12 June 2019
As part of the acquisition, Elpis’ headcount of over 80 financial adviser representatives (FA representatives) and staff will join Infinitum, while the latter will take over the management of Elpis’ clients, products and services. To ensure a smooth transition following the acquisition, clients will continue to be served by their current FA representatives without disruption or any compromise in product or service options. The same will also apply to Financial Dynamics when the acquisition is completed.
Raises the professional standard of the FA industry
Through acquisitions of well-established LFA firms in Singapore, Income accelerates Infinitum’s growth and competitiveness in the industry, leveraging the firms’ existing pool of FA representatives, clients, as well as, products and services.
The acquired firms will, in turn, benefit from Income’s strong market reputation, financial stability and high operational efficiency that comes with greater economies of scale. Income’s strengths in operating governance, compliance and risk frameworks and practices are also a boon to the acquired firms. Infinitum will also leverage Income’s training and development programmes to provide FA representatives a structured pathway in career and professional development.
Mr Ronald Tan, Infinitum’s Chief Executive Officer, said: “With strategic acquisitions, we are quick to go to market. Infinitum offers the FA industry a differentiated proposition and to some LFA firms, a unique opportunity to consolidate their businesses into a larger entity to leverage economies of scale. It is also a chance to sharpen their focus on managing the firms’ FA representatives and their customers’ needs and interests. Tapping Income’s well-established risk management, compliance governance and market conduct framework and practices, Infinitum, through consolidation of LFA firms, is thus well placed to enhance the professional standards of the FA industry in Singapore. To increasingly discerning customers in Singapore, this is especially advantageous.”
No minimum sales requirement on Income products
Despite being Income-owned, Infinitum will be a multi-product provider and will not impose a minimum sales requirement on Income products.
“Such an approach gives Infinitum a competitive edge in the industry. By being “non-tied”, we believe it will motivate a sharper focus on needs-based financial solutions and drive a higher level of trust in Infinitum to fulfil one’s financial needs. We foresee Infinitum’s business model becoming a lever for more attractive financial solutions and higher quality financial services as it levels the playing field for solutions providers. This can only be a good thing for customers,” Mr Tan elaborates.
One-stop shop for financial products and services from diverse providers
Infinitum will be the distributor of a diverse portfolio of financial services and products that extends beyond Income’s offerings. They will include products from other insurance providers and a range of investment solutions found on wealth management platforms.
For personal financial advisory, Infinitum will support personal financial planning in the areas of health and family protection, wealth accumulation, education funding, retirement planning, as well as, legacy and estate planning. Infinitum will also help businesses navigate an unpredictable economic landscape through business succession planning, employee benefit schemes, keyman insurance, as well as corporate and commercial insurance, leveraging its industry experience and market insights.
Enhances customer-centricity with technology
Infinitum will be investing in technology to empower its FA representatives to offer efficient and value-added client engagements and financial advisory.
Clients can look forward to customised advisory and fact-finding, on a proprietary electronic platform that supports e-submission, update of policy statuses and client particulars. Clients and FA representatives are also set to leverage a self-service client portal to carry out follow-up transactions digitally. Tapping on data analytics, Infinitum looks to sharpen its understanding of clients’ needs to ensure that conversations, services and solutions offered to clients are always meaningful.
Mr Tan said: “As an Income-owned subsidiary, Infinitum will have the opportunity to tap Income’s digitalisation roadmap and explore potential collaborations on relevant projects and innovations to enhance customers’ experience. The intent is to have Infinitum’s FA representatives contribute to the growing strength of Income’s digital sales force – one that engages customers effectively and meaningfully in this digital age.”
Strengthens Income as a multi-channel insurer
Infinitum’s FA representatives will complement Income’s traditional touch points which include its tied agents, retail financial consultants and other licensed financial advisers. With the launch of Online Life and askSage to extend clients’ access to life insurance through direct purchase and self-serve financial advisory most recently, Income has also digitalised its core business lines across life, health and general insurance.
As such, with Infinitum, Income has further widened its lead as a true multi-channel composite insurer that offers clients choice and flexibility, via a truly omni-channel experience, when they engage with Income.
Mr Andrew Yeo, Income’s Chief Executive Officer said: “The setting up of Infinitum is part of Income’s strategy to extend our distribution footprint even as we sharpen our digital capabilities and offerings. More significantly, we saw Infinitum as a unique opportunity for us to consolidate and tap economies of scale and a wealth of experience in the FA industry to strengthen Income’s customer touch-points, while concurrently, leverage Income’s strong operational infrastructure, agility and technological capabilities to move LFA up the value chain.”
Mr Yeo added: “Be it diversity in financial solutions or ways to engage with brands and organisations, customers today want choice and flexibility. In this regard, Infinitum is a strategic addition to Income’s multi-channel touch-points and as an Income-backed company, we believe that customers will enjoy the same level of confidence and peace of mind, if not higher, when engaging with Infinitum.”
- Acquires Elpis Financial and Financial Dynamics to set up firm
- Serves as one-stop shop for financial products & services from diverse providers
As part of the acquisition, Elpis’ headcount of over 80 financial adviser representatives (FA representatives) and staff will join Infinitum, while the latter will take over the management of Elpis’ clients, products and services. To ensure a smooth transition following the acquisition, clients will continue to be served by their current FA representatives without disruption or any compromise in product or service options. The same will also apply to Financial Dynamics when the acquisition is completed.
Raises the professional standard of the FA industry
Through acquisitions of well-established LFA firms in Singapore, Income accelerates Infinitum’s growth and competitiveness in the industry, leveraging the firms’ existing pool of FA representatives, clients, as well as, products and services.
The acquired firms will, in turn, benefit from Income’s strong market reputation, financial stability and high operational efficiency that comes with greater economies of scale. Income’s strengths in operating governance, compliance and risk frameworks and practices are also a boon to the acquired firms. Infinitum will also leverage Income’s training and development programmes to provide FA representatives a structured pathway in career and professional development.
Mr Ronald Tan, Infinitum’s Chief Executive Officer, said: “With strategic acquisitions, we are quick to go to market. Infinitum offers the FA industry a differentiated proposition and to some LFA firms, a unique opportunity to consolidate their businesses into a larger entity to leverage economies of scale. It is also a chance to sharpen their focus on managing the firms’ FA representatives and their customers’ needs and interests. Tapping Income’s well-established risk management, compliance governance and market conduct framework and practices, Infinitum, through consolidation of LFA firms, is thus well placed to enhance the professional standards of the FA industry in Singapore. To increasingly discerning customers in Singapore, this is especially advantageous.”
No minimum sales requirement on Income products
Despite being Income-owned, Infinitum will be a multi-product provider and will not impose a minimum sales requirement on Income products.
“Such an approach gives Infinitum a competitive edge in the industry. By being “non-tied”, we believe it will motivate a sharper focus on needs-based financial solutions and drive a higher level of trust in Infinitum to fulfil one’s financial needs. We foresee Infinitum’s business model becoming a lever for more attractive financial solutions and higher quality financial services as it levels the playing field for solutions providers. This can only be a good thing for customers,” Mr Tan elaborates.
One-stop shop for financial products and services from diverse providers
Infinitum will be the distributor of a diverse portfolio of financial services and products that extends beyond Income’s offerings. They will include products from other insurance providers and a range of investment solutions found on wealth management platforms.
For personal financial advisory, Infinitum will support personal financial planning in the areas of health and family protection, wealth accumulation, education funding, retirement planning, as well as, legacy and estate planning. Infinitum will also help businesses navigate an unpredictable economic landscape through business succession planning, employee benefit schemes, keyman insurance, as well as corporate and commercial insurance, leveraging its industry experience and market insights.
Enhances customer-centricity with technology
Infinitum will be investing in technology to empower its FA representatives to offer efficient and value-added client engagements and financial advisory.
Clients can look forward to customised advisory and fact-finding, on a proprietary electronic platform that supports e-submission, update of policy statuses and client particulars. Clients and FA representatives are also set to leverage a self-service client portal to carry out follow-up transactions digitally. Tapping on data analytics, Infinitum looks to sharpen its understanding of clients’ needs to ensure that conversations, services and solutions offered to clients are always meaningful.
Mr Tan said: “As an Income-owned subsidiary, Infinitum will have the opportunity to tap Income’s digitalisation roadmap and explore potential collaborations on relevant projects and innovations to enhance customers’ experience. The intent is to have Infinitum’s FA representatives contribute to the growing strength of Income’s digital sales force – one that engages customers effectively and meaningfully in this digital age.”
Strengthens Income as a multi-channel insurer
Infinitum’s FA representatives will complement Income’s traditional touch points which include its tied agents, retail financial consultants and other licensed financial advisers. With the launch of Online Life and askSage to extend clients’ access to life insurance through direct purchase and self-serve financial advisory most recently, Income has also digitalised its core business lines across life, health and general insurance.
As such, with Infinitum, Income has further widened its lead as a true multi-channel composite insurer that offers clients choice and flexibility, via a truly omni-channel experience, when they engage with Income.
Mr Andrew Yeo, Income’s Chief Executive Officer said: “The setting up of Infinitum is part of Income’s strategy to extend our distribution footprint even as we sharpen our digital capabilities and offerings. More significantly, we saw Infinitum as a unique opportunity for us to consolidate and tap economies of scale and a wealth of experience in the FA industry to strengthen Income’s customer touch-points, while concurrently, leverage Income’s strong operational infrastructure, agility and technological capabilities to move LFA up the value chain.”
Mr Yeo added: “Be it diversity in financial solutions or ways to engage with brands and organisations, customers today want choice and flexibility. In this regard, Infinitum is a strategic addition to Income’s multi-channel touch-points and as an Income-backed company, we believe that customers will enjoy the same level of confidence and peace of mind, if not higher, when engaging with Infinitum.”
