Introduction of the New Management Committee
The Life Insurance Association of Singapore (LIA Singapore) has proudly announced the election of its Management Committee for the 2025-2026 term. These appointments were finalized at LIA Singapore’s Annual General Meeting on March 27, which featured the presence of Lim Tuang Lee, assistant managing director of the Monetary Authority of Singapore’s Capital Markets Group.
Strategic Roadmap and New Leadership
In conjunction with the announcement, LIA Singapore introduced a comprehensive strategic roadmap designed to enhance policyholder engagement, boost financial literacy, and promote transparency within the life insurance industry.
Wong Sze Keed, the CEO of AIA Singapore, has taken the helm as president, succeeding Dennis Tan. She is joined by Chan San San from Prudential Singapore and Greg Hingston from Great Eastern, who will serve as deputy presidents. Andrew Yeo from Income Insurance assumes the role of secretary, while Harpreet Bindra from HSBC Life Singapore will act as treasurer. Other committee members include:
- Member details to be provided in the full announcement.
Sector Performance and Future Initiatives
In her speech, Wong celebrated the sector’s robust performance in 2024, highlighting a 19.7% growth in total weighted new business premiums, reaching S$5.87 billion. This growth underscores the vital role life insurance plays in long-term financial planning for consumers.
Wong emphasized, “These strong results reflect the continued trust Singaporeans place in the industry to help them build a better financial future for themselves and their loved ones.”
Key Initiatives for 2025
- Enhancing financial education in collaboration with the Singapore College of Insurance and MoneySense.
- Releasing consolidated resources on legacy and estate planning, and updating the Nomination of Insurance Nominees guide to incorporate the electronic nomination of beneficiaries (eNOB) process.
- Advancing digitalization with guidelines on e-statements and strategies for preventing unintended policy lapses.
- Streamlining current claims processes to enhance the experience for beneficiaries.
Building Trust and Addressing Challenges
According to the latest Insurance Trust Indicator Study, trust in the industry has seen a positive shift, with a two-point rise in scores for life insurers. LIA is committed to further improving industry standards and accountability through the Insurance Culture and Conduct Steering Committee.
Amid concerns about medical inflation, predicted to hit 12% in Singapore, LIA is actively collaborating with stakeholders in the public health, insurance, and regulatory sectors to ensure sustainable healthcare financing.
Looking Forward
As the life insurance industry anticipates notable growth, Wong calls for ongoing collaboration to enhance financial resilience and cater to the needs of a swiftly evolving population. “2025 is a special year, as Singapore marks 60 years of independence. As we celebrate this milestone, let’s continue collaborating to ensure the people of Singapore are supported and empowered to pursue their aspirations,” she expressed.
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