Ken Ng, CEO, NTUC Income, answered questions from Singapore Insurance Institute in this up close and personal segment of its newsletter 'SII Connect'.
Ken is CEO of NTUC Income since 1 October 2013. Before the appointment, he was the Senior Vice President and General Manager of Distribution, a position he held since June 2012. Prior to that, he was the general manager of Life Insurance while leading strategy development. He joined NTUC Income in 2007 as its Senior Vice President, Chief Actuary and Chief Risk Officer.
Q: How did you get started in your career journey in the insurance world?
A: I started my insurance career in the UK. After studying at university, I landed a job with a UK insurance company. Today, the company is part of the Zurich group. I was a management trainee and I trained to be an actuary.
Q: What are the 3 things that you love most about the insurance industry?
A: Firstly, our industry is resilient. While it is not fast moving compared to others, the industry has faced many challenges and at pivotal moments of change, have come through.
Secondly, our industry is diverse with many paths for career growth – one can have different careers within the industry.
Thirdly, whilst our industry is very competitive, it remains professional and friendly.
Q: What is your impression of Singapore Insurance Institute and the role it plays?
A: We live in an increasingly connected world where change will be the norm and professional growth will be about adaptability and flowing with change. SII speaks to this via its many activities that have been organized to create opportunities for professional growth through networking.
Q: Despite your busy schedule at work, how do you find time to participate and be involved with the industry initiatives?
A: I consider participating in the industry to be part of my job. For example, I am currently the Deputy President of the Life Insurance Association in Singapore. While we have robust and healthy competition, some issues require collaboration at the industry level to be effective – for example motor fraud and more recently high medical claims inflation. By coming together as an industry, we work to the mutual benefit of customers and the industry as a whole.
Q: How do you envision the insurance industry in 10 years’ time?
A: I believe the industry will be very different in 10 years’ time. In a world of accelerated change, the changes over the next 10 years will be much more than the sum of the changes we saw over the last 30 years.
We have seen the mega-drivers of digitisation and technology reshaping many industries, such as retail and transportation, in Singapore. They too will re-shape and transform the insurance industry.
Q: In a sentence, please describe yourself.
A: Serious and focused, but with a private humorous side – just like one of my sons (or rather he is just like me).
Click here for the full SII Connect newsletter.
The Singapore Insurance Institute is a members’ institution for professionals in insurance and financial services with the mission to promote professionalism in the industry. SII is a non-profit organisation governed by a Council which comprises elected members as well as co-opted representatives from various sectors of the insurance and financial services industry.
SII is a supporting organisation of the Asia Trusted Life Agents & Advisers Awards.
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