The Life Insurance Association, Singapore (LIA) has identified raising the professionalism of financial advisory representatives and advancing the sustainable insurance agenda as key focus areas for the coming year.
Spearheading its efforts are president Khor Hock Seng, as well as deputy presidents Nishit Majmudar and Kevin Stone, who were all elected to a second consecutive term of office at the association's annual general meeting on Tuesday.
«Current uncertainties in the world underscore the critical need for life insurers to provide protection when it is most needed. The life insurance industry remains committed to this. In addition, this year, we will continue to invest in initiatives that will bring value to customers, our workforce, and society at large,» Khor said.
According to LIA, the life insurance industry achieved 0.4 percent growth in 2019, with S$4.3 billion ($3.11 billion) in weighted new business premiums.
Raising Industry Standards
In the past year, LIA, has worked with other insurance associations and the Monetary Authority of Singapore to establish the Insurance Culture and Conduct Steering Committee to promote a stronger risk culture in the industry, and has promulgated responsible recruitment practices to ensure financial advisory representatives serve their customers well.
In preparing the workforce for a digital future, LIA said the industry is working closely with the Institute of Banking and Finance Singapore (IBF) and Institute of Human Resource Professionals (IHRP) to review and refresh training support for employees, including upskilling for HR professionals.
LIA played an active role in WWF’s Asia Sustainable Finance Initiative (ASFI), which organized workshops to equip financial institutions with the knowledge and tools to implement environmental, social, and governance (ESG) best practices. It has also worked with the General Insurance Association (GIA), Singapore Reinsurers’ Association (SRA) and MAS on guidelines around environmental risk management.
