IMA is a proud member in WBN, the Worldwide Broker Network. We utilize these connections to ensure our clients have the adequate policies in place with proper local compliance. As a key IMA partner in Asia-Pacific region providing service to clients in Hong Kong, China, Singapore, UAE, and Thailand, we are delighted to introduce you to Pacific Prime Insurance Brokers. The Global Risk and Benefits team works very closely with Pacific Prime and our global clients to ensure proper insurance and employee benefit programs are in place in the APAC region.
Their Background
Pacific Prime, has been providing impartial advice to individuals (including locals and expats), families, and businesses of all sizes for over 20 years. Their first office was set up in Hong Kong, and the company has since expanded globally across 5 continents and has offices in major cities, including: Singapore, Bangkok, Shanghai, Beijing, Cebu, Dubai, London, Mexico City & Los Angeles. To ensure that they offer the best possible service to clients from all around the world, there is a global team of 550 insurance experts representing 35 different nationalities and speaking over 28 different languages. Currently, Pacific Prime covers over 500,000 individual and 4,000+ corporate clients worldwide, including over 150 international schools. Their vast portfolio of clients means they are the go-to intermediary for health insurance and business solutions. In 2019, Pacific Prime received Bupa Global’s Top Producer Award for being the leading distributor of Bupa Global’s insurance plans in the Hong Kong region.
Spotlighting Trends in Hong Kong:
Some major trends Pacific Prime is seeing in Hong Kong:
- Worksite Voluntary Plans – these are voluntary individual insurance plans that are coordinated by a company on behalf of their staff. Main benefits focus on Critical Illness, Life and Accidental Death & Dismemberment (AD&D) and can be purchased as a top-up for the employee as well as their dependents (parents included)
- Reduction in Geographical Area of Cover – with travel restrictions in place since March 28th, 2020, many employers have looked to reduce their insurance premiums by restricting the area of cover to Mainland China only.
What is Pacific Prime Up To?
Pacific Prime is a leading partner in the Asia Pacific region, and their expertise can be seen in their reporting mechanisms. Last year, they announced the launch of their first-ever report on Global Employee Benefits Trends, providing an overview of the key trends and the forces shaping them. It outlines the top 6 employee benefits trends, followed by an in-depth analysis of each trend. This is complemented by interesting statistics, case studies, as well as practical tips on how to implement the trends in question. Based on insights from Pacific Prime’s in-house employee benefits consultants, the trends are identified as follows:
- The refinement and reassessment of group health insurance coverage
- The adoption of technology
- Mental health benefits
- Family-friendly benefits
- Flexible working arrangements
- Financial wellbeing
The full report can be viewed here: https://www.pacificprime.com/corporate/global-employee-benefits-trends-2020
Pacific Prime in the News
Pacific Prime has solidified its foothold in Asia Pacific by acquiring the Hong Kong and Singapore brokerage arms of CXA Group, an insurtech company that has exited this sector to focus on its cloud-based enterprise SaaS business. The acquisition deal took place on February 4th, 2021.
CXA’s insurtech business is backed by HSBC, Singtel Innov8, the Singapore Economic Development Board’s investment arm EDBI and B Capital Group, the venture firm of Facebook co-founder Eduardo Saverin.
The acquisition of CXA Group’s brokerage arms in Hong Kong and Singapore is a breakthrough, as Pacific Prime seeks to continually expand in the Asia Pacific region and globally. The acquisition gives Pacific Prime the technology to offer full-flex and simplified flex solutions to all its clients around the world. Historically, Pacific Prime has built all its own insurtech in-house; 15% of its 600 staff are IT-focused. This insurtech approach has been largely responsible for Pacific Prime’s growth over the past decade. The technology it is acquiring as part of the CXA deal is extremely complementary to Pacific Prime’s in-house technology and will allow Pacific Prime to offer employee benefits flex solutions to large multinationals, as well as smaller SMEs.
In summary, Pacific Prime is a dedicated partner in making our client’s global program. Their expertise in Hong Kong and the rest of the Asia Pacific region brings value to our international clients. We look forward to solidifying our relationship with them even more throughout this year and the years to come.