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Money Moves


This is a fortnightly series of articles focusing on the banking and financial industries

Two-in-one insurance services

By Yale Mak

NEWS AND VIEWS ON FINANCIAL FUTURES

Ushering in a new era for the personal insurance business, AMTD Financial Planning Limited is launching a range of insurance products that cater for the most immediate needs of people in Hong Kong. The schemes, which are part of AMTD's protection management planning services, offer clients refundable two-in-one services for health protection and savings.

Alan Tsang, director and chief executive officer of AMTD says, "Health insurance is very important within the overall scope of wealth management. What we now offer can meet both the wealth and health needs of our clients."

The unique services not only provide clients with additional incentives but also create new opportunities unavailable elsewhere. Clients can claim back a certain amount of the money insured after a fixed period. This may work out to be more than they invested in the plan, provided they have not suffered injury or sickness in the meantime. "Under traditional medical schemes, protection may mean that only the hospital fees and necessary expenses are covered," says Mr Tsang. "Our schemes will give clients much more - we are structuring them as savings plans which include medical protection."

The schemes have proved very popular so far. "We believe the Hong Kong market has great potential," notes Mr Tsang. "There are growing concerns about the cost of medical care, which is getting more expensive every day. It is therefore essential for people to have a health insurance plan, but if you have to fork out the money for insurance, you might as well do it as a means of saving."

AMTD sees these schemes as adding diversity and flexibility to its business portfolio. As Mr Tsang points out, "There are currently two main streams in the financial planning business. One tends to be product-oriented and offers investment products with an emphasis on incentives. The other, which includes AMTD, concentrates more on involving clients in the planning process, which we feel makes sure their needs are better served."


Taken from Career Times 29 October 2004, p. 2

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