance and exceptional growth. In 2024, the insurer produced 1,125 MDRT qualifiers, 151 Court of the Table (COT) qualifiers, 61 Top of the Table (TOT) qualifiers and nine MDRT COE Awards winners. Prudential remains committed to invest in the professional development of its financial representatives. It provides comprehensive training programmes including the Financial Consultant Induction Programme (FCIP) for new joiners which equips them with an Institute of Banking and Finance Qualified (Level 1) certification. Agency leaders are encouraged to pursue the Chartered Insurance Agency Manager designation to enhance their management skills. Additionally, Prudential's in-house High Net Worth (HNW) Skill Up Series trainings, along with the Certified Affluent Wealth Adviser and Advanced Affluent Wealth Adviser programmes by the Wealth Management Institute, help financial representatives to better serve affluent and HNW customers. In 2024, Prudential's Management Associate Programme (MAP) was enhanced to support fresh graduates and young professionals in building their careers as financial representatives[2]. Prudential has more than 5,400 financial representatives with our tied agency and financial advisory arm, Prudential Financial Advisers Singapore, as of 31 December 2024. [1] For more information on criteria for MDRT Culture of Excellence Awards, please visit:
Yahoo
22-03-2025
- Business
- Yahoo
My most exciting growth stock in the FTSE 100
My Stocks and Shares ISA may be jam-packed with dividend-paying FTSE 100 stocks but that doesn't mean that I shy away from investing in out-and-out growth businesses too. After enduring a couple of torrid years, I see one standout compelling growth story in the years ahead. Driving the narrative behind the poor share price performance of Prudential (LSE: PRU) is that China had become uninvestable. The delayed relaxation of Covid travel restrictions between the Chinese Mainland and Hong Kong undoubtedly hurt the Asian powerhouse economy. On top of that the country's bubble in real estate has been unwinding. This hurt domestic imports of commodities essential for a booming economy. Given that nearly half of all its insurance profits are derived from China and Hong Kong, its little surprise that the share price has been falling. It's down over 40% in two years. The strong FY24 results released on Thursday (20 March) highlight that the sell off had been completely overdone. New business profit was up 11% to $3.1bn. But I believe this is just the beginning. The markets in which the company operates are some of the fastest growing in the world. In both China and India, GDP is expected to grow by 5% in 2025. A growing middle class is increasingly expecting access to what Western consumers take for granted. In particular, insurance and savings products. Times may have been tough for such consumers during Covid. However, the following chart highlights that gross written premiums in its core markets has now fully recovered. Source: Prudential presentation The opportunity presented to it in the coming years is truly gargantuan. Out to 2033, the total addressable market in Asian life insurance gross written premiums is predicted to double to $1.6trn. The drivers for this growth are varied. By 2040, 28% of China's population will be over 60. Wealth creation across Asia is increasing too. Today, the region accounts for 30% of total global wealth creation. Third, are low insurance penetration rates. The gap in insurance coverage is estimated at a whopping $119trn in Asia. I believe that it is well placed to capture a significant slice of this burgeoning market. Key for the business is it growing cohort of agents. Selling insurance-related products is first and foremost a people business. Prudential has been working hard to recruit quality agents and train them in selling their products. Many of its agents are now members of the prestigious Million Dollar Round Table network. Of course, there are plenty of risks here. All insurance businesses face ongoing credit and liquidity risks. Uncertain interest rate trajectories and increasing protectionism policies could affect underlying growth drivers. This is particularly acute in China where concerns about the long-term health of its property sector won't go away. But when I look at the bigger picture here, I think it makes for one of the most compelling growth stories in the FTSE 100. The hike in its dividend per share by 13% in FY24 highlights to me that management is very bullish too. Beyond its growing dividend, it's also in the middle of executing a $2bn share buyback programme. With all this, it's little wonder I have been hoovering up Prudential shares lately while they remain cheap. The post My most exciting growth stock in the FTSE 100 appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Andrew Mackie has positions Prudential. The Motley Fool UK has recommended Prudential Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
