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Product Design 101: Developing Products That Cater to Client’s Needs
Calvin Foo CFP
Asia Regional Head
Financial Advisory, Worksite Marketing & High Net Worth Development
13 July 2011
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Agenda
Objective
� Discuss the strategy behind designing products from a client-centric viewpoint
Content
� Product Strategy
� Client Segmentation
� Product Positioning
Result
� Apply these principles when developing products
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Manulife FinancialStrong & Diversified Businesses
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InvestmentsUnited States, Canada,
United Kingdom, Japan,
Australia, Hong Kong,
Southeast Asia
AsiaHong Kong, Philippines, Singapore,
Indonesia, Vietnam, Malaysia, Thailand,
Taiwan, China, Cambodia
• Individual Life Insurance
• Group Life & Health Insurance
• Pension Products
• Mutual Funds
Canada• Individual Insurance
• Individual Wealth Management
• Group Benefits
• Group Pensions
United States• Insurance
• Long Term Care
• Annuities
• Group Pensions
• Mutual Funds
Reinsurance• United States
• Canada
• Europe
• Asia
Japan • Individual Insurance
• Variable Annuities
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Manulife FinancialCompetitive Strength
Excellent brand recognition and reputation
Strong claims paying ability / financial strength ratings
Strong capital position - C$28.9 billion @ June 30, 2011
Significant scale
Product diversity
Strong, multi-channel distribution
Superior asset quality
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Manulife Financial Strong Multi-Channel Distribution
AdvisorsFinancial Planners
Independent Agents
Brokers
DealersWirehouses
Banks
In-house Agents
• Deep & growing relationships across multiple channels worldwide
• Over 110 Bank partnerships across Insurance and Mutual Funds distribution in Asia
• Meet varying needs of our international base of customers, regardless of their chosen distribution channel.
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Product StrategyDifferent Stakeholder’s Point of View
• Actuary – Risks, Pricing, Experience, Profit
• Distributor – Features & Benefits, Market Competitiveness
• Client – Funds for Major Illness Protection, Peace of Mind
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UHNW
HNW
Affluent
Emerging
Mass
> USD20mio
< USD100k
USD1mio to < USD20mio
USD500k to < USD1mio
USD100k to < USD500k
Client Segmentation Assets Under Management
Based on AUM
Sources: Credit Suisse Global Wealth Databook 2011, Cap Gemini & Merrill Lynch World Wealth Report
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Client Segmentation Life Stages’ Needs & Products
Education Insurance
Mortgage Protection
Wealth Creation
Children’s Education
Asset Creation
Asset Protection
Married with Kids
Retirement Solutions
Mortgage Protection
Retirement Planning
Asset Protection
Middle Aged with
Grown Up Kids
Health InsuranceHealthAcross All Life Stages
Life Stage Primary Need Life Insurance Product
Young & Single Asset Creation Wealth Creation plans
Young & Just Married Asset Creation & Protection Wealth Creation
Mortgage Protection
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Product PositioningInfluencing Factors for Product Design
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Marketing / After-sales Service Facilities
Regulation (Tax System, ILAS)
Clients’ Needs / Target Group
(Clients)
Competition(Insurers and Fund
Houses)
Profitability Fee Income
(Up-front and Annuity)
Persistency
Product
Positioning
Existing Product Range
Technology(POS, Underwriting,
MI, Web-site)
Sales Competence of Distributor
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Corporate (SME)RMs/ISs
Employee BenefitsKey-men Insurance
HNWRMs/ISs
Universal LifeWM Products
Product PositioningAlignment by Client Segmentation
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MultiMulti--Channel Distribution ModelChannel Distribution Model
Retail Br Managers/RMs
Investment Linked & WM Products
Retail RMs/ISs
Need-based Products
Telemarketing
Low premium, high perceived value products
Manulife’s product and distribution expertise positions us to support RHB in realizing its full financial services potential
Privileged
High Net WorthAchievers
Youth
Strivers
Mature
Life Stage /
Value Segment
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Biography
Calvin Foo
Asia Regional Head
Financial Advisory, Worksite Marketing & High-Net-Worth Development
Calvin brings a unique blend of his 20 years experience in the financial services industry, including
sales management, agency management, bancassurance, broker management and worksite marketing.
Prior to joining Manulife, Calvin was with UBS Wealth Management and was responsible for the
management of Life Insurance for Ultra & High Net Worth Markets. Before that, he had extensive
regional responsibilities for 13 countries in Asia Pacific in both the life and non-life divisions of a large international insurance carrier.
Calvin has a Master’s degree in Business Administration and is a Certified Financial Planner. He is
a seasoned presenter and actively and frequently participates in many Asia conferences pertaining
to Client Needs, Bancassurance, Broker / FA / IFA and HNW topics. Calvin is also an experienced
Toastmaster (Public Speaker) having emerged as Champion and 1st Runner-Up for 2010 Hong Kong Toastmasters International Speech and Table-Topics Contests respectively.
Contact: [email protected]
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The above is strictly for information and reference purposes only. Some information contained here is provided/sourced by our company or being re-transmitted in the ordinary course of business to you. Manulife endeavors to ensure the accuracy and reliability of the information provided but does not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omission. Any opinion or estimate contained in this document is made on a general basis and is not to be relied on by the reader. Manulife reserves the right to make changes and corrections to its opinions expressed in this document at any time, without notice. Any unauthorised disclosure, use or dissemination, either whole or partial, of this document is prohibited and this document is not to be reproduced, copied, made available to others.
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