Private Client Services by Mercer Blazes Innovation Trail in High-Net-Worth Insurance Landscape
Private Client Services by Mercer (PCS), a market leader in providing risk management propositions, with a focus on integrated life insurance solutions for high net worth and ultra-high net worth individuals, has announced that it has ramped up its transformation to meet the rapidly changing needs of clients in today’s interconnected and fast-evolving world.
In light of the Covid-19 pandemic which has limited face-to-face interactions, PCS has emerged as a forerunner in leveraging technology to enhance continuity of service. Virtual consultations, coupled with an automated documentation process powered by industry leading, highly secure technology, have not only reduced paperwork, offered greater convenience and accessibility for clients, but also ensured peace of mind amid the pandemic. Amid travel restrictions imposed as a result of the pandemic, PCS promptly implemented virtual consultations and facilitated in-country medical check-ups, providing clients with the security and coverage they need, Mercer said in a press release.
Joseph Low, CEO, PCS, said: “The evolution of technology has opened new opportunities for an industry that leans heavily on personal interactions. The pandemic meant we had to innovate at speed and with the flexibility to adapt to a rapidly changing situation to ensure we continue to provide our clients with high quality and reliable solutions, without losing that personal touch.”
“At PCS, we have always looked to go the extra mile for clients and I am proud that the team has not only risen to the challenge but proved that a traditional business can redefine its model rapidly to deliver digital experiences in the most critical moments,” Low continued.
Greater reach and resources
As part of Marsh & McLennan (MMC), following MMC’s acquisition of Jardine Lloyd Thompson Group plc (JLT) in April 2019, PCS has also successfully leveraged the breadth and depth of MMC’s global broking and advisory network of 75,000 colleagues across 130 countries, to serve clients with broader expertise, richer insights and greater innovation. The integration also saw the successful transition of the former JLT entity in Shanghai, China to Private Client Services by Mercer China Limited (美仕保险经纪（上海）有限公司) this year. Leveraging the licence from the China Banking Insurance Regulatory Commission which allows PCS to trade as a foreign broker and cover all lines of insurance brokerage in mainland China, PCS has expanded its suite of risk advisory and insurance broking services to the full spectrum of Chinese businesses and looks forward to extending its footprint in the country.
Renee McGowan, CEO, Asia, Mercer, said: “PCS is an important and valued part of our business for the region. A market leader in risk solutions for high net worth individuals, PCS has expanded our market reach and portfolio of solutions to an important segment of new clients. It has deepened our pool of talent, broadened our industry experience and enhanced our capabilities. More importantly, it has uniquely positioned us to make an even bigger difference for clients in the midst of a crisis like no other. We’re continuing to invest in the business, and we’re excited about the growth and expansion of PCS in the coming months and years. ”
To support PCS’ growth in the region and beyond, PCS will be recruiting a new Global Head of Sales to drive sales team leadership and accelerate revenue growth through expanding the company’s presence in existing and new markets, the development of new sales channels and contributing to the company’s marketing and business strategies.
“Demand for risk solutions amongst high-net-worth individuals continues to grow, propelled by the pandemic. With PCS’ growing focus on innovation to deliver impactful solutions to clients, the company is well-positioned to seize the opportunities the future presents. As such, we’re looking to strengthen the leadership team and enhance our ability to deliver solutions with lasting impact that clients value,” McGowan concluded.