AIA Singapore and the Singapore University of Social Sciences (SUSS) have unveiled Singapore’s first academic minor in insurance fundamentals, marking a significant step in addressing the talent shortage within the insurance industry. This new program, established through a memorandum of understanding (MoU) between the two institutions, is set to begin in January 2025.
The initiative aims to develop a skilled workforce to meet the rising demand in Singapore’s financial services sector. With the life insurance market in Singapore projected to grow at a compound annual growth rate (CAGR) of 6.41% from 2024 to 2028, reaching a market volume of US$58.83 billion, the need for trained professionals has become more urgent, according to a news release.
The Minor in Insurance Fundamentals is the first of its kind in the nation and represents a pioneering collaboration between a local university and an insurer. The program will be available to SUSS’s full-time and part-time undergraduates, as well as working adults through Continuing Education and Training (CET) and graduates of SUSS’s SkillsFuture Career Transition Programme Certificate in Personal Banking. Participants who complete the program will earn a Certificate in Insurance Fundamentals.
The curriculum will provide students with a thorough understanding of key insurance concepts and practical skills needed for roles in the industry, including financial planners, brokers, and agency management officers. Courses will cover essential topics, such as contract and agency law, customer relationship management, and financial markets.
In addition to academic coursework, the program features a six-week internship with AIA Singapore, offered to all second-year full-time undergraduates at SUSS. This internship will provide students with hands-on experience in the insurance industry and opportunities to build professional networks. Upon graduation, students will have the option to pursue full-time employment with AIA Singapore.
Further enhancing the programme’s real-world relevance, third-year students who meet certain criteria will have the opportunity to work at AIA Singapore while continuing their studies under the SkillsFuture Work-Study Degree (WSDeg) scheme. This component allows students to integrate academic learning with practical industry experience.
Aileen Tan, chief human resources officer of AIA Singapore, emphasised the program’s importance in addressing the industry’s talent needs.
“Despite the rise in online platforms and digital touchpoints, we continue to see a growing demand among customers for personalized advice and guidance from financial consultants,” said Tan. “Through this partnership with SUSS, we hope to inspire more students to explore rewarding careers in insurance and in turn, uplift the sector.”
Professor Tan Tai Yong, president of SUSS, highlighted the program’s broader impact. “This initiative is not just about academic advancement; it’s about nurturing future leaders who will elevate the financial services sector and make a meaningful impact on society,” said Yong.
“The collaboration with AIA Singapore serves as a testament to SUSS’ continued commitment to providing students with a well-rounded education that blends theoretical knowledge with practical, real-world skills.”
The MoU also includes a component focused on reskilling AIA employees. Over the next few years, AIA Singapore plans to reskill approximately 100 employees in artificial intelligence and related technologies.
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