The Development of Life Insurance and Bancassurance in the Post-Handover Decade
The Development of Life Insurance and Bancassurance in the Post-Handover Decade
The handover on July 1997 made Hong Kong a Special Administrative Region within China. Around that time, the provisional government set about adding seats in the Legislative Council to represent such specific industries and other “functions,” such as finance, insurance, real estate, and commerce; hence these members were representatives of “functional constituencies.” For the longest time, conventional insurers have prided themselves on offering personalized, comprehensive service one-to-one through both the agency system and their own sales networks. However as banking expanded globally with more value-added services, bancassurance rode high on this global expansion. The development of bancassurance in Hong Kong can be traced to the Associated Bankers Insurance Co. Ltd. in the 1960s and CIGNA in the 1970s. However, the heyday of bancassurance would not come until the mid-to-late 1990s.
Keywords: handover, Hong Kong, functional constituencies, bancassurance, Associated Bankers Insurance, CIGNA
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