Manulife sees chance to offer solutions for seniors' needs

Insurer eyes more comprehensive policies to cater to rapidly ageing population in S'pore

- Claire Huang

While other life insurers in Singapore are aggressively wooing highnet-worth clients, Manulife Singapore is looking at another growth the rapidly ageing populaarea tion.

Although the initiative is in the initial stages, the firm is looking at more comprehensive solutions for seniors in Singapore, chief executive Khoo Kah Siang told The Straits Times in an interview.

He said the needs of seniors are huge but unmet.

This opens up an opportunity to think about how their needs can be catered to more closely - something that could be unveiled in 2025.

Singapore has one of the fastestageing populations in the world as birth rates fall and life expectancy rises.

By 2030, almost one in four here will be over the age of 65. Currently, there are investmentlinked products that help with people's retirement plans.

However, Mr Khoo, 56, said these products are regarded as shortterm plans and are also structured more as an investment, which gives his team a chance to “innovate something for the ageing".

Another growth pillar the insurer has its eyes firmly on is the highnet-worth (HNW) segment.

Mr Khoo said the firm has been catering to the HNW group even before the accelerated influx of capital into Singapore in the past few years.