Working at Great Eastern Singapore: Company Culture, Benefits, and Leadership
Established in 1908, Great Eastern prioritizes customer-centric operations with a culture based on core values—Integrity, Initiative, and Involvement. Collaborating with stakeholders, they seek candidates aligned with these values. Since 2018, they've endorsed the UN Principles of Sustainable Insurance, incorporating environmental, social, and governance considerations. Explore more in Aniday's article on Working at Great Eastern Singapore.
General Information
Great Eastern Life Assurance Co. Ltd, also known as Great Eastern Life, is a leading Singaporean insurance company and a subsidiary of OCBC Bank. Established in 1908, it is the oldest and largest life insurance company in Singapore and Malaysia.
In 2020, the company reported over S$90 billion in assets and more than 8 million policyholders, including 5 million from government schemes. Great Eastern operates through tied agencies, bancassurance, and its financial advisory arm, Great Eastern Financial Advisers. It is the sole life insurance company listed on the Singapore Exchange and the largest insurer in Southeast Asia by assets and market capitalization.
On June 19, 2023, OCBC Bank increased its stake in Great Eastern Holdings to 88.4%, reinforcing the strong partnership between the two entities.
Company History
1908–1920: Early Years
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Incorporated on 26 August 1908 in Singapore.
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Claims to be the oldest and most established life insurance company in Singapore.
1920–2004: International Expansion
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In 1920, Great Eastern Life Assurance (Malaysia) Berhad started operations as a subsidiary branch office of Great Eastern Singapore.
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November 1999: Restructured as a wholly owned life insurance arm of Great Eastern Holdings Ltd.
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December 2000: Merged with Overseas Assurance Corporation.
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June 2004: Became a substantially owned subsidiary of OCBC Bank.
Modern Era
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May 2006: Established a joint venture, Great Eastern Life Assurance (China) Co Ltd, with Chongqing Land Properties Group.
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August 2012: Sold 25% stake to Chongqing City Construction Investment (Group) Co Ltd, renamed Zhong Xin Ancheng Life Insurance Co. Ltd.
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Received the Life Insurance Company of the Year award in 2011 and 2013 at the Asia Insurance Industry Awards.
Products and Services Offered
Great Eastern has many products and services. We cover insurance and finance. We help people and companies. Here's what we provide:
Life Insurance:
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Term Life Insurance
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Whole Life Insurance
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Endowment Plans
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Investment-Linked Plans
Health and Medical Insurance:
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Health Protection Plans
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Critical Illness Insurance
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Medical Expense Coverage
Wealth Accumulation and Retirement Planning:
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Savings Plans
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Retirement Plans
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Annuities
Investment Products:
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Investment-Linked Policies
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Unit Trusts
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Investment Accounts
Employee Benefits:
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Group Life and Health Insurance
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Group Retirement Plans
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Employee Wellness Programs
Financial Advisory Services:
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Provided through Great Eastern Financial Advisers
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Comprehensive financial planning and consultation
International Operations:
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Presence in various countries in Southeast Asia, including Malaysia, Indonesia, and Brunei
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Joint ventures and subsidiaries, such as Great Eastern Life Assurance (China) Co Ltd.
Customer Support and Services:
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Online account management
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Claims processing and support services
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Educational resources and tools for policyholders
Company Culture
In its journey as a leading insurer in Asia, Great Eastern emphasizes the importance of nurturing a culture that prioritizes customers and unity among team members. As part of the Great Eastern family, individuals are encouraged to embody the values of The Life Company, propelling the company forward.
To reinforce these values, tailored programs assist individuals in recalling, comprehending, and acting upon the principles that define them and guide customer service. Great Eastern also actively fosters an engaging environment, aiming to bring out the best in its people and support their growth within the company.
When engaging with customers, colleagues, or talents, utilize these three values—understand their meanings and associated behaviors—to guide your thoughts and actions.
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Intergrity: Uphold integrity. This entails taking responsibility for yourself, your decisions, and your team.
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Initiative: Lead the way. Taking the lead involves actively cultivating your work, personal growth, and that of others.
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Involment: Think: Prioritize 'We' over 'Me'. Opting for 'we' over 'me' signifies teamwork.
Employee benefits
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Salary: The typical salary at Great Eastern varies, with an annual range of around $33,000 for a Financial Consultant to $100,000 for a Senior Financial Consultant. Hourly pay at Great Eastern averages around $8 per hour, whether for an Administrative Assistant or a similar role.
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Leave Policy: Annual Leave, Sick Leave, Paid Holidays, Compassionate Leave, Child Care Leave, Marriage Leave
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Retirement and Savings: Employee Savings or Retirement Plans.
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Employee Recognition: Employees are recognise for outstanding performance through recognition programs or awards.
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Development: Education/ Training/ Tuition/ Certification Reimbursement
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Others: The LIFE program encourages employees to adopt a holistic health and wellness lifestyle. It has evolved to include targeted interventions for motivating and incentivizing employees to reach health goals including Mental Health, Finacial Heath, Social Well-being, Physical Health.
Company Leadership
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Khor Hock Seng - Group CEO
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Dato Koh Yaw Hui - CEO, GELM
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Clement Lien - CEO, GELI
Conclusion
Great Eastern is dedicated to placing customers at the forefront of our operations. Our culture, shaped by core values—Integrity, Initiative, and Involvement—guides us in upholding our commitment to sustainable excellence. Aniday hopes this article has offered valuable insights into Employment at Great Eastern Singapore: Company History, Culture, Benefits, and Leadership.
