The Life Insurance Association of Singapore (LIA Singapore) has introduced its newly elected Management Committee for the 2025-2026 term.
The appointments were confirmed during LIA Singapore’s Annual General Meeting on March 27, attended by Lim Tuang Lee, assistant managing director of the Monetary Authority of Singapore’s Capital Markets Group.
The new members were announced alongside a strategic roadmap aimed at improving policyholder engagement, financial literacy, and operational transparency across the life insurance sector.
Wong Sze Keed, CEO of AIA Singapore, has been appointed president of the association, succeeding Dennis Tan.
Serving with her as deputy presidents are Chan San San of Prudential Singapore and Greg Hingston of Great Eastern.
Andrew Yeo (Income Insurance) takes on the role of secretary, while Harpreet Bindra (HSBC Life Singapore) will serve as treasurer.
Other committee members include:
In her address, Wong highlighted the sector’s performance in 2024, noting that total weighted new business premiums grew by 19.7% to S$5.87 billion. She said this reflected continued consumer reliance on life insurance for long-term financial planning.
“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,” she said.
For the year ahead, the committee has identified four key initiatives:
In response to rising living costs and an aging population, LIA Singapore aims to work with the Singapore College of Insurance and MoneySense to deliver more targeted financial education. The association will also promote broader use of the Basic Financial Planning Guide and encourage consumers to seek licensed advice.
To support legacy and estate planning, LIA will publish consolidated resources on its website in the second quarter of 2025. The association is also updating its Nomination of Insurance Nominees guide to include the electronic nomination of beneficiaries (eNOB) process.
Ongoing digitalisation efforts will include guidelines on e-statements and strategies to prevent unintended policy lapses. LIA said these measures are intended to support older consumers and those less familiar with digital services.
Additionally, the association is reviewing current claims processes to identify ways to streamline administrative steps and improve the overall experience for beneficiaries.
Trust in the industry has improved, according to the latest Insurance Trust Indicator Study, which showed a two-point increase in scores for life insurers. LIA plans to continue its work under the Insurance Culture and Conduct Steering Committee to improve industry standards and accountability.
Medical inflation, forecasted to reach 12% in Singapore, remains a concern for insurers and policyholders alike. LIA signalled ongoing engagement with stakeholders in the public health, insurance, and regulatory sectors to support sustainable healthcare financing.
As the life insurance sector gears up for significant growth, Wong calls for continued collaboration to safeguard financial resilience and support the needs of a rapidly changing 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 said.
