The Life Insurance Association, Singapore (LIA Singapore) has signed a memorandum of understanding (MOU) with the Singapore Fintech Association (SFA) that reaffirms the commitment of both associations to “progressing the insurtech and fintech industries” in the city-state.
Under the MOU, both associations will collaborate on the development of the industry’s talent pool through mentorship and reverse mentorship programmes, as well as what it called “deep dive” workshops.
The two associations will also collaborate on establishing industry-specific reports, market research initiatives, and whitepaper publications focussed on the industry.
Chia Hock Lai, president of SFA, said that he is “delighted to partner with LIA Singapore,” adding that the partnership will “bring tremendous value for the insurtech community.”
“We’re dedicated to building a thriving ecosystem for insurtechs and we’re excited to be at the forefront of this movement to further enhance the industry at large,” he said.
For his part, Khor Hock Seng, president of LIA Singapore, said the partnership is a collaboration that “furthers our mission to build a smart life insurance sector that befits our Smart Nation vision.”
“The early digital transformation initiatives life insurers initiated years ago enabled us to service and stay connected with customers when circuit-breaker measures took effect in April 2020,” he said. “Amid the pandemic, life insurers have accelerated their digitalisation efforts to future-proof their businesses; harnessing innovation to drive product innovation and optimise the end-to-end customer experience.”
At the MOU signing ceremony, SFA also launched a whitepaper titled “Insurance Redefined – A Roadmap for Insurers and Insurtechs.” The whitepaper, jointly developed by global management consulting firm Oliver Wyman and SFA, focusses on emerging trends in insurance, examining what the industry may look like over the next 10 years and the implications for insurtech firms.