Q and A with Anubhav Bhushan, CEO – PCS International 

Issue 1, February 2022 | PCS Vision

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.

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 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.

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.

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.