200 agents leave Axa for Great Eastern in Singapore

November 13 2019 by InsuranceAsia News Staff

Around 200 experienced life agents have moved from Axa Singapore to Great Eastern Financial Advisers, according to the Straits Times.

This is the latest sign of mass scale poaching in the Lion City after in 2016, 244 of Prudential’s agents joined Aviva, and shows, despite disruption attempts, the continued importance of distribution via the human touch for life insurers to keep growing.

An Axa spokesperson told InsuranceAsia News: “A group of our agents chose to continue their careers with a different insurer. Our customers’ best interests and continued protection are our top priority.”

The spokesperson added: “In cases where their servicing agent leaves, we have in place the necessary processes to ensure affected customers continue to receive seamless service. All our customers affected by the departure of this group of agents have been contacted and reassigned new servicing agents.”

The move comes as growth in the Singapore life market has flatlined – in part as a result of the health of the overall Singapore economy which has suffered from the US – China trade war spat.

Ben Tan, managing director regional agency, financial advisory and bancassurance at Great Eastern, told InsuranceAsia News: “Our agency force continues to be a significant channel for Great Eastern to help customers with their financial planning needs and we always welcome the right talent to join us. We do not actively approach or target any agent or group of agents to join us.”

“Agents who join us do so because they believe in our strategy and direction. Our agency force has been growing steadily as we continue to attract strong interest from many across the industry, who share our values and ambitions.”

He added: “We want to emphasise that Great Eastern consistently engages in responsible recruitment practices and abides by the guidelines on fit and proper criteria set out by the Monetary Authority of Singapore to ensure that consumers’ interests are protected.”

 

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