‘Laser focus’ on wealthy clients pays off for Sun Life

HIGHER interest rates are a challenge for the universal life (UL) segment of the life insurance market, but Canada-based financial services group Sun Life is unfazed.

Sun Life’s “laser focus” on its high-net-worth (HNW) clientele, where UL products are a staple, has served it well so far, particularly in Singapore, where it is set to roll out a new index-linked UL. Sun Life’s ULs have a guarantee on the death benefit, which is relatively uncommon in the market.

Kevin Strain, Sun Life president and chief executive, said: “I think Singapore is well serviced outside the HNW market. Having a laser focus on the HNW (segment) is where we can add the most value and create the most differentiation.”