Benchmark Wealth Management Awards 2022 – Submission

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Step 1 of 6

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Submission ID*

Name of the Product

Date of Inception

MM slash DD slash YYYY

Pillar One: Value For Money

1. Minimum Yearly Premium

p1_q1_currency

p1_q1_premium

2. For a scenario of a Male, non-smoker, aged 40, with a monthly premium of HK$5,000 for 20-year, what is the following specification

Yearly Premium

Premium Payment Term

Benefit Term

Loan to Value

Policy Year

A. Guaranteed Cash Value:

B. Guaranteed Death Benefit:

C. Guaranteed Bonuses (including Reversionary Bonus):

D. Guaranteed Internal Rate of Return (I.R.R.):

Number

Maturity (Year):

Special Guaranteed Bonuses available:

E. Bonus Lock-in: select all the apply

We allow customers to lock in non-guaranteed bonuses

Upon reaching a certain policy anniversary

There is not an aggregate limit

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F. In which anniversary year does the policy reach Breakeven?

G. What is the current crediting interest rate?

H. What is the minimum guaranteed crediting interest rate?

I. Does the plan offer Unemployment Protection

Yes

3. Is there more than one Premium Payment Term?

Yes

Please state the number of Premium payment terms available

4. Payment Modes – Select all that apply

Monthly

Quarterly

Semi-Annually

Annually

5. What is the flexibility for cash withdrawals:

Withdraw without penalty

Bonus lock-in portion only

Can withdraw but considered as partial surrender

This option is not available for this product

6. Is an Increase/Decrease in the Premium amount allowed?

Yes

7. Payment Holidays

Yes

8. When is premium holiday allowed?

Anytime after year 1

Starting from year 2

Starting from year 3

Starting from year 4

Starting from year 5

After year 5

9. Is the Policy Convertible to an annuity plan?

Yes

Partially

10. How many annuity options are there?

1-3

4-6

7-10

11 and above

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11. Change of Life Insured during the policy is in force

1 to 3 times

4 to 6 times

There is no limit to the number of times

This option is not available

12. Change of Policyholder during the policy is in force

1 to 3 times

4 to 6 times

There is no limit to the number of times

This option is not available

13. Advanced payment on terminal illness diagnosis

Yes

14. Please state all the Key Exclusions

15. Does the firm discuss or monitor the impact that its products and services have on consumers?

Yes

16. Does the firm provide charitable donations or product/service accessibility initiatives?

Yes

17. Does the company distribute any low-priced products or services designed explicitly for BoP [bottom of pyramid] lower-income communities to help improve their lives and livelihoods?

Yes

Additional Remarks for how your products create Long-Term Value for the customers:

18. UPLOAD a product Brochure and the Illustration Document for a Male, non-smoker, aged 40, with a monthly premium of HK$5,000 for 20-year

Drop files here or

Max. file size: 50 MB.

19. Video URL links:

Pillar Two: Comfort and Experience

1. If you have run a Customer Satisfaction Survey within the past 24 months, please explain your objectives? Select all that apply:

To improve loyalty and advocacy

To understand the landscape better

To understand competitors behavior

To track customer satisfaction level

To understand the buying, servicing, and claims experience

To address negative sentiment and provide service recovery

Please highlight the tools used for customer satisfaction and feedback, and highlight your achievement and process:

2. What do you do under the circumstances a claim is denied? Please Select all that apply:

Explain to the customers the reasons by a dedicated specialist/claim handler

Inform the agent and let them explain the reasons

Provide the customer a chance for clarification and refile for the claim

Send them a written reply and close the case

We do something else that is different, and we do it better

Please describe the claim process and its service level undertaking:

3. How do you identify potentially fraudulent claims, and how has the process improve efficiency and help optimize pricing for customers?

4. What does your customer portal do for your customers? Please select all that apply:

Apply for loans

Chatbot

Conduct Product comparisons

Contact customer service

Enroll and follow Health Programs

File a claim

Make additional purchase

Make profile changes

Make withdrawal

Open an account/Enrol online

Perform fund switching

Receive market Information

Receive product information

Submit policy application

Track claims progress

Track fund performances

Tutorial articles or videos

View e-statements

We do not have a customer portal

We do more than the above, and please see the description below:

Additional Remarks

5. What does your mobile app do for your customers? Please select all that apply:

Apply for loans

Chatbot

Conduct Product comparisons

Contact customer service

Enroll and follow Health Programs

File a claim

Make additional purchase

Make profile changes

Make withdrawal

Open an account/Enrol online

Perform fund switching

Receive market Information

Receive product information

Submit policy application

Track claims progress

Track fund performances

Tutorial articles or videos

View e-statements

We do not have a customer portal

We do more than the above, and please see the description below:

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6. What does your Distributor and Agent portal do internal and external intermediaries? Please select all that apply

Chatbot

Engage with Customers

Make profile changes

Manage a claim

Product Comparisons

Product Information

Submit policy application

Track claims progress

Track performances

Tutorial articles or videos

We do not have a portal for Distributors or Agents

We do more than the above:

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7. Please describe the technology used for Clients' Ease of access to Products, Pricing, Advice, Research, and the internet. How do you enhance client insights such as big data, A.I., or data warehouse to optimize the client experience and journey? How is technology made available to customers along the three stages - Pre-sale, Account Opening, and Post sale care?

8. Does the firm discuss or monitor the impact that its products and services have on consumers?

Yes

9. Has the firm been involved in any customer-related lawsuits or offenses investigated by a judicial/regulatory process during 12 months?

Yes

10. What supports are provided to ensure service level is measured to meet customers' ongoing needs, ensure that products sold are aligned to their long-term goals and needs, and ensure that customers fully understand the coverage and policy before purchasing from the intermediary?

11. If you have run a Broker Satisfactory Survey in the past 24 months, please tell us about your objectives? Select all that apply:

To improve loyalty and advocacy

To understand the landscape better

To understand competitors behavior

To track customer satisfaction level

To understand the buying, servicing, and claims experience

To address negative sentiment and provide service recovery

Please highlight the tools used for customer satisfaction and feedback, and highlight your achievement and process:

12. How do you ensure that brokers' practices are aligned with client experience and the ongoing monitoring of satisfaction level?

Upload all the relevant screenshots, decks, and guidebooks, etc...

Drop files here or

Max. file size: 50 MB.

Video URL links:

Pillar Three: Governance and Dependability

1. Fulfilment Ratio: Please fill in the actual aggregated accumulated non-guaranteed annual dividends and interests, and special bonuses “%” ratio against the illustrated amounts at the point of sale for this universal life product as of the end of 2021.

Non-Guaranteed Element

Annual Dividends

Bonuses

Currency

USD

HKD

USD

HKD

Policy Year 1

Number

Policy Year 2

Number

Policy Year 3

Number

Policy Year 4

Number

Policy Year 5

Number

Policy Year 6

Number

Policy Year 7

Number

Policy Year 8

Number

Policy Year 9

Number

Policy Year 10

Number

Policy Year 11

Number

2. Have you received a Financial Rating from a major rating agency in the past 12 months?

Yes

2A. Financial Strength: Please state the ratings over the past 12 months as of June 30, 2022

Standard and Poor

Rating in 2021

Moody's

Rating in 2021

Fitch

Rating in 2021

2B. Asset Under Management:

2021 AUM (USD)

YoY Growth/Decline (%)

2020 AUM (USD)

YoY Growth/Decline (%)

2019 AUM (USD)

YoY Growth/Decline (%)

p3_q2b_not_disclose

We prefer not to disclose

2C. Solvency Ratio:

2021 (%) of regulation:

YoY Growth/Decline (%)

2020 (%) of regulation:

YoY Growth/Decline (%)

2019 (%) of regulation:

YoY Growth/Decline (%)

p3_q2c_not_disclose

We prefer not to disclose

3. Portfolio liquidity in stressed markets: When you construct the portfolio, one key factor we consider is liquidity at the portfolio level under stressed market conditions. Please select only ONE closest answer:

Yes, we aim to be able to liquidate 10%, or less, of the portfolio in 5 trading days if trading volume halves

Yes, we aim to be able to liquidate 10%-20% of the portfolio in 5 trading days if trading volume halves

Yes, we aim to be able to liquidate 20-30% of the portfolio in 5 trading days if trading volume halves

Yes, we aim to be able to liquidate 30-40% of the portfolio within five trading days if trading volume halves

Yes, we aim to be able to liquidate within 1-2 trading days at least 15-30% of any single position whose market value drops by 5% or more in a single day

Our liquidity targets are better than the above

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4. Investment/Divestment bases: Our investment/divestment decisions are substantively based on the following. Please select all the most applicable answers:

Security's liquidity in the secondary market

Valuation

Target price

Risk/return profile of a security relative to other positions in the portfolio

Investee's cash flow

Investee's ability to meet liabilities in a timely manner/ credit quality

Ability of investee to benefit from structural changes in its industry

Investee's key management's track record

Validity of our investment thesis

Downgrade/upgrade of the investee by our own analysts

Downgrade/upgrade of the investee by sell-side analysts

Rumors

E.S.G. factors improving (in the case of investment)/deteriorating (in the case of divestment)

Investee's response to our fund's/firm's E.S.G. engagement

Market timing

Signals generated by our quantitative, big data models or other similar methods

The security's drawdown exceeds our limits within a given time frame

Environmental factors have (or likely will have) a material* impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation and other risk-return balance

Social factors have (or likely will have) a material[ii] impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation and other risk-return balance. In the case of making an investment, the material impact is positive. In the case of divestment, the material impact is negative and the investee is not taking adequate steps to address these material social factors.

Governance factors have (or likely will have) a material[ii] impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation and other risk-return balance. In the case of making an investment, the material impact is positive. In the case of divestment, the material impact is negative and the investee is not taking adequate steps to address these material governance factors.

We do not have a system or method of arriving at a basis for investment/divestment. The portfolio manager acts according to his or her wishes.

Additional remarks, if any

5. Does the firm have a committee responsible for risk?

Yes

6. What is the Business of the Risk Committee? Please select all that apply:

Proactively identify risk issues

Assessment of risks

Mitigate and Manage risks

Risk controls policies and implementation

Regulatory risks monitoring

We do more than the above – please explain below:

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7. What is the percentage of the risk committee that is independent?

8. Are there any executives on the risk committee?

Yes

9. Does the firm describe business continuity risks related to disruptions of operations?

Yes

10. Does the firm link its directors' bonuses to the achievement of long-term goals?

Yes

11. Does the firm have a Code of Ethics?

Yes

12. Percentage of non-executive directors that have industry-specific expertise

13. Does the firm have country-specific components in their anti-bribery and/or corruption statement or policy?

Yes

14. Does the firm provide its employees with training on anti-bribery and/or corruption?

Yes

Pillar Four: Sustainability and ESG

1. Commitment to responsible shareholding. Please select the statement(s) that describe your approach to stewardship. You may choose more than one statement where applicable:

We have a clearly articulated, explicit, publicly available policy/framework on investing responsibly across ALL our strategies, including non-ESG, non-SRI strategies

We do NOT yet have an explicit, clearly spelled out stewardship policy/framework/principle, but we are in the process of finalizing one within the next 12 months

We do NOT have an explicit stewardship policy/framework -- and do NOT have plans for one -- but we invest responsibly whenever possible across ALL our strategies, including non-ESG, non-SRI strategies

We invest responsibly ONLY in our E.S.G., S.R.I., and/or sustainable strategies. We do not practice responsible investing in other strategies

We are signatories to one or more stewardship principles, but we have no concrete plans to institute a stewardship policy/framework at our firm at the moment

We are not signatories to stewardship principles/codes; we have no stewardship policies, but we are keen to move in that direction is within the next 1-2 years

We think stewardship is NOT suitable for our business model, and we have explained why to the relevant regulatory authorities and/or investors

We do NOT think stewardship is important to our firm at this time, and we do not feel it's necessary to explain why

Our firm does NOT have a position on stewardship

2. Disclosures on voting: Please select the statements that describe your firm's practices related to voting. Some firms have varying disclosure levels for different policyholders types. Your answers to this question should reflect your disclosure to retail and high net worth policyholders and family offices. You may select more than one statement:

Our disclosure on voting is available to policyholders, from retail to institutional asset owners without them having to make a request ie the disclosure is on our website or other electronically accessible venue

Our disclosure on voting is available ONLY to institutional policyholders, including family offices, without them having to make a request ie the disclosure is electronically accessible to them

We disclose our votes and rationale ONLY if an policyholders asks for disclosure

In our disclosures, we explain in plain, clear, unambiguous language the rationale behind every vote

In our disclosures, we explain the rationale behind every vote BUT we do not make an effort to present it in plain language, clear unambiguous language

We do not currently disclose our votes and rationale but we have concrete plans to do so within the next 12 months

We do not disclose and have no plans to disclose our voting

We do not vote

We cannot/prefer not to divulge our voting practices

3. Is your firm a signatory to the United Nations-supported Principles for Responsible Investment (UNPRI) or another responsible investing initiative? Please select only one response.

Yes, we are already a signatory to UNPRI only

Yes, we are already a signatory to UNPRI plus one or more responsible investing initiative/s

No, but we are in the process of applying to be a signatory to UNPRI or another responsible investing initiative/s

No, but we plan to be a signatory to at least one responsible investing initiative in the near future

No, we have no plans to become a signatory of any responsible investing initiatives in the near future

Other responses (please specify)

Please explain and describe the other initiatives that you have pledged.

4. To what extent will ESG materiality factors influence the ultimate investment/divestment, overweight and underweight decisions? Would you please select only one response?

A. Environmental materiality factors

80-100% influence on the ultimate investment decisions

65-79% influence on the ultimate investment decisions

50-64% influence on the ultimate investment decisions

35-49% influence on the ultimate investment decisions

20-34% influence on the ultimate investment decisions

5-19% influence on the ultimate investment decisions

Environmental effects on the portfolio are NOT currently considered, and we have NO plans to take them into account

Environmental effects on the portfolio are NOT presently considered, but we have clearly defined framework, parameters, principles, methods/techniques, and objectives are available for imminent implementation to take them into account within the next 12 months

B. Social materiality factors

80-100% influence on the ultimate investment decisions

65-79% influence on the ultimate investment decisions

50-64% influence on the ultimate investment decisions

35-49% influence on the ultimate investment decisions

20-34% influence on the ultimate investment decisions

5-19% influence on the ultimate investment decisions

Environmental effects on the portfolio are NOT currently considered, and we have NO plans to take them into account

C. Governance materiality factors

80-100% influence on the ultimate investment decisions

65-79% influence on the ultimate investment decisions

50-64% influence on the ultimate investment decisions

35-49% influence on the ultimate investment decisions

20-34% influence on the ultimate investment decisions

5-19% influence on the ultimate investment decisions

Environmental effects on the portfolio are NOT currently considered, and we have NO plans to take them into account

5. What does the firm consider material, and how is an assessment of their impact carried out? Please describe your overall inclusion of E.S.G. factors and how is the in-house E.S.G. materiality framework defined? Please also explain how you would identify material financial and E.S.G. factors affecting a company, industry, sector, and country.

6. Do you align your investment policies against the UNSDG, and what impact(s) do you target to achieve? Please select all that apply.

Goal 1: No Poverty

Goal 2: Zero Hunger

Goal 3: Good Health and Well-Being

Goal 4: Quality Education

Goal 5: Gender Equality

Goal 6: Clean Water and Sanitation

Goal 7: Affordable and Clean Energy

Goal 8: Decent Work and Economic Growth

Goal 9: Industry, Innovation, and Infrastructure

Goal 10: Reduced Inequalities

Goal 11: Sustainable Cities and Communities

Goal 12: Responsible Consumption and Production

Goal 13: Climate Action

Goal 14: Life Below Water

Goal 15: Life on Land

Goal 16: Peace, Justice, and Strong Institutions

Goal 17: Partnerships

7. Does the firm have a statement or policy to promote equal opportunity and diversity?

Yes

8. Does the firm offer diversity training?

Yes

9. Does the firm have specific targets to improve equal opportunity and diversity?

Yes

10. Does the company disclose quantitative information on gender or ethnic minority employment?

Yes

11. Percentage of minorities on the Board

12. Does the firm have any programs or initiatives in support of LGBTQIA+ rights?

Yes

13. Percentage of ethnic minority individuals employed by the company in management-level positions

Sustainability Reports Upload

Drop files here or

Max. file size: 50 MB.

Pillar Five: Business and Growth

1. Does the firm state that it has responsible marketing practices and/or transparent product labeling?

Yes

2. Business – How is this product distributed and the major contributor to this success?

3. Please share with us the successes of this product and its contribution to the company's bottom-line.

4. How does the company feel about the statement of: Prioritizing the customers' needs before revenues?

5. What is the Net Promoter Score (NPS) over the past three years?

2021

2020

2019