Wong Insurance International Assurance provides more than just insurance policies to their clients.
Contributed By Wong Chock Fang
|CN PHOTO: Michael Chan
It was a bold move for a 25-year-old, driven by the deep desire to make his mark in an industry which he believed had good potential. Christopher Wong, now 27, decided in 2008 to set up his own company, Wong Insurance International Assurance, focusing on construction insurance.
The company provides a wide range of insurance services, from relatively common ones such as motor vehicle insurance, fire insurance, group hospital and surgical insurance and travel insurance, to more industry specific ones such as, equipment all risks, and performance bond for the construction industry; and retailers insurance, theft insurance, and fidelity guarantee insurance for the retail industry. WII Assurance also provides niche services such as plate glass insurance, which is coverage for glass installations in commercial buildings and restaurants.
Currently, the top two insurance services handled by WII Assurance are workman compensation and contractors’ all risks. Workman compensation is a compulsory insurance requirement regulated by the Ministry Of Manpower, to cover all manual labor workers regardless of their level of earnings, and non-manual workers with monthly earnings of S$1,600 or less.
Contractors’ all risks insurance is designed to provide coverage for all parties involved in a construction project, to cover all losses or damages involved in the performance of a construction project, subject to its policy exclusions, terms and conditions. There are usually three parties: the Principal who commissions the work, the Contractor, and the Insurance Company.
For sophisticated operations or projects, Wong’s expertise comes into play to customize an insurance program that offers maximum protection and flexibility for his client.
Business for WII Assurance was slow initially, as is expected for any new venture. Wong obtained referrals from family and friends to secure individual clients, but with corporate clients, he had to start from scratch, knocking on doors and introducing himself and his company’s services.
His hard work is finally paying dividends; Wong is now getting referrals from his corporate clients and building his clientele base steadily.
With business picking up, Wong’s wife, Joanne Ng, 28, left her job as a client service officer at a local bank to join him in May this year. Ng has basic working knowledge of the industry-specific insurance services, so she was able to take on the role of personal assistant to her husband quickly.
Having his wife on board was a timely addition this year as unexpected events such as flash floods and falling trees caused by unusually heavy downpours and strong winds in Singapore have affected his business, and Wong has had to handle more urgent queries and claims, as well as to help reassess the coverage needs of his clients.
Competition is inevitable, and it will intensify as Wong strives to grow the business and gain a greater market share. “I believe in the human touch,” says Wong. “I will collect documents or hand-deliver policies personally as I feel that in so doing, I provide more assurance to my clients. Meeting face-to-face also allows me to exchange updates with my clients, in particular to ascertain if they have additional needs which I can assist with.”
Wong takes his duty to explain the differences and benefits of the many classes of insurance available to his clients very seriously, and is glad to have handled several claims for his clients successfully.
This attitude is befitting of his company’s slogan “I Am With You Always.” Wong adopted the slogan from God’s Word, in line with his belief that it was God’s calling two years ago to take the step of faith and start the company. Now this husband and wife team is working hard for their business to achieve greater breakthroughs.