Prudential Singapore is setting up a financial advisory firm to offer a wider range of products and services to its customers.

The life insurer received approval from the Monetary Authority of Singapore (MAS) on December 27 to set up the unit.

Through the financial advisory arm, Prudential can now provide customers with more products and services complementary to its life insurance offerings.

These include wealth solutions and products such as whole life, term life, critical illness, retirement and savings insurance plans, group life and medical insurance, and general insurance such as travel and motor insurance.

The financial advisory firm adds to Prudential’s existing distribution channels comprising a tied agency of more than 5,000 financial consultants, exclusive bancassurance partners – United Overseas Bank (UOB) and Standard Chartered Bank – as well as digital channels such as the Pulse by Prudential app.

Prudential’s Pulse app also includes a number of simple financial planning and wealth management instruments including a wealth score tool, a financial goal-setting tool, and financial education tools that provide relevant suggestions to improve a customer’s financial situation.