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| ALWAYS THINKING AHEAD |
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At Tenet, our vision is to become the premier insurer in our
chosen market segments of personal lines, marine as well as
small and mid-sized enterprises. We also aim to be recognised
for our professionalism, innovativeness and quality services at
competitive prices. |
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We consistently recorded strong underwriting performance
despite increasingly competitive market conditions. This success
strengthens our resolve to focus on product and distribution
innovation within our core businesses. |
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| MESSAGE FROM THE CEO |
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Thank you for your interest in Tenet. I trust that the information offered within these pages will help you get to know us better and perhaps, even lead you to becoming part of our growing base of satisfied customers and business partners. |
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These are exciting times for Tenet. As an organisation, we are forging ahead with our committed team of employees to realise a shared dream of our company -to build our identity as a local insurer with a difference! |
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We take pride in being local. A large part of our success has been attributed to our deep understanding of the local market and our ability to respond and customise solutions to meet our customers' needs. Yet we are always ready and quick to adopt international best practices. |
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| Building a name for ourselves … |
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Although we have been part of the Singapore story since the 1950's, stablishing our name remains our priority. We hope to make it a household word, synonymous with offering premium, yet affordable, insurance for companies and individuals. We will achieve this by continuing to build on our core competencies through the twin pillars of our Business Insurance and Personal Insurance divisions. |
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| … to benefit our stakeholders |
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We strive to offer fair pricing for and fair treatment of our policyholders and at the same time, fully-complying with the rules of corporate governance and risk management. We are committed to being responsive to and co-operative with our business partners and intermediaries in order to deliver the right products and services competitively. We work hard to achieve a fair return on investment and valuable brand equity for our shareholders. And we will continue to provide a workplace that's conducive to personal growth, fair rewards and recognition for our employees. |
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No matter what your stake is in Tenet, you will come to appreciate, even welcome, our motto that it's beyond just business, as we truly believe in building relationships based on principles, trust and integrity. |
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Stella Tan
Chief Executive Officer |
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Knowing where we come from is as important as knowing where we are headed. |
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Our company was founded in 1957 under the name The People's Insurance Company Limited. In the 1980's the company became a wholly-owned subsidiary of Hwa Hong Corporation Limited, a diversified business group listed on the Singapore Exchange with shareholders' funds exceeding S$500 million. |
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In 1997, The Hartford International Financial Services Group in the United States acquired a major stake in our company intending to use it as a springboard for their Asian expansion. Our name was then changed to The Hartford Insurance Company (S) Limited and the company advanced exponentially as it benefited from the managerial, operational and IT expertise of its new parent. |
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However, when Hartford International shifted its business focus in 2001, Hwa Hong re-acquired its former subsidiary a year later, so as to carry on where Hartford International left off. This resulted in the birth of Tenet.
In May 2010, Sompo Japan Insurance Inc. acquired Tenet Insurance as part of their strategy to expand its overseas operation. Sompo Japan believes that Tenet and the Tenet branding, has gained a reputation in the core markets that Tenet has focused on and intends to continue to pursue such strategies.
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Our organisation has evolved over the years to support the fast-changing needs of our customers and business partners. Tenet is managed by forward-looking professionals, each an expert in his or her chosen field but all of whom share a common vision to provide the highest standards service to our customers and business partners. |
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Today, Tenet provides a broad spectrum of general insurance products and services ranging from personal insurance for individuals and families, to business insurance for companies. Because of our local roots, we are very in tune with the heartbeat of local businesses. Yet, the immense transfer of knowledge and expertise, during our association with Hartford International, has imbued us with a progressive outlook and a global perspective. All of which makes us well-poised for the future. |
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| About Sompo Japan Insurance Inc: |
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SOMPO JAPAN INSURANCE INC. (‘Sompo Japan’) is one of Japan’s leading insurance service providers, with a history stretching back to 1888. Today, Sompo Japan Group has offices and subsidiaries in 29 countries and regions outside Japan and provides a comprehensive range of risk and asset management solutions under a strict customer-first philosophy enshrined in the ‘5S’ Policy of Conduct: |
- To provide the best quality Service to policyholders
- To add the Shareholders’ value
- To Sustain high targets and take pre-emptive action
- To Stimulate and keep improving company and staff with solid co-operation
- To act with Spirit of fairness and with practicality
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Sompo Japan was recognised as one of the “Global 100 Most Sustainable Corporations in the World” by the World Economic Forum in 2009 and 2010, the only Japanese insurer to be selected. Sompo Japan was also acknowledged as one of the World’s Most Ethical Companies in 2009. |
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With a Paid-Up Capital of US$712million and assets in excess of US$49billion (Non-consolidated basis and for the fiscal year ended March 31, 2009), Sompo Japan has credit ratings of Aa3, AA-, and A+ by Moody’s, Standard and Poor’s and A.M.Best respectively. |
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Our goal is to earn the confidence of our customers through disciplined underwriting, service excellence and product innovation. Ultimately, our mission is to provide the expertise and the options for our customers to make the best informed decisions for their insurance needs. |
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Just as importantly, we ensure that all our products and services continue to meet regulatory requirements, that our intermediaries are competent and properly trained, and that there is transparency in our pricing and terms of cover at all times. |
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Our Business Insurance Division focuses on offering a comprehensive portfolio of services to commercial enterprises. We cater to a broad spectrum of industries and niche sectors, including manufacturing concerns, logistic companies, engineering firms, traders and property owners. Besides private entities, we also count public-listed companies as our valued clients. Small businesses are not left out either, where we provide convenient insurance packages that are affordable and easy to manage. |
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Our dedicated underwriting team works closely with both intermediaries and customers. We make it our business to understand our customers' business well and that they are properly advised. Our underwriting ethos has been - unless we understand the business well, we do not underwrite it. And because each team member is a specialist in his or her chosen field, our underwriters are able to tap on one another's knowledge and experience. We also work closely with our reinsurance partners and other service providers like surveyors and lawyers. |
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| We write any of the following classes of insurance, each customised according to the needs of our customers: |
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| Property and Pecuniary Insurance |
Statutory Classes of Insurance |
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Property and/or Consequential Loss |
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Work Injury Compensation |
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Burglary |
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Motor |
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Fidelity Guarantee |
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Money |
Employee Benefits Insurance |
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Group Hospital & Surgical |
| Liability Insurance |
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Group Travel and/or Personal Accident |
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Public Liability |
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Bailees and Warehousemen Liability |
For the small business, our hassle-free 'Spectra' Business Packages incorporate most of the above classes of insurance to cater to various industries, including: |
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| Marine Insurance |
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Food & Beverages |
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Marine Cargo |
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Light Industrial |
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Pleasure Craft |
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Office |
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Retail |
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Services |
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Our Personal Insurance Division offers protection packages for individuals and families. Whether it is for travel, personal accident, home, domestic maid, motor or hospitalisation insurance needs, each plan provides comprehensive coverage and options to choose from to best suit their needs and those of their family members. |
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Products are regularly enhanced to meet the changing needs of our customers. Customised products are also developed to meet the needs of specific customer groups under various insurance scheme arrangements. |
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Our comprehensive range of Personal Insurance products includes: |
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- PAStar and Personal Accident for accident protection |
- TravelJoy for a worry-free holiday overseas |
- HomeBliss a complete cover for the home |
- MaidEase to protect both employer and domestic maid |
- MediWell Plus and MediLite for a more complete hospitalisation cover |
- Private Motor with a host of benefits from our appointed workshops |
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We pride ourselves in being customer-centric, claims- efficient and technology-driven. These are our key competitive advantages that have often won the praises of our customers and business partners. |
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Our Call Centre enables our intermediaries to follow up on policy renewals, thus facilitating smooth transactions and providing easy access to our range of products and services. |
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Our IT Division strives towards providing technological expertise to turn possibilities into real, creative solutions. Our online portals allow for businesses to be conducted very swiftly while the effective use of automation helps them achieve cost-reductions without compromising the quality of service. For example, our Open Cover customers can issue their own Cargo Certificate of Insurance through our web-based platform. |
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All of this, of course, is driven by our commitment to meet the needs of our clients by being sensitive, responsive and accessible to them. |
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Fast, efficient and transparent claims handling and processing is the way we approach claims management. This is a reflection of our claims philosophy, which is to assess claims in a professional manner and to pay what is equitable. Whilst upholding the industry’s Code of Practice on service standards, major innovative changes to workflow and system processes have also been implemented to ensure that our policyholders are indemnified and compensated equitably within the shortest possible time. |
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Looking ahead, Tenet will continue to harness technology to develop even better and more creative solutions that benefit our clients, intermediaries and business partners and even ourselves, without losing sight of our commitment to customer service with a human touch! |
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| EMPLOYEE ENGAGEMENT |
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Investing in our employees is a priority at Tenet. All year round training, besides increasing product knowledge also equips our employees with better customer service and communication skills. Our front- end staff members, for example, are certified to provide insurance advice. |
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Creativity is encouraged within the various departments, so that there is a healthy flow and exchange of ideas and suggestions. This conducive environment helps inspire the creation of solutions for business development, of innovative products that meet customers’ needs, and of better ways of working within the company as well as with our customers and business partners. |
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When employees take ownership of their job, this will invariably affect the way our people relate to customers and business partners. |
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| It's beyond just business… |
We also believe in giving something back to the community in which we operate. In recent years, Tenet has partnered with Club Rainbow (Singapore) in various fund-raising activities to support children with major chronic and life-threatening illnesses. |
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In 2007, to commemorate the company’s 50th anniversary and to have a more meaningful celebration, Tenet adopted The Straits Times School Pocket Money Fund as its charity beneficiary. Together with the support from our business partners, more than $50,000 was raised for the fund to ease the financial burden faced by parents when providing for their children’s education. |
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Collectively, as a responsible corporate citizen, our people are able to express their care and concern for others, an attitude that pervades in the organisation, even in the way we care about out customers and business partners. |
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OUR FOUNDATION |
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We believe in... |
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Principles |
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to guide and counsel us in everything we do |
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Trust |
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to forge stronger, longer-lasting relationships |
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Integrity |
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in our dealings with customers and business partners |
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Excellence |
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in everything we do for our customers and business partners |
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Professionalism |
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in serving customers and working with business partners |
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Innovativeness |
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to continually provide relevant products and services |
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