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Presentation of Patrick Marie Herbet, Commercial Daily newspaper (English)

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The Father of Medical Insurance : Patrick Marie Herbet’s success because of love

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Patrick Marie Herbet is the Chairman of Abacare Group, a medical insurance broker, and he is (affectionately) known as “The Father of Medical Insurance” in the insurance industry. He is praised as a great philanthropist. He arrived in Hong Kong some 30 years ago from France, alone, to further his career, enhance his social status and build a happy family life. When we first arrived at Patrick’s office, we saw the walls covered with (cherished) photos of his family and friends, as well as a fine and beautiful Chinese calligraphy: he really is a unique individual. Unlike other businessmen from overseas, Patrick is fond of Chinese culture. He is also a Buddhist. If you did not know him, you would never imagine that such an office belongs to a native Frenchman. As a successful person, not only is he humble: when we first met, he shook my hand affectionately and put a heart shaped sticker my arm. It put me at great ease and we interacted like old friends.

Patrick came to Hong Kong in 1982 when he was a young man who had just graduated from university. He is now a leader in the insurance industry. When we asked him the secret to his success, he thought for a few seconds and replied with a smile: “Love the people around you and make them happy”. Happiness is very important. When we remain happy with everything we do, we will feel happy the entire day. He thinks that this state of mind can make people around him happy, and it shows how protective he is towards them.

Advices by Tibetan Expert

“I have four goals in my life: the first is to make my family happy; and the second is to make myself happy; and the third is to use my expertise to serve others; and the last is to do good deeds to benefit others. My goals in life are inseparable from “Love”: based on this enthusiasm, I joined the insurance industry in order to “protect others from risk”, built a group of partners and customers through mutual trust, created the Rotary Club, Karuna Asia and other charitable organizations. I am already on the road to success.” When the reporter learnt of Patrick’s secret to success, she could not help but ask him if he has had this point of view on life since childhood. Patrick answered “No” immediately. He has this point of view all because of his Buddhist teacher’s remarks.

Patrick began to encounter the wonder of life after coming to Asia years ago to start his career. Whilst travelling in Tibet he met two local famous “Rinpoche”, Lama and Zopa. Patrick asked them, “What should I cherish in life and what should be goals that will lead to true success?” Lama and Zopa answered, “Be involved in the salvation of others, and do good deeds to all people.” “Salvation” in Buddhism means set free all life, both animal and human, in order to deliver it from misery. Patrick was sentimental at that moment. He thinks that we cannot bring anything at the end of life; rather than asking, “How to get it”, it would be better ask “how to give”. The true thinking is to love people, not to harm people. He began with this goal in order to become the person described by the “Rinpoche”.

Appreciate the business opportunities in Hong Kong

When Patrick was asked why he chose Hong Kong to start his business, he praised the legal system, low taxes and free business environment, all of which are a paradise for the businessman. “It is difficult to start a business in France. It is almost monopolized by large companies. There are more opportunities abroad. I was worried in case I could not adapt to living abroad. I chose Hong Kong because it is cosmopolitan. Unlike other Asian countries, such as Japan, Korea or Thailand, where I have a feeling of xenophobia due to the language barrier, people in Hong Kong have a high standard of English and they are not afraid of foreigners”.

Patrick shared his experience of setting up his first company. “I like wines and, thereforeI spent HK$600 to set up a wine trading company in Hong Kong in 1993. It was impossible to do so in France.” Unfortunately, wines were not as popular as they are now in Hong Kong: business was not good and he got into such financial difficulty that he had only had HK$30 left in his pocket. He had to work as a bartender in the Lan Kwai Fong area (the street of Lan Kwan Fong did not exist at that time).

Patrick expressed frankly that those days were not easy, but he did not give up and he is even very grateful to the experience because it gave him perseverance and courage. Coupled with his Buddhism nurturing, he can easily handle obstacles when he runs into in his company, Abacare Hong Kong Limited. Abacare Hong Kong Limited was formed during the economic turmoil in 1997. It went through SARS, the financial tsunami, etc. To date, his insurance brokerage business has expanded throughout China and Southeast Asia. Abacare now has over 20,000 customers.

«Life in Hong Kong is stressful. I meditate every day to calm myself and focus on my business. If I had not come to Hong Kong, I would not have become the “me” of today. I love Hong Kong because there are business opportunities as long as we don’t give up» Patrick said with smile.

Everyone needs protection in life

Insurance is for when people encounter financial risk, it gives protection during life. About 15 years ago, Patrick had a 64 -year-old friend who smoked and drank. Patrick thought that his friend needed medical insurance due to his bad lifestyle. Therefore, he tried to persuade his friend every time they met. After his friend had taken out the medical insurance, his wife was very unhappy and she even called Patrick and scolded him. Six months later, his friend unfortunately was diagnosed with cancer. His medical bill was HK$500,000. The insurance company reimbursed a sum to his family and that helped them through that difficult time. “Afterwards, the wife’s attitude changed completely and she was thankful to me. She said that fortunately I had persuaded her husband to buy the insurance and that alleviated a lot of the burden on her family.” Patrick realized deeply the meaning of his insurance work after his friend’s case. “Every living being needs protection. I feel that my work is like providing a safety net for others in order to give them a sense of security,” he added.

Mainland China’s backing is Hong Kong’s Superiority

Patrick said that his business in the future will be to actively develop in the market in China. His domestic helper was treated in a government hospital for 5 days in Hong Kong and the bill was only HK$500. . The health care system in Hong Kong is highly praised. “Hong Kong people have such a good health care system. They don’t have to buy medical insurance. However, mainland China is a new and big underdeveloped territory. I have partners in China. China has a high demand for insurance, particularly for medical insurance. We will train more people in this field.”

He added that he does not understand why Hong Kong people think there is no need from China in the Hong Kong economy. “I was looking for business opportunities from France all the way to China. But there was no chance in France. Hong Kong people really don’t know how fortunate they are. The Mainland Chinese travellers’ consumption in Hong Kong drives the economy, and they also broaden their international perspective. This is clearly a win-win situation. I really do not understand why they don’t like the Mainland Chinese people in Hong Kong. To ignore the economic potential of the motherland, China,, is “insane”.” Patrick said that he thinks he is a Chinese: “If I have to describe myself, I would compare myself to an egg. It is white outside and yellow inside. I look a “Guai Lo” (a westerner), but I have a Chinese mind.”

Diversified taste of life

Although he has lived in Hong Kong for the past 31 years and has cultivated the Hong Kong spirit of hard work, Patrick has not discarded the importance of the French lifestyle. In addition to liking to travel with his family and doing some charity work, he very much enjoys fine cuisine and wines with his friends. He is a member (a Knight) of the French “La Confrérie des Chevaliers du Tastevin”. It is said that becoming a Knights is not very easy. You must be proposed by members of good standing as well as having a comprehensive understanding of wines. In addition, Patrick attends wine tasting events, including those in one of the 5 most famous vineyards namely Chateau Margaux which was host to President Hu Jintao.

 

Resume of Patrick Marie Herbet

Graduate from the Ecole des Dirigeants et Créateurs d’entreprise – Paris – France

◾Major in Marketing and Business Management (Senior Degree)

◾Chairman and CEO of Abacare Group

A Buddhist

Likes food and good wine, travelling, rugby, China and France

In 1986: Founding Member of the French Chamber of Commerce

1989 to 1992: Vice-president of the French Chamber of Commerce

In 1990: Chartered President of the Rotary Club of Wanchai

1996-2006: Chambellan of the Confrérie des Chevaliers du Tastevin – Sous Commanderie of Hong Kong

2004-2005 General Secretary of the Honorary Committee of the Year of France in China (Hong Kong representative)

2006: Founded Karuna Asia, a charitable organization

2007-2010: President of the UMP Joint Medical Committee

2011-2012: Honorary President of the UMP Joint Medical Committee

Patrick adores Chinese and French cultures alike and describes himself as an egg (white on the outside, yellow on the inside). When we took this photo, he insisted on showing his French and Chinese flag cufflinks, symbolizing his love of France and his greater love of China. He said that he wears them every single day.
Because he loves others like love himself, Patrick has established an excellent social network Above he is pictured with his good friend, Jackie Chan.

We reporters asked Patrick if we could publish a photo he has of himself with the French President, but he responded that the one of himself with his family is even better. To be a successful person, the one must start with oneself and one’s family. Patrick sees good family relationships as of utmost importance.

Patrick Marie Herbet (2nd from the right) loves wine and is regularly invited by Chateau Margaux, one of the 5 most famous vineyards in the world, for wine tasting gatherings.

Having a friendly and yet serious personality, Patrick is known as “The Father of medical insurance”. During this interview, he recounted his success with great humour.

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Taking Care Your Insurance Needs, French Visionaries in Hong Kong (2002)

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Taking Care Your Insurance Needs

Insurance broker PATRICK MARIE HERBET is as colourful and well-known a character as any in the local French community. An active participant in the Chamber’s events, he’s also introduced a new service angle to his chosen profession: insurance broking

Patrick Marie Herbert : “As insurance brokers, we function only to advise people. We are not employed by any one specific insurance company, and so are not compelled to promote the products of a single brand.”

Going direct to an insurance company only gives a consumer access to that particular range of products, and having dealt with all the major players, Herbet is ideally placed to offer valuable advice to his clients. He always recommends insurance firms that have a long and proven track record of market presence and successful investment choices.

“Previously, Confucian values and the traditional family structure of Chinese society acted as a form of insurance. Today, when many families are scattered across the globe, there is no longer such a comprehensive network of uncles, cousins or other relatives to rely on.”

Caring is the name of the game for Patrick Marie Herbet, managing director of the Abacare Group. As a broker, he is committed to providing personal insurance services with an ethical angle. Countless companies and individuals have benefited from Herbet’s impartial advice on products ranging from health, medical and life insurance to investment schemes. Yet when the 42-year-old first stepped foot in Hong Kong his own future was far from assured.
A fresh-faced Herbet arrived in the territory in 1982 via the trans-Siberian rail route. Treading the often-precarious path of an expatriate backpacker his funds soon ran low, necessitating a stint as a bartender in Lan Kwai Fong. As with all obstacles in life, Herbet took this in his stride.

“I can’t say I had any great plans to serve drinks, but I needed the money; in any case I always approach challenges with a view to doing my best,” he says. Herbet’s persistence was soon rewarded, as shortly afterwards he helped open the popular Club 97.
From there, Herbet diversified his interests, becoming a food and beverage representative and enrolling local students for a Swiss hotel training academy. He also opened the popular La Rose Noire restaurant group, later selling his interest to fund an own-brand wine business. Alas this tipple is no longer available; Herbet was forced to abandon his vineyard empire due to mounting costs.

He bought back his La Rose Noire interest, converting it to the upmarket Papillon restaurant, but after a while it became clear that Herbet needed a change. As such, he took the plunge and made his first foray into the insurance business in 1994. This career choice might seem at odds with Herbet’s previously adventurous lifestyle and diverse business interests, but eight years of success and innovation later he has clearly made the right move.

He started out distributing Zurich Life insurance products, but got his big break a year later when he became a unit manager at AIA alongside industry veteran Raymond Wong. Herbet remembers those formative years as among the most enjoyable of his career.
“Raymond’s a great guy, but he’s also very knowledgeable about the insurance industry,” he says. “I learned a great deal from him, not only about the mechanics of the industry, but how to serve the most important people – the clients.”

Four years later, Herbet amicably parted ways with AIA to start his own insurance broking company, Abacus – the forerunner to the group now known as Abacare. Regarding the name issue, Herbet admits that he initially chose Abacus as it sounded like a safe choice, but switched to Abacare to emphasise the “caring” nature of his work.

The firm now conducts plenty of business for Herbet’s former employer, and also passes clients onto companies such as Trans America, Zurich Life and Goodhealth, for medical cover. However, he is quick to highlight the independent status of his company.
“As insurance brokers, we function only to advise people,” he explains. “We are not employed by any one specific insurance company, and so are not compelled to promote the products of a single brand.”

Insuring a Career

This very independence is the bedrock of the impartial advice offered by Herbet and his team of brokers, and he also works hard to dispel the misconception that brokers are mere middlemen, earning a commission that is eventually handed down to the end consumer.
“As opposed to an insurance company’s in-house agents, we offer a balanced picture of the market from the customer’s perspective,” he says. “People often think that by going to the insurance company directly, they are saving money, but that is not the case at all. The commissions are simply passed onto the agent, as opposed to the broker. Meanwhile the added value of impartial advice and a wide range of products is lost.”
Naturally, going direct to an insurance company only gives a consumer access to that particular range of products, and having dealt with all the major players, Herbet is ideally placed to offer valuable advice to his clients. He always recommends insurance firms that have a long and proven track record of market presence and successful investment choices.
“An insurance company should always be able to demonstrate that it can properly look after its clients’ premiums and, should need arise, make payments with the minimum of fuss,” says Herbet.
For the unconvinced, there is also the question of incentives. After all, what prevents Herbet from only promoting those insurance products to his clients that offer the best commissions and other benefits to the broker? The answer is, as always, refreshingly frank: none whatsoever.
“In my business I rely heavily on referrals, and so am compelled to offer the very best service and advice possible,” explains Herbet. “There is little advantage in gaining a large commission on one transaction, if I do not gain that client’s trust and therefore his recommendation to his friends and business partners.”
In the wake of the September 11 incident in New York, Herbet has noticed a shift in the public perception of insurance. He predicts that this will sustain the industry through the aftermath of the tragedy’s effect on the global economy, and sow the seeds for growth in years to come.
“It has certainly developed an awareness among people that occasionally bad things do happen,” notes Herbet. “Previously, and perhaps now even, many people try to convince themselves that they do not need insurance. But as well as good cover, people also need good advice. Finding the right policy is almost as important as simply having insurance.”
Locally and regionally, the changing demographics of the Chinese population will also have a profound effect on the insurance industry, according to Herbet. The mounting costs of modern medical care, and replacing valuables lost in accidents can no longer be borne by the extended family.
“Chinese people are now very conscious of the need for insurance,” says Herbet. “Previously, Confucian values and the traditional family structure of Chinese society acted as a form of insurance. Today, when many families are scattered across the globe, there is no longer such a comprehensive network of uncles, cousins or other relatives to rely on.”

A Frenchman by birth, an Asian at heart

Herbet describes himself as a “peoples’ person,” and was one of the eight founding members of the French Chamber of Commerce in Hong Kong. As such, he is one of the most active and certainly among the most recognisable members of the local French community, resplendent in his omnipresent business bowtie.
A keen sportsman, Herbet lists golf and tennis as well as a spot of reading among his hobbies. He is heavily involved in charity work, and is charter president of the Wan Chai Rotary Club. Coupled with running Abacare, Herbet confesses that he “sleeps very little.”
Unmistakably French, Herbet was brought up in a Catholic family – although he is himself a practicing Buddhist, and has been on a pilgrimage to India.

«I consider myself French, but have a very Asian way of thinking», he says.

“I’m not really an expatriate anymore, and have very close ties with the Chinese and Indian communities.”
As for plans over the next decade, Herbet wants to expand the nature of Abacare’s work so that he can introduce partners into the company, in much the same way that a law or accountancy firm might operate. He will also continue his sideline in promoting ethical behaviour through his range of caring work.
Herbet certainly has no plans to move on from the city that has adopted him, and is ebullient in his praise of the role Hong Kong has played in his enterprise.
“I’ve seen many places, but nowhere else in the world has Hong Kong’s unique business environment or its inhabitants’ will to succeed,” he says. “I really feel at home here – the two Asian countries I am most comfortable in are China and India.”
Although well on the way to leaving an unmistakable impression on the local French community and insurance industry, fitting with his business philosophy Herbet would rather be remembered simply as a caring person, one who benefited others.

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A New French Rewarded by the Legion d’Honneur – FCCIHK, Member’s News

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FCCIHK member Awarded Highest Honour

In January this year, Patrick Marie Herbet, Chief Executive of the Hong Kong-based Abacare Group Ltd, was appointed Chevalier dans l’Ordre National de la Legion d’Honneur. This is France’s highest honorary distinction and is awarded to French citizens in recognition of exemplary military or civicactions.

The French Chamber of Commerce in Hong Kong would like to congratulate Mr Herbet for the dynamism he has shown within the French community of Hong Kong and his great commitment to the French Chamber’s development over the years as a member and as a Councillor.

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