Listen to our leaders views on insurance, business trends and their work experiences across the region.
Founded in 1908, Great Eastern is the oldest and most established life insurance group in Singapore and Malaysia. With S$64.7 billion in assets and around 4.7 million policyholders, we have three successful distribution channels - a tied agency force, bancassurance, and a financial advisory firm, Great Eastern Financial Advisers.
The Group also operates in Indonesia, Vietnam and Brunei and has a joint venture in China as well as a representative office in Myanmar. We were named Life Insurance Company of the Year at the Asia Insurance Industry Awards in 2011 and 2013, by Asia Insurance Review.
Great Eastern Life Assurance Company Limited has been assigned the financial strength and counterparty credit ratings of 'AA-' by Standard & Poor's since 2010, one of the highest among Asian life insurance companies.
In 2012, Great Eastern refreshed our brand purpose to be a LIFE company, going beyond the traditional role of an insurance company to actively help customers live healthier, better and longer. This is supported by an integrated health and wellness Live Great programme, which provides wellness tools, mobile apps, health tips, workshops and events as well as exclusive privileges - that helps and rewards customers in their journey to better health.
The Group's wholly-owned subsidiary, Overseas Assurance Corporation (OAC), founded in 1920, is the oldest composite insurer in Singapore handling both life and general insurance. Through an exclusive bancassurance partnership with OCBC Bank, OAC's life insurance products have been distributed through OCBC's banking network throughout Singapore since 2000. OAC also distributes a wide range of commercial and personal general insurance products through brokers, agents, bancassurance and direct channels.
Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the largest private sector asset management companies in Southeast Asia.
Great Eastern is a subsidiary of OCBC Bank, the second largest financial services group in Southeast Asia by assets. It is one of the world's most highly-rated banks, with an 'Aa1' rating from Moody's and was also ranked by Bloomberg Markets as the world's strongest bank in 2011 and 2012.
In 1992 Great Eastern became the first insurer to establish a bancassurance network in Singapore in an exclusive partnership with OCBC Bank. This business was transferred completely to OAC in December 2000. The aggressive strategy to grow this business together with a successful revamp of OAC's life operations resulted in OAC commanding the lion's share of Singapore's total bancassurance business since 2001.
OAC became the first bancassurer in Singapore to cross the $1 billion mark in new bancassurance sales in 2002.
OAC will continue to focus on providing solid customer value and experience by offering needs-based solutions to customers. It will continue to develop new growth opportunities in the bancassurance market, with a focus on delivering the best value and convenience to OCBC Bank customers by offering quality products and customer service.
OAC distributes a wide range of commercial and personal lines general insurance products through brokers, agents, bancassurance and direct channels.
OAC will continue to enhance its level of service standards to achieve maximum customer satisfaction through the effective use of information technology. On 2 February 2005, OAC launched a web-based e-Cargo system to facilitate the electronic submission of marine cargo insurance proposals and the instant on-line issuance of policy contracts. User-friendly and accessible round the clock, this system resulted in greater convenience and ease for our intermediaries and clients.