Singapore-based insurance company Great Eastern Life has repositioned its business orientations in Indonesia as a bancassurance provider, with the latest cooperation with Bank OCBC NISP to launch its new product Legacy Protector.
Great Eastern Life Indonesia president director Clement Lien said the change was driven by the company’s recent research, which showed that hardly any similar products have been widely marketed in the country.
“After being in operation for some years in Indonesia, we have decided to reposition ourselves as a bancassurance specialist. This allows us to focus our efforts into creating new products to cater to bancassurance needs [in the country],” Lien said in a press statement recently.
The new bancassurance offers risk protection not only to the policy holders but also to their descendants to assure their financial safety in the long term, Lien added.
“The product can be beneficial for [the next] three to four generations and it is also transferable to the children or grandchildren,” he said, adding that the product would be using the US Dollars as its currency peg. (ags)