The members of the Life Insurance Association, Singapore (LIA Singapore) gathered to elect its new management committee at its annual general meeting on March 04.
Khor Hock Seng (pictured) of Great Eastern was re-elected as president, while Nishit Majmudar, of Aviva, and Kevin Stone, of Friends Provident, will serve as deputy presidents for a second consecutive one-year term of office, according to a statement from the association.
“Current uncertainties in the world underscore the critical need for life insurers to provide protection when it is most needed,” said Khor. “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.”
The management committee, composed of eight members, identified three top priorities for the year, namely: digitalisation and workforce transformation, sustainable insurance, and elevating culture and conduct across the industry.
“The LIA has been working closely with MAS to raise standards in the insurance industry and safeguard consumer interests,” said Daniel Wang, executive director, insurance department, Monetary Authority of Singapore (MAS). “In the past year, LIA, together with the other insurance associations and MAS, has successfully established the Insurance Culture and Conduct Steering Committee to promote a stronger risk culture in the industry. LIA has also promulgated responsible recruitment practices to ensure financial advisory representatives continue to serve their customers well. I congratulate the LIA Management Committee on its successful election and look forward to the continued partnership between LIA and MAS.”
