China Life Insurance Singapore signed Framework Partnership Agreement with Strategic Partners
SINGAPORE, 31 August 2023 - China Life Insurance (Singapore) Pte. Ltd. ("China Life Singapore") signed Framework Partnership Agreement (“FPA”) with Nanyang Institute of Management (“NIM”), Natura Biotechnologies (“NB”), and Touchdown Sports (“Touchdown”). The FPA aims to establish a long-term partnership in various areas, including customer referrals, preferential policies, knowledge exchange, and consulting services. The organizations will collaborate to enhance competitiveness and market presence in the "insurance + education", “insurance + healthcare” and “insurance + sports”, while jointly striving to promote the development of Chinese enterprises in Singapore.
The partners involved in this signing represent the sectors of education, healthcare, and sports. Established in 2001, NIM has fulfilled the necessary academic and corporate governance requirements stipulated by the Committee for Private Education under the Private Education Act, and has also achieved the 4-years Edutrust Certification. NIM offers a diverse range of programs, including certificates, diplomas, advanced diplomas, bachelor, and master courses. The institute's focus on "Nurturing Today for Tomorrow" is reflected in its student-centric culture, where learning needs take precedence. NIM takes pride in cultivating an environment geared towards attaining academic and teaching excellence while fostering the holistic development of its students.
NB is a Singapore-based company specializing in the production and manufacturing of nutritional and health supplements. Their development team of medical practitioners are based in Stockholm, Sweden, a leading centre for healthcare innovation. Currently, NB's research partnerships have expanded to include higher education institutions such as NUS, NTU, Temasek Polytechnic, and Chengdu University of Traditional Chinese Medicine in China. Their product range covers various fields, including antiviral and immune support, metabolic disorders, and cancer rehabilitation, among others.
Touchdown Sports is a sports event management company with significant expertise in organizing international sporting events. The successful collaboration with these three enterprises is built upon their strong expertise and good reputation in the industry, which help lay a robust foundation for a partnership with China Life Singapore, working collaboratively towards mutual success.
China Life Singapore is advancing the concept of “insurance+” ecosystem. This concept is founded on the enhancement of insurance product offerings to effectively meet customer demands. It also entails exploring synergies with related industries for shared development. The objective is to establish a collaborative platform by continuously enriching the value chain within each "insurance+" scenario, thereby refining the content of "insurance+". The ultimate goal is to create a more comprehensive, high-quality, and customer- centric "insurance +" service ecosystem. This ecosystem will expand horizontally and vertically across to a wider range of sectors, including finance, technology, healthcare, education, retirement, taxation, investment, legal services, and daily living.
Mr. Gao Feng, Deputy Chief Executive of China Life Singapore, signed the FPA with Dr. Zhang Xuwei, President of NIM, Mr. Liu Liren, Director of NB, and Mr. Chen Yingqing, CEO of Touchdown. The signing was witnessed by Mr. Lin Xiangyang, Chief Executive of China Life Singapore, Ms. Zong Ming, General Manager of Agency Department, Ms. Ma Peipei, Deputy General Manager of General Management Department, Mr. Kenneth Goh, Head of Bancassurance and Financial Adviser Department, team members from the three partnering companies along with Mr. Richard Loi and Ms. Vicky Liang from Deloitte, Ms. Liu Xia, Chairperson of Xuyang Health, Ms. Li Yan, Vice President of Peking University Alumni Association in Singapore, and Mr. Lv Xiaolu, Deputy Chairman of Chengdu Ruihe Pharmaceutical Technology Co., Ltd.
Mr. Lin Xiangyang expressed that the FPA represents a new milestone. China Life Singapore is embracing the concept of the "insurance+" ecosystem, with a clear vision to drive extensive integration across diverse domains and encourage collaborative initiatives involving multiple parties. Within the year, China Life Singapore intends to bring on board over 30 new partners along the value chain. This strategic endeavor will enhance and diversify the "insurance+" ecosystem, further solidifying its multidimensional nature.