At the LIA Annual luncheon, Mr Khor Hock Seng, the newly-elected President of LIA Singapore, shared the Association's priorities for 2019.
The three focus areas are to:
- Transform a workforce for the future,
- Drive innovations to increase the accessibility of insurance, and
- Step up public education in collaboration with partners, to help bridge the mortality and critical illness protection gaps.
Priority 1: Transforming a workforce for the future
The life insurance industry has a corporate workforce of more than 8,000 employees. A significant headcount of 2,000 was added over the last three years as life insurers pursue business expansion and digital innovations.
The industry is undergoing a transition as demand for professionals with advanced technological skills continues to rise.
Mr Khor, said: “Even as we look to attract more talent to join the industry, there is a critical need for our current workforce to be upskilled so that we make more productive use of their time, talent, and experience.”
Talent transformation will be a top priority for the Association moving forward, and it will explore ways to transform the industry’s workforce.
“We want to keep ahead in moving our people towards higher-value jobs before they are displaced by the introduction of new technologies,” he said. “Importantly technologies should enable people to deliver better and differentiated capabilities to better serve customers, supporting efforts to bridge the protection gap in Singapore. “
The industry continues to work closely with the Institute of Banking and Finance (IBF) following the successful launch of the Careers Connect Centre last year. While the government, industry, and member companies work towards developing a workforce for the future, the onus is also on individuals to step up and out of their comfort zone to expand their skillsets, remaining not just relevant but ahead of the digitalisation wave.
Priority 2: Driving innovations to make insurance more accessible
Leveraging advanced technologies is a key priority for member companies as the industry pursues innovations to make insurance more accessible; helping more individuals better meet their protection, savings, and investment needs.
Member companies are pursuing innovations across multiple levels to make insurance more easily accessible. This includes innovations in product design, engaging with customers, and in value-added services being provided, amongst others.
There is a growing need for life insurers to consider how best to respond to emerging consumer desires for increased personalisation and flexibility of insurance plans and services offered.
The question then is, how can that be done without compromising on issues of compliance and privacy?
“We will take guidance from principles set to promote Fairness, Ethics, Accountability & Transparent – FEAT – in the use of AI and data analytics,” he said.
FEAT, shared by Monetary Authority of Singapore, at last year’s Fintech Fest, is a global first where MAS – together with the financial industry – came together to establish guidelines on the responsible use of such advanced technologies in decision-making and mitigate potential risks of systematic misuse.
Priority 3: Enhancing public education to help bridge the protection gap
Public education remains central to efforts to help more individuals in Singapore bridge their mortality and critical illness protection gaps.
Last year, the Association completed the qualitative research component of its Protection Gap Study.
“The findings have been insightful, informing us on how best we can – at an industry level – move the needle in increasing the protection levels in Singapore. We will share findings from the study in the coming months alongside key initiatives – primarily focussed on public education – which the industry will be spearheading,” he said.
The Association is also in discussions with MAS and other key stakeholders to explore collaborations on public education efforts, especially given the successful re-introduction of MoneySense, Singapore’s national financial literacy programme, last year.
Life Insurance Association Singapore Offices Bearers 2019-20
Mr Khor Hock Seng, President
Group Chief Executive Officer, The Great Eastern Life Assurance Company Limited
Mr Nishit Majmudar, Deputy President
CEO, Aviva Ltd
Mr Kevin Stone, Deputy President
General Manager, Friends Provident International Limited (Singapore Branch)
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