Sun Life Financial’s Asia Strategy

8/29/2013 3:07AM

Competition is heating up between foreign insurance companies hoping to get a piece of Asia’s growing middle class. The WSJ’s Deborah Kan speaks to Kevin Strain, Asia President of Sun Life Financial, about staying innovative to gain market share in the region.

This transcript has been automatically generated and may not be 100% accurate.

... the ... for insurers in Asia ... as for the PC ... market share ideas ... and joining me now is a constraint is the isthe president ... did ... they get to get a little bit of a bird's eye perspective ... here's a strategy here in Asia alot of foreign companies in here aggressively ... I've tried to get their customer base so what is so much ... there were were in some markets in Asia ... were in the Philippines ... Indonesia Vietnam and Malaysia in the ... region ... however home based in Hong Kong and when to be to bring ventures ... India and China ... ay ay ay between a recently acquired at CIMB didn't Malaysia Aval ... and TCI to actively seeking more apt to acquisitions an orgy the tie up so ... they have expanded ... our focus right now is on expanding in some markets and in particular with Malaysia and with Ian on the new getting those up and running in a way that's successful and is adding value to our claims these two markets divisions ... into our part so we were out were very focused on ... getting those too often going to continue or sense because in the Philippines and the staff ... and growing our existence of this so ... it's that it's a market that data were were were really focused on getting those ones right ... again a lot of people thought that distribution in Asia ... lot of thinking and that the chances here ... so it is that the model I mean t think that is that they predominate model has a lot of these countries develop and and become more use to adventures ... I think in Asia and across the world you have to borrow multi channel distribution awful bancassurance is obviously Billy important it's about half of our still from Asia to a sixty percent of the industry sales in Hong Kong ... sea can ignore bancassurance ... but you also want to get agency ready you when it appropriate for a weren't available in one of the group right ... so you wanna have a distribution model that covers each of those areas ... and that our products tied to the one that distribution ... ok speaking of products they are what are you seeing in Asia body was popular products a delegate at targeting yet ... so we see a full so to set a price that reach from life insurance health insurance the wealth ... and increasingly we want to find ways to tie tie them together so we were very strong wealth portfolio ... a very strong life portfolio the one to find ways to integrate them ... and now we're trying to make sure we add more and more health insurance into the mix and we think for clients of the gonna have waste time financial security ... they have tablet could plan backup encompasses ... white ... health well ... Caroline is a country is that what's that you're targeting we're seeing a lot of but but it's the volatility in plenary ... what makes him as nervous ... about that BJ and at what types of things I are you looking out for going to write each each country's different and obviously India has had a lot of economic challenges recently currency ... as well as in the beach ... and so those two are having are experiencing a lot but in general you were seeing interest rates interest rate shifting around or something that we keep a very close eye on so ... low interest rates make it very difficult for insurers so ... we we watch that closely ... and then matching our assets to our liabilities is also very important so we did a very long-term view on the economy's ... we take a very long-term view on investor plus a fee ... aam ... but we do we do make sure that we're were monitoring sort of interest rates the equity markets the overall economics of circumstances at any countries at a show that that is just to get into that are so there is that you know I think there's opportunity across the region and doubt ... I will say no to a new the country's but they are focusing Alice on most of the markets in the onthe as each ... day and the effect is a sign that the ad ... I think it's different a lot of a foreign insurance companies that want ... to get a more market share in China and particularly given the ... rising middle class in the numbers in China ... a lot of people finding a lot of frustration there so what is your strategy on the ground ... in China so in China China receives a significant opportunity we have enjoyed lunch with Everbright Bank ... every banks from the top ten banks in China state owned enterprise ... has over forty million customers over twenty five million credit card holders ... your focus for us is getting that distribution partner right ... adding value to Everbright pink ... and adding value to the claims of or break so we can get that piece right ... we think that's unique because we are there or in part so that bag getting that ever for a relationship right really import ... and ... sale of people they say it's just that he even played felt so to speak at the high place a bid to take money ... that its output you weren't domestic company there we own just under twenty five percent and that ... we we think that there is significant opportunity inside of Everbright think ... I as well as the eye to the inner ... okay thanks Fran that's shitty weekend