BEIJING: Insurance company Sun Life of Canada (SLC) has awarded Hill & Knowlton its Chinese and Canadian corporate PR accounts.
BEIJING: Insurance company Sun Life of Canada (SLC) has awarded
Hill & Knowlton its Chinese and Canadian corporate PR accounts.
The insurance giant, based in Toronto, saw three international agencies
pitch for the account in Beijing and Toronto before handing both pieces
of business to H&K. The agency has been charged with 'coordinating and
maintaining consistency of messaging,' according to H&K Beijing managing
director Diane Ho.
H&K has worked for large multinational insurance firms in China before,
including Aetna, Lincoln Mutual and Prudential.
The awarding of the Chinese account was motivated by the company
receiving approval to apply for a business license in China. Under
Chinese law, SLC needs to find a joint venture partner before launching
any financial products.
The emerging state of China's financial products market means that
competition between foreign companies for a suitable partner is fierce,
and competition for PR representation will likely be no less severe.
While there are currently 96 foreign insurance firms in the process of
vying for a business license in China, there is no standard time frame
SLC is the market leader in individual life insurance in the Philippines
and has been operating in Hong Kong since 1899.
A representative office has been in operation in Beijing since 1995,
conducting mainly market research and government relations. SLC will
likely offer individual life insurance but not health insurance.