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One-Stop Insurance Scheme
Background
A general perception prevails amongst members that
insurance companies become tougher in providing insurance renewal. The
usual situations faced by members are reduced cover, increased premium
and, in the worse case, declinature.
The Finance Solution Group of AHKEA took the
initiation 6 months ago to study the problem with a view to provide a
solution to members. Now that a solution is in place and we are
pleased to present herewith the details for members’ consideration.
Initiative of the Finance Solution Group of
AHKEA
- Identify the need of
members
Members showed their concern on the
difficulties to line up a cost effective insurance program. It appears
that they can hardly achieve anything to negotiate with their current
insurers.
- Conduct survey
A questionnaire was sent to members for
completion in July 2003.
- Analysis
of data
Base on the information provided by members who
responded to the questionnaire, we completed a thorough study in
August 2003 as to the kind of services expected. Since the nature of
business of members varies from trading, manufacturing, consultancy,
design & supply, services and packaging, we adopted an approach to
insurance providers aiming to obtain the best service to members.
- Establish alliance
with insurance operators
In order to effectively approach the many
insurance companies in Hong Kong, we have established alliance with an
insurance broker to facilitate our concept. The prime considerations
of such alliance are security, strength and service quality. During
the process, the insurance broker approached some twenty leading
insurance companies for their support to the scheme. Short-listed
insurance companies were identified to show interest in taking part.
- Launch of scheme
AHKEA is now in a position to launch the scheme
for members benefit.
(Members may view the
Article
“Watch your Insurance Renewal” written by Mr. Hilson Ng,
member of the Finance Solution Group of AHKEA, before going into the
details of the scheme.)
Organization of One-Stop Insurance
Scheme Service Providers
AHKEA has
collaborated with the Commonwealth Group of Australia (ABA), Financial
Solutions Limited (FinSol) and Loyal Insurance Advisers Limited (LIAL)
to form this One-Stop Insurance Scheme, the followings are brief
introduction about them:
Commonwealth Bank Group of
Australia (CBA)
Founded in 1911, the
Commonwealth Bank Group is a financial powerhouse offering a complete
range of banking, funds management, insurance and pension services.
The Group is Australia’s
largest fund manager, insurer and pensions provider, as well as one of
the two largest banks.
Listed on the Australian Stock
Exchange with asset over A$250 billion. Rated by Standard & Poor as
AA- and by Moody’s as Aa3. The Group serves over 10 million customers
and operates in 13 markets worldwide.
Financial Solutions Limited
(FinSol)
100% owned by Commonwealth
Bank Group. A “One-Stop-Advisor” for insurance, pension and
securities. Strategic partner of AMTD Financial Planning Limited, an
affiliate of Cheung Kong Group and CBA, in providing financial
products to the large customer base of the Cheung Kong Group. FinSol
possesses the strength and venue to solicit insurance arrangements
with most insurance companies in Hong Kong.
For this One-Stop Insurance Scheme, FinSol is working with her
premier partner LIAL, in providing financial
products to the large customer base of the AHKEA and other
friendly associations.
CMG Asia Limited (CMG)
Wholly owned subsidiary of the Commonwealth
Bank Group. CMG is offering a range of innovative products and
services, which include Life insurance, Accident insurance, Medical, &
critical illness insurance, Savings and Investments, Pensions (MPF and
ORSO) and Financial planning. The clients are served by a team of
1,700 consultants and staff who offers personal service and advice to
individuals and businesses.
Loyal Insurance Advisers
Limited (LIAL)
Established in 1984 with 20
years of solid experience in insurance underwriting, broking and
documentation. Manned by 30 well-trained and qualified staff geared to
serve small/medium size business owners and individual customers.
Member of the Professional
Insurance Brokers Association Limited. LIAL is protected by a
Professional Indemnity Insurance cover up to a limit of HK$20,000,000
to safeguard its operation against potential professional negligent
claims lodged by customers.
LIAL is a premier partner of
FinSol in providing day-to-day servicing to AHKEA members.
Channel of Distribution
Benefits to
Members
1. Security
Alliance with the Commonwealth Bank Group provides a strong sense of
security.
2. Efficiency – One-Stop-Solution
One stop at Loyal
Insurance Advisors Limited will get your required service.
3. Best choice of insurance companies
Selected leading insurance companies are
invited to join the scheme. We place your business to the best capable
insurance company according to the nature of your operation.
4. Geographic Coverage
Service is extended to
include your insurance need in PRC.
5. Value-added service
LIAL will provide free insurance audit upon
request by members aiming to check-up on insurance gaps. FinSol will
develop special schemes for members to enhance export, e.g. Cargo
Insurance in association with Product Liability Insurance.
6. Collective Bargaining Power
Strengthening the
bargaining power by pooling the premiums of members.
7. Create income for AHKEA
A portion of
the fee income is reserved for AHKEA on all business generated by
members.
Need more information? Need a second quote for your
insurance renewal?
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