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ISSUE 1, FEBRUARY 2022 PCS VISION

Private Client Services by Mercer


About us  |  Our People  |  Insights  |  Videos  |  Location  |  Privacy Policy

 

Happy 2022 everyone. PCS is looking forward to sharing more growth and success
with you this year. 

 

In this first issue of Vision for 2022, we hear from Anubhav Bhushan, CEO of PCS
International* & Marco Tullio Valiante, our new Head of Switzerland. They share
their insights on life insurance trends outside Northeast Asia as well as our
international growth plans. 

 

*PCS International is a business unit within PCS Singapore


IN THIS ISSUE:


Q AND A WITH ANUBHAV BHUSHAN, CEO – PCS INTERNATIONAL


Q AND A WITH MARCO TULLIO VALIANTE, HEAD OF SWITZERLAND – PCS INTERNATIONAL


CASE STUDY: AN OFFSHORE SAFETY NET


CASE STUDY: CHANGING POLICIES TO SUIT LIFE CHANGES

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Q AND A WITH ANUBHAV BHUSHAN, CEO – PCS INTERNATIONAL

 

Anubhav Bhushan began his PCS career in November 2008 and was appointed to his
current role as CEO of PCS International in September 2021.  

Currently based in Singapore, Anubhav leads the International Sales Team in our
renewed focus on global clients (outside Northeast Asia), providing
insurance-linked solutions to clients across Europe, Southeast Asia, the Middle
East and the Indian diaspora. Anubhav also continues to work with our Bank
partners in Switzerland and Dubai. 

As borders begin to open, Anubhav has travelled to a number of our global
markets and here, he shares his insights into market conditions and
opportunities. 

 

PCS is renewing its focus on markets outside Northeast Asia. Can you provide
insights as to why? 

 

We are a people-oriented business, and our clients’ needs drive us; our renewed
global focus is to service the growing international demand for insurance-linked
products that we are seeing. There is not only pent-up demand that built during
border closures, but also a pronounced new appetite, especially from Saudi
Arabia, Jordan, Egypt, Russia and Israel amongst others. 

 

High-net-worth individuals are increasingly looking for ways to enhance value to
their portfolios while simultaneously reducing risk exposure. This is partly in
response to the two pandemic–challenged years we have lived through and the
associated volatile macro environment. Life protection products are being
recognized as a group of financial instruments/assets that can provide
diversification, stability as well as growth. They are increasingly popular as
an alternative asset allocation that balloons in value by the trigger of a
mortality-based event at the onset 

 

Another advantage of insurance-linked products as financial assets is that they
are transparent. With overall market maturity, there has been a general
reduction in cost of insurance. At the end of every year, policy holders can
clearly evaluate the charges deducted in the past 12 months. A part of the
policy performance is guaranteed. The remaining is pegged to fixed income
securities or global index options. 

 

An interesting phenomenon driving PCS’s growth is the increased interest in
estate and liquidity planning. For instance, some of our global clients have
real estate in the UK, exposing their families to eventual inheritance taxes.
Those clients are therefore keen to build guaranteed liquidity through life
protection products, enabling their families to meet the tax obligations. The
versatility of life protections products also assists our clients in
transferring their wealth to not just one, but multiple generations. 

 

The wish to look after those closest to you is universal, so our clients in the
Middle East are also looking to secure future liquidity as well as achieve
financial freedom and wealth equalization for their families. 

 

Even though we have done a lot of work remotely during the pandemic using our
seamless non-face-to-face processes, human interface is still invaluable. To
facilitate the servicing of clients in Europe, we recently appointed Marco
Tullio Valiante as the Head of Switzerland. 

 

Of course, my colleagues in Northeast Asia are continuing to service our strong
client-base there. One that is as much driven by financial savvy as the desire
to leave generational legacies.

 

 

What are other growth plans for PCS International? 

 

We want to firstly establish a robust footprint in Zurich and from that base,
service geographically near-by markets. PCS by Mercer has also set sights on
South America and Africa, which we are already servicing remotely. Our clients’
needs in the two continents will direct our future growth plans – whether we set
up physical presence in those locations, or service clients from an established
base. 

 

 

PCS International has a diverse cultural portfolio, how do you service that
diversity? 

 

Having been at PCS for almost 14 years, I can confidently say that geographic
and cultural diversity are embraced and don’t affect our service delivery. The
reason is because we approach each client as a unique individual. 

 

Understanding the clients’ needs is key! That enables us to work together
objectively with the client on offering solution tailor-made to their needs and
aspirations. Homework is equally important. Engaging with the banking partners
is essential as it helps us understand the finer nuances of the client.
Facilitating a life insurance policy is a lifetime commitment. When the client
signs on the dotted line, our relationship has only just begun. 

 

Every day, we continue learning from our clients on how best to service them. 

 

   Anubhav Bhushan

   International CEO

   Private Client Services by Mercer Pte. Ltd.

   E: Anubhav.Bhushan@mercerpcs.com


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Q AND A WITH MARCO TULLIO VALIANTE, HEAD OF SWITZERLAND – PCS INTERNATIONAL

 

Marco Tullio Valiante joined PCS International in January 2022 as the Head of
Switzerland with over 25 years of experience in wealth management and private
banking. Marco was previously with UBS, where he was the Global Head of Life
Insurance Solutions for Wealth Management. He has held various positions in UBS,
first in Italy and then in Switzerland, focusing on product management and
advisory for wealth planning solutions; substantially contributing to the growth
in assets under management and return on assets for the bank. He has also held
similar roles at Merrill Lynch. 

 

Marco has a MSc. in Economics and Accounting from the University of Venice Ca'
Foscari in Italy, and he is a Certified Financial Accountant.

 

1. What attracted you to join PCS by Mercer? 

 

The common theme in my career, the purpose I am passionate about, is helping
clients look after their families – both now and into the future. As I
progressed in my banking and wealth management roles, it became increasingly
apparent that insurance products are key in safeguarding lifestyles and
generational wealth. I also realised I could have more impact in an insurance
brockage because it is a client-led, unbiased function. 

 

I already knew of PCS from past collaborations as a banking partner and was
excited by the prospect of working in the organization. I understood I could
bring a 360-degree perspective to the insurance broking process as my previous
roles gave me an important insight – the knowledge of exactly what bankers
expect from brokers in an insurance partnership.

 

I also really love PCS’s ethos of building solutions entirely led by each
client’s unique context and needs. 

 

2. Why is Switzerland an important growth focus for PCS?

 

Due to its stability, world-class reputation as a financial centre, and
geographic position in the middle of Europe, Switzerland is one of the most
important financial platforms for international private clients. While new
private wealth is increasingly created in Asia and the US, wealthy clients
globally want to diversify their booking centre and Switzerland is still a
preferred destination. It is, therefore, crucial for PCS to build a strong
presence here, and we are absolutely committed to doing so. Our first key goal
is to strength our relationships with all our banking partners. 

 

There are two general trends that make Switzerland uniquely suited to our global
growth strategy. Firstly, clients are needing more insurance options and we are
able to offer a full spectrum of product choices. While European clients are
generally seeking the more traditional life protection products, there is
increasing appetite from international, non-European clients for products such
Private Placement Life Insurance (PPLI) and Variable Universal Life (VUL). PPLI
and VUL are gaining popularity because they offer a combination of insurance
elements with a high degree of personalization; adjustments can be made to
better meet individual client’s specific wealth management needs. 

 

The second trend is driven by growing complexity. As geographic mobility,
sophistication in asset markets, diversification needs and life in general
become more complex, the wealth planning needs of our clients are also becoming
more multifaceted. Individual requirements need nuanced responses and products,
driving the demand for product innovation and personalized servicing. PCS in
Switzerland are in a fantastic position to address that complexity as we grow
and establish a larger footprint.  We are also able to leverage our global
capabilities and unique solutions offering. 

 

3. How are you strengthening the relationships with your Swiss banking partners?

 

However sophisticated, Switzerland is a very small place, and the finance sector
here is even more so. In a sphere where everyone knows everyone else’s
reputation, having strong relationships is crucial and that’s where we are
focused. Strengthening my connections with previous colleagues is an important
part of the process, as is introducing our full service and product offering. 

 

As a team, we are determined to build our banking partners’ trust and confidence
that PCS is committed to Switzerland and in growth mode. 

 

It really is an exciting time, and I am proud to be part of the PCS team. 

 

 

  Marco Tullio Valiante

  Head of Switzerland 

  Private Client Services by Mercer SA

  E: Marco.Valiante@mercerpcs.com


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Case study: An offshore safety net

 

We helped our client create a US$10 million safety net despite a checkered
medical history

 Background


 

Our client is married to the founder of a listed company and the second largest
shareholder of the company. Our client has a child studying abroad.

 

Despite her current good health, our client experienced a major illness more
than a decade ago, so she was worried about either being declined by the insurer
or having to pay an exceptionally high premium. Our client was also concerned
that recent legislative changes would adversely impact the extent of the
family’s wealth and wanted to create liquidity overseas. 

 

 Solution

 

• An offshore US$10 million Whole of Life solution which continues for our
client’s lifetime. Whole of Life policies have a number of benefits. They pay a
death benefit and also have a savings component. The savings component can be
invested. The client can access the cash during her lifetime, by either
withdrawing or borrowing against it as required. 

• The policy therefore satisfies the client’s need to create offshore liquidity
in the event of an accident. It also serves can as a safety net for the family
wealth.

• Premium of US$3 million.

 

Key takeaways

 

1. Despite Covid lockdowns, the PCS client was still able to apply for and
incept the policy with ease. PCS strongly advocated on her behalf to procure a
standard rating – we asked the insurance company to consider her current health
rather than medical history. 

2. PCS by Mercer solutions are consistently client-led. Before tailoring
products, we always work to understand our clients’ specific needs and evaluate
the entire spectrum of challenges they might face. Our comprehensive processes
work to provide the best, most suitable and most economical solutions for our
clients.

 

 

 

  Karol Luo

  Vice President

  Private Client Services by Mercer Limited

  E: Karol.Luo@mercerpcs.com 



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Case study: Changing policies to suit life changes

 

PCS work with our clients to find the right policies for their unique changing
needs. 

 Background


 

Our client is a successful business entrepreneur. Client was holding a Universal
Life (UL) policy for more than 10 years through another insurance broker, but he
was concerned with three key issues: 

 

1. The declining cash value of his UL policy 

2. The adequacy of the death benefit to provide liquidity for future inheritance
taxes 

3. Perceived lack of choices if he was to change policies – as few insurers
still have seamless remote (non-face-to-face) underwriting processes 

 

 Solution

PCS conducted an independent review of our client’s existing UL policy against
market offerings. We also strategically negotiated with the potential insurer to
achieve a cost-effective outcome that addressed all of our client’s key
concerns:

 

• Change to a Whole of Life (WoL) policy with US$10 million sum assured to age
99

• WoL policy has a strong Guaranteed Policy Value component providing liquidity
for future inheritance taxes 

 

The policy was written using PCS’s non-face-to-face processes, so unpredictable
Covid-related public health orders did not affect the seamless process  

 

Key takeaways

 

1. For policy holders, it’s hugely beneficial to review existing policies
through independent parties

2. After understanding the client’s needs, PCS works hard to source the right
solution that addresses any and all of their concerns 

3. We present clients with a number of market-leading solutions, so they can
make comparisons and decisions based on real data 

 

 

 

  Trevor Tan

  Senior Vice President

  Private Client Services by Mercer Pte. Ltd.

  E: Trevor.Tan@mercerpcs.com

 

 

 


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