• Insurance advisors in Asia expressed growing optimism about the economy and the life insurance industry as the impact of the pandemic eases
• The biggest opportunities will come from access to digital tools and data amidst increasing competition in the market and changing client expectations

HONG KONG, Feb. 1, 2023 - Insurance advisors are more optimistic about the economic and industry outlook in 2023, based on a Sun Life survey of 1500 advisors from 30 insurance companies across Hong Kong, the Philippines, Malaysia, Indonesia, and Vietnam.

Across all five markets, optimism has grown as the impact of the pandemic subsides and restrictions lift across the region with 76% of advisors feeling optimistic about their ability to grow sales in the year ahead (up from 73% in 2020), and 74% feeling positive about the life insurance industry (up from 70% in 2020).

• Vietnam and Indonesia show high levels of optimism in both country economic outlook, 86% and 84% respectively, and industry outlook, 92% and 88% respectively.
• 81% of advisors in the Philippines are confident in their ability to grow business in the coming year but were more cautious about the country's economic outlook at 63%.
• Advisors in Malaysia expressed less optimism in the country's economic outlook (45%), however, they showed growing optimism in the insurance industry outlook (68%) and their ability to grow (68%) with results up 7pp and 4pp from 2020 respectively.
• Hong Kong advisors were more optimistic about their ability to grow sales with 90% feeling optimistic or neutral, up from 67% in 2020, as covid restrictions eased in the second half of 2022.

The results further show that advisors see digital tools and access to client data as most impactful on business growth amidst increased competition and changing client expectations. Many respondents stressed the need for sophisticated solutions to provide better lead generation, speed up sales processes, enhance the client experience and differentiate.

Hong Kong advisors viewed competition from other insurance carriers as the greatest challenge to their business (61%), whereas Vietnam advisors face pressure from rising client expectations (72%).  

"It's wonderful to see advisors across the industry feeling more positive about the year ahead. This survey provides important insight into the mindsets and needs of advisors in Asia. Advisors are the face of our business and our priority at Sun Life is to ensure that we give them all the tools and support they need for long-term success." said Chief Distribution Officer, Sun Life Asia, Carene Chia. "This year, we will continue to invest in platforms to enhance our Client data and enable better cross selling including the new Advisor Workbench that will allow advisors to better connect with Clients, develop a holistic picture of their needs and find the products and solutions that will help them to fulfil their health and wealth ambitions. Alongside this, we will continue to ensure Sun Life advisors receive industry-leading training to ensure they can grow their business, recruit top talent and successful careers with Sun Life."

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2022, Sun Life had total assets under management of $1.27 trillion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to editors: All figures in Canadian dollars.

Media Relations Contact:
Becky Marshall  
Director, Communications
Sun Life Asia
T: +852 6171 0312
becky.marshall@sunlife.com

SOURCE Sun Life Financial Inc.