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Opus by Prudential: bespoke insurance plans for the wealthy

Come what may, this customised proposition developed for the high-net-worth segment ensures that the next generation's legacy is future-proof.

Having been one of Singapore’s top life insurance providers for over 85 years, Prudential has served customers from all walks of life, delivering a suite of well-rounded products in the areas of protection, savings, and investment.

But as the island-state grew in prestige and prosperity – the country has 184,000 millionaires to date, with the number set to reach 240,000 by 2023 – Prudential noticed an alarming trend. The high-net-worth individuals in their customer base were not adequately insuring themselves against personal, financial, and business risks. According to its research, only one in five high-net-worth families in Singapore had a plan to ensure the smooth transfer of wealth across generations.

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Enter Opus, an exclusive new brand and bespoke proposition developed by Prudential for the high-net-worth individual. Launched last year, it is an advice and service-led offering that goes beyond standard insurance products, and is aimed at meeting the specific needs of this unique demographic with a common desire to transform their wealth into lasting legacies for the people who will succeed them. Opus, derived from “magnum opus” (‘great work’ in Latin), is a reflection of the desire and commitment of the current generation to leave behind a legacy that continues to define them even when they are no longer present in person.

“In Singapore, people are living longer, with a current average lifespan of 83 years that’s inching towards 100. Rising longevity means people are going to need a much bigger nest egg for their retirement. Hence, it is important that our solutions are designed to ensure that clients are financially ready to live a longer life and still have enough to leave a legacy for future generations,” says John Elkovich, Prudential Singapore’s head of High Net Worth Solutions. “By investing in and setting up a high-net-worth insurance brand, we want to help high-net-worth families bridge their protection gap and stay adequately prepared to face life’s curveballs.”

  • Opus by Prudential
    With longer lifespans, it’s more important than ever to protect one’s nest egg and have enough to leave a legacy for future generations.

Understanding that the high-net-worth segment already has everything that money can buy, Opus offers them what is most intangible and valuable in the here and now: sound professional advice and exceptional service. Rather than selling products, a team of specially-trained Private Wealth Consultants and Wealth Planners are tasked to work with Opus clients to identify their individual needs and advise on wealth protection and transfer solutions. Prudential’s protection, savings, and retirement solutions can be tapped on at any time so customers can safeguard and continue to grow their wealth.

Thanks to the solid partnerships Prudential has built over the years, the Opus team also has access to an external, independent panel of experts, who are able to provide specialist knowledge and insight on matters that include legal and estate planning, tax and business advisory, as well as trust and fiduciary services. These experts come from established and trusted companies such as BDO, Deloitte Singapore, Rajah & Tann and Equiom Group.

(Related: How to preserve wealth beyond three generations, according to wealth management expert Yash Mishra)

Opus’ focus is on providing superior service at every single touchpoint. It starts from the first conversation with a dedicated team; each Opus customer is given his or her own underwriter, case manager, and policy as well as claims servicing team, which means more personal relationships and quick turnaround time. VIP service to medical check-ups at Singapore’s best healthcare clinics, tailor-made privileges such as personalised welcome gifts (think bespoke jewellery), and invitations to events that reflect the customer’s taste and preferences, are other benefits that make Opus clients feel well taken care of at every step of the way.

When it comes to evaluating the success of the Opus brand, the proof is in the pudding. In the 10 months since its launch, Prudential has seen its high-net-worth client base increase by 10 per cent; an undeniably well-deserved result. The company noticed a gap in the market, and closed in by proposing a solution that goes beyond the usual conversations around products. By proving its mettle as a forward-thinking and innovative company, Prudential has shown its clients that their own future – and that of their loved ones – is in good hands.

(Related: Marriott enters luxury home-sharing market for the wealthy with Tribute Portfolio Homes)

– BROUGHT TO YOU BY PRUDENTIAL –