HSBC Life has expanded its mainland China business through the launch of a new branch in Hangzhou, Zhejiang Province. The company said it offers a wide range of insurance packages including but are not limited to, critical illness, annuity, and more.
According to Insurance Business Asia, the insurance firm recognizes Hangzhou as one of the fastest-growing markets in China, which is why it chose to open a new branch in the city.
Chief Executive of HSBC Life in China, Dany Lui, said on Thursday that Zhejiang's potential as an insurance market continues to grow by the year and is expected to advance further and take the lead in the Asia-Pacific region.
With the addition of the Hangzhou branch, HSBC Life, which is headquartered in Shanghai, now has nine branches in the country including those in Shenzhen, Beijing, Dongguan, Foshan, Zhuhai, and Tianjin.
In June, HSBC Life collaborated with Hong Kong Lutheran Social Service (HKLSS) for the Eldercare Program that aims to help senior citizens who may be experiencing symptoms of dementia.
The project was created as part of the financial giant's efforts in raising awareness about dementia. The company has been encouraging people around the world, especially in China and Asia, to know more about the condition so they can assist elders with more care.
Aside from China, HSBC has been working to get its Asia-Pacific units to improve services for clients that require financial assistance or insurance claims.
The insurance company has been ramping up efforts in growing its Asian business. Earlier this month, the firm announced the appointment of three senior officers namely: Kapil Arora, Chief Financial Officer, Gajan Yogaranandan, Chief Risk Officer, and Lee Kah Jing, Chief Product Officer.
The senior officers were appointed as part of HSBC Life's improvements to its Singapore business. HSBC Life Singapore CEO, Carlos Vasquez, said in a statement that the appointment had to be made to create a "strong leadership team" that will help drive growth in the city-state.
The company has also expanded its distribution channels earlier this year. It now includes independent Financial Advisory (FA) institutions to help provide the insurance needs of Asia-Pacific markets.
Industry experts predicted that HSBC is on the right track to becoming a mainstay in Asia, more specifically, in China. The parent company of HSBC Life, the banking giant is among the three note-issuing banks in the world's second largest economy.
It remains to be seen if the insurance provider will continue its expansion in the coming months. Industry analysts believe the drive for growth will keep up, especially as fewer dollars are coming through its target country.
