Insurance media, GLOBAL –Sun Life has announced the appointment of a new position to lead strategic alliances, namely vice president of strategic partnerships. The current President of Sun Life Asia, Ingrid Johnson, has been appointed to this role. In this role, Johnson will report directly to General Manager Kevin Strain.
This new role is part of Sun Life’s strategy to capitalize on global partnership opportunities. Strain emphasizes the importance of this step during an analyst call.
“We believe that having senior executives who think holistically about the issue will be a benefit to our strategy. “If you look at how quickly the world is changing in many areas, having these partnerships and understanding how to leverage them, we see that as critical to the strategy,” he said in a report from the Financial Post.
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Sun Life, which has expanded into healthcare services in the Asian region, already has a series of global partnerships. This includes a collaboration with Bowtie, Hong Kong’s first virtual insurance company, a distribution agreement with Scotiabank in Canada for alternative investment options, as well as various partnerships in the US healthcare sector .
Earlier this year, Sun Life in Asia began a 15-year partnership with Dah Sing Bank in Hong Kong, making it the exclusive insurance provider to the bank’s retail customer base of 570,000 customers. This partnership, which brings the insurance company’s partner banks in the region to 28, contributed significantly to a 57% increase in the Asia division’s insurance sales in the third quarter.
Sun Life Asia operates in eight markets in the region, including India, the Philippines and Vietnam. The Asia division recorded significant growth in the third quarter, with net sales and net asset management flows reaching US$101 million, compared to a decline of US$468 million in the previous year. Sales of personal protection also increased, reaching $521 million, up from $325 million last year.
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