The new management committee of Life Insurance Association of Singapore (LIA Singapore) has announced its priorities for the year 2025. The four top priorities are:
- Enhancing customer financial literacy to bridge protection gaps
- Helping families navigate legacy planning and the claims journey with ease
- Elevating industry culture and conduct, and fostering greater trust with consumers
- Continuing to collaborate with major stakeholders to build a sustainable healthcare ecosystem
Ms Wong Sze Keed is the new president of the Association for the year 2025-2026. She has taken over the presidency from Mr Dennis Tan who served the previous two terms as president. Ms Chan San San was elected deputy president alongside Mr Greg Hingston, both of whom begin their first terms as deputy presidents. Mr Andrew Yeo was elected as secretary and Mr Bindra was elected as treasurer.
In her speech, Ms Wong spoke about the industry’s strong performance in 2024. She said despite a challenging macro-economic environment; the industry has continued to make strides in narrowing the nation’s protection gap.
Outlining the main priorities of 2025, Ms Wong said, “As an industry, we will build on that momentum in 2025 by prioritising consumers and addressing key consumer challenges by enhancing financial literacy, simplifying legacy planning and the claims journey, strengthening trust, and supporting a sustainable healthcare ecosystem. In an uncertain economic landscape, our mission as an industry is to be a protector and a reliable partner for the individuals and communities we serve.”
A press release issued by LIA said, “Amid rising living costs and inflation, financial literacy is vital in helping consumers safeguard their health and finances in the long term. The industry will continue to equip consumers with the financial knowledge to make better informed decisions."
LIA Singapore will strengthen collaboration with the Singapore College of Insurance and MoneySense and encourage the adoption of the Basic Financial Planning Guide (launched in 2023) among target segments of consumers alongside providing professional financial advice to enhance financial planning education for consumers.
By 2030, approximately one in four Singaporeans will be aged 65 and above. As Singapore faces an ageing population, it is increasingly important to equip consumers with the tools and knowledge they need to navigate financial processes and ensure they and their families are well-supported in the future.