The event is first of its kind with participation of five major insurers in Singapore – Singlife, Income, Tokio Marine, AIA and Manulife.
Singapore, 5 March 2024 – Last Saturday (2 March), CIMB Bank held its inaugural insurance event, InsureXpo by CIMB Bank, at the Marina Bay Sands Expo & Convention Centre. The event brought together distinguished speakers and close to 500 participants to discuss insurance and financial planning strategies to journey through the ebbs and flows of life.
With the support of five major insurers in Singapore – Singlife, Income, Tokio Marine, AIA and Manulife – the programme featured discussions around ways to achieve financial freedom, building wealth for the future, being insured for critical illnesses, the importance of planning early in order to retire early, and family legacy planning.
The morning agenda saw speakers discussing the importance of starting one’s wealth building journey early, in order to take advantage of the effects of compounding. In the afternoon, the programme shifted towards retirement and legacy planning, as well as sharing by a cancer survivor on the importance of critical illness protection.
During the panel discussion, panellists emphasised on individuals having a holistic insurance and financial plan to get a peace of mind and confidence to meet future needs, including that of the next generation. One way to do so, is to envision an individual’s life in the future and review the insurance and financial portfolios, as well as legacy plan, on a regular basis as needs change.
The panellists also shared views on hedging against inflation risk and overseas insurance coverage, and encouraged participants to proactively enhance their financial well-being in line with the Basic Financial Planning Guide[1]. When asked how one can get started given the number of insurers and that information on financial products could be overwhelming, several panellists shared that individuals could solicit independent and objective advice from a third party, to get appropriate and relevant solutions that can help them to meet their different life needs.
Victor Lee, CEO of CIMB Singapore, said: “At CIMB, our focus is always on prioritising the customer. We aim to empower our customers by providing them with the necessary tools and information. At InsureXpo, we unite the finest insurance firms to offer the public a comprehensive platform for learning and obtaining essential information to kickstart their life and financial planning journeys.”
Echoing the views shared by the speakers throughout the day, Merlyn Tsai, Head of Consumer Banking & Digital, CIMB Singapore, said: “In our effort to drive home the key message that good financial planning starts young, especially as Gen Zs are stepping into a world of escalating costs, job uncertainty and high inflation, free passes were extended to students from several universities in Singapore. We hope that the sharing and presentations at InsureXpo have provided them with the necessary information to get started on life and financial planning.”
This purely educational conference complements the national drive to “support individuals in taking proactive steps to address their savings, insurance, and investment needs at different life stages” with the launch of the Basic Financial Planning Guide[1].
To find out more about the event, please visit the website at https://insurexpo.sg/.
