Key priorities for the year include bridging Singapore’s protection needs and financial gaps amidst rising inflation, enhancing the digitalisation journey for consumers and the industry, and supporting Singapore’s sustainability agenda

SINGAPORE - Media OutReach - 23 March 2023 - The Life Insurance Association, Singapore (LIA Singapore) today announced the newly elected members of its Management Committee at the Association's Annual General Meeting (AGM) and annual luncheon held on 21 March 2023.

LIA Management Committee, 2023 – 2024
Officers		Member Company
President	Mr. Dennis Tan	Prudential Assurance Company Singapore (Pte) Limited
Deputy President	Ms. Wong Sze Keed	AIA Singapore Private Limited
Deputy President	Mr. Raymond Ong	Etiqa Insurance Pte. Ltd.
Secretary	Dr. Khoo Kah Siang	Manulife (Singapore) Pte. Ltd.
Treasurer	Mr. Andrew Yeo	Income Insurance Limited
Members
Member	Ms. Ho Lee Yen	HSBC Life (Singapore) Pte. Ltd.
Member	Ms. Pearlyn Phau	Singapore Life Ltd.
Member	Mr. Khor Hock Seng	The Great Eastern Life Assurance Company Limited

Mr Dennis Tan is the newly elected President for 2023 – 2024, taking over the presidency from Mr Khor Hock Seng who has served the previous four terms as President. Ms Wong Sze Keed has been re-elected as Deputy President alongside Mr Raymond Ong who begins his first term as Deputy President. D Khoo Kah Siang was re-elected Secretary and Mr Andrew Yeo as Treasurer. "Amidst the challenges brought about by the pandemic and the volatile macroeconomic environment, the life insurance sector has remained resilient. In 2023, we will focus our efforts on supporting consumers in their financial planning journey and identifying their protection gaps through our protection gap study. At the same time, we will continue our digitalisation efforts and play our part in supporting the government's sustainability agenda," said Mr Dennis Tan, President of LIA Singapore, in his opening address at the luncheon. This was followed by a speech by Guest-of-Honour, Mr Marcus Lim, Assistant Managing Director of the Banking and Insurance Group, Monetary Authority of Singapore (MAS), who highlighted the importance of the industry maintaining public trust through managing financial and non-financial risks well, and by treating customers right. He also urged the industry to continue to push ahead with its efforts to address environmental risk. The Management Committee, comprising eight members, have identified the following top priorities for the term office, namely:

• Identifying and developing key initiatives to bridge Singapore's protection needs and financial gaps, especially through the nationwide protection gap study

• Continuing digitalisation efforts in the life insurance sector to enhance the digitalisation journey for all stakeholders including the wider public

• Supporting the nation's sustainability agenda through sustainable investing and green solutions

Identifying and understanding various protection gaps and helping consumers with their financial planning goals With 2023 being the first endemic year since Singapore reopened its borders and transitioned towards living with COVID-19, the pandemic has reminded consumers of the importance of ensuring that they are well protected. LIA Singapore will release findings of the nationwide protection gap study in the coming months. This is a study conducted once every five years to better understand and identify various protection gaps that will help in the development of key initiatives that meet individuals' mortality and critical illness protection needs. Amidst the rising cost of living and inflation, the life insurance industry will also continue to roll out people-first products and services that support consumers in their financial planning journey. Continuing digitalisation efforts in the life insurance sector The pandemic has accelerated the adoption of digital tools across the life insurance sector and transformed the way insurers and consumers interact with one another. With increased demand for digital services, life insurers will continue to work with its partners and the MAS to ensure the seamless use of digital tools and solutions that enhance the digitalisation journey and experience for consumers. Supporting Singapore's sustainability agenda As a Strategic Partner of...