Even though more people are buying insurance products at bank branches or on the internet, Manulife Financial prefers to stick with the traditional way of using agents. So much so that the Canadian insurance giant will double the number of agents it employs across Asia, including in Hong Kong, over the next five years.
Manulife's revenue streams are evenly divided between Canada, the United States and Asia, offering life insurance, wealth management and pension products. It is one of the largest life insurance and pension providers in Hong Kong.
Manulife president and chief executive Donald Guloien said he wanted to increase the number of agents in Asia to 70,000 by 2015, from 35,100 now. He set a target for Hong Kong agency sales to double from 4,400 to 8,800.
The company has been expanding its sales team in recent years, despite the financial crisis. Manulife had 33,600 agents in Asia at the end of 2008, up from 28,400 in 2007. The total number of agents worldwide has risen 42 per cent since 2006.
'Agents play an important role. People may buy simple insurance products through the internet or their bank but when they buy life insurance products or need any financial planning, they want agents to take care of their needs in face-to-face meetings,' he said.
The insurer has two joint ventures on the mainland, one dealing with asset management and the other with life insurance.
