Following its integration of Zurich’s former tied agency representatives, UAE-based Nexus Group is now ready to grow its business in Singapore, say senior management.
With its “smooth” integration of Zurich Life Insurance’s former tied agency, including approximately 150 financial advisers, Nexus Financial Services (Nexus Singapore) is now focusing on growing its business with “new advisers and continuing to expand its product range”, said CEO Gary Harvey.
Leveraging strongly on expertise
The integration followed Nexus Group’s obtaining its Singapore licence in the last quarter of 2015, which marked its expansion outside of the Middle East. The licence allows Nexus Singapore to offer advice on life, savings and investment products.
Since the start of operations, Nexus Singapore has been “building processes, leveraging strongly on our expertise in the Middle East – for example, in terms of processing and paying our financial advisers”, said Mr Harvey. “All our advisers have gone through the necessary fit and proper checks, and we have also expanded our range of products.”
Nexus Singapore now offers products from Aviva, AXA, Friends Provident International, Generali and Tokio Marine Life. Zurich decided to wind down its life business in Singapore shortly after the agreement with Nexus.
No specific segment targets
In the Middle East, Nexus offers general insurance and employee benefits, in addition to life products, which in turn brings cross-selling opportunities. While this is a proposition the company would like to replicate in Singapore, “our priority now is to stabilise the existing business, before developing into other areas,” said Mr Tarun Khanna, CEO of Nexus Group.
While Nexus does not specifically target certain segments, the high-end to mass affluent segments would comprise its key markets, he added.
Ready for growth
Operating in strongly regulated environments in the Middle East have prepared Nexus for its Singapore entry, said Mr Khanna. “The UAE is going through regulatory changes and in some ways, Bahrain and Qatar are even more regulated than Singapore,” he added. “That’s why we’re here, and we’re ready for the regime here.”
There are growth opportunities even as 2016 looks to be a more challenging year than 2015 due to the economic headwinds, he said. “We’ve achieved a lot in the last few months. Now, we want to establish the business and manage it in a professional manner.”