The Life Insurance Association, Singapore (LIA Singapore) has elected its Management Committee at the Association's Annual General Meeting held on 3 March 2021.
The LIA Management Committee re-elected Mr Khor Hock Seng as President, and Mr Nishit Majmudar as Deputy President, both for a second consecutive term of office. Mr Dennis Tan joins as newly elected Deputy President. Dr Khoo Kah Siang and Ms Wong Sze Keed were elected as Secretary and Treasurer, respectively.
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LIA Singapore Management Committee 2021-22
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Officers
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Member Company
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President
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Mr Khor Hock Seng
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The Great Eastern Life Assurance Company
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Deputy President
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Mr Nishit Majmudar
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Aviva
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Deputy President
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Mr Dennis Tan
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Prudential Assurance Company Singapore
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Secretary
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Dr Khoo Kah Siang
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Manulife (Singapore)
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Treasurer
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Ms Wong Sze Keed
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AIA Singapore
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Members
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Member
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Mr Jean Drouffe
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AXA Insurance
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Member
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Mr Raymond Ong
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Etiqa Insurance
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Member
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Mr Andrew Yeo
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NTUC Income Insurance Co-operative
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Mr Khor Hock Seng, President, LIA Singapore, said: “In 2020, life insurers rallied to support policyholders when COVID-19 reached Singapore’s shores. We will continue to prioritise the protection of the community in 2021. The Association will also be working closely with public and private sector stakeholders to ensure continued healthcare accessibility and long-term viability of the life insurance industry in view of repercussions from the pandemic.
“In line with the government’s call for Singapore to emerge a stronger nation, we will expedite the adoption of innovative technology to better serve customers. To achieve this, workforce transformation efforts will likewise be stepped up to ensure that our people are enabled to perform the jobs of the future.”
Top priorities for the term office
• Looking after consumer wellbeing through COVID-19
• Ensuring the continued accessibility of healthcare
• Accelerating digital transformation of the life insurance sector
• Increasing the adoption of green finance and sustainable investing
Looking after consumer wellbeing through COVID-19
As the global health crisis evolves, life insurers are not only responding to current challenges but also studying emerging indications of potential long-term health issues associated with COVID-19 infection.
In 2020, efforts by the industry to provide support for customers amid COVID-19 include:
- Providing complimentary COVID-19 coverage to Integrated Shield Plans (IPs) and IP rider policyholders,
- Implementing two windows of the Deferred Premium Payment (DPP) scheme to allow affected policyholders more time to pay their premiums,
- Pro-actively engaging policyholders to consider right-sizing policies on DPP with a holistic review of policy coverage and premium commitment to ensure sustainability going forward, and
- Extending IP coverage to COVID-19 vaccination complications resulting in hospitalisation to encourage participation in the government’s national vaccination drive.
Accelerating digital transformation of the life insurance sector
With the exponential demand for online services and transactions during COVID-19 restrictions, life insurers are pushing ahead with their digitalisation efforts.
To ensure the utmost security of customer data, LIA Singapore will continue to work with the Monetary Authority of Singapore (MAS) and other regulators to develop and strengthen industry best practices.
Upskilling and reskilling workers to build a workforce of the future continues to be a priority as insurers seek to meet increased consumer demand and improve operational efficiency via digitalisation.
LIA will continue to work with stakeholders including the Institute of Banking and Finance Singapore (IBF) to provide customised technical training, as well as skills to encourage growth mindset, design thinking and innovation to equip workers to embrace the evolving nature of jobs.
Increasing the adoption of green finance and sustainable investing
LIA Singapore has been working closely with the regulator and other insurance sectors on guidelines for Environmental Risk Management (EnRM).
As a Strategic Partner of the Green Finance Industry Taskforce (GFIT), we will focus on capacity building for the insurance industry as an immediate priority.