Life Insurance Association Singapore elects Management Committee for 2025/26, outlines priorities

The Life Insurance Association, Singapore (LIA Singapore) has announced the newly elected members of its Management Committee (MC) for 2025-2026. It also shared that its key priorities for the year include enhancing consumer financial literacy, enriching customer understanding and experience with legacy planning and claims, bolstering trust in the industry, and ensuring continued access to quality and affordable healthcare.

Meet the New LIA Management Committee (2025–2026)

Ms Wong Sze Keed is the newly elected President, taking over the presidency from Mr Dennis Tan who has 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.

LIA Singapore’s key priorities for 2025

Enhancing customer financial literacy to bridge protection gaps

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.

Helping families navigate legacy planning and claims journey with ease

By 2030, approximately 1 in 4 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.

To address this, in Q2 2025, LIA Singapore website will publish consolidated common legacy planning resources, to help consumers understand their options and the importance of planning for a future without them, for their loved ones. At the same time, LIA will be updating its Nomination of Insurance Nominees guide to reflect the latest developments, including the electronic nomination of beneficiaries (eNOB), which will help consumers better understand and manage their beneficiary nominations.

In parallel, the industry is accelerating digitalisation while ensuring that seniors and those less digitally savvy are not left behind. This year, LIA will share the “LIA Guidelines on E-Statements and Practices to prevent Unintended Lapsation of Policies” for adoption by insurers to ensure the needs of these specific customer segments are accommodated and to reduce unintended policy lapses. A dedicated industry team is also reviewing ways to further simplify and streamline death claims processes, reduce administrative burdens, and provide more clarity and a better experience for consumers

Strengthening industry culture and fostering greater trust with consumers

The 2nd Insurance Trust Indicator Study showed an encouraging 2-point increase in trust scores among life insurers from the 2023 study. To further strengthen trust, the Life Intermediary Sub-committee (LISC) of Insurance Culture and Conduct Steering Committee (ICCSC) will continue developing its workplan ahead to bolster trust in the industry. Trust is the cornerstone of the life insurance industry, and the industry will continue to take a long-term view into building trust with consumers and corporates.

Continuing to collaborate with key stakeholders to build a sustainable healthcare ecosystem

With medical inflation projected to reach 12% in Singapore, the industry recognises the challenges this presents for consumers and the broader healthcare ecosystem. Collaboration is key to mitigating this challenge, and it is essential for the insurance industry, the medical community, government stakeholders, and consumers to come together and work closely to ensure an affordable, quality, and sustainable healthcare system in Singapore.

“Despite a challenging macro-economic environment, the life insurance industry delivered a strong performance in 2024, achieving a robust 19.7% growth with S$5.87b in Total Weighted New Business Premiums. 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. The life insurance industry also continued to make strides in narrowing the nation’s protection gap, achieving a 3.6% year-on-year increase to S$150.7b in Total Sum Assured last year.

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.”

Ms Wong Sze Keed, President, LIA Singapore

Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the notfor-
profit trade body of life insurance product providers and life reinsurance providers based
in Singapore and licensed by the Monetary Authority of Singapore (MAS).

Main Picture Credit: LIA Singapore
(L to R:)
Mr Chan Wai Kit, Executive Director, Life Insurance Association Singapore,
Mr Gilbert Pak, CMO, Tokio Marine Life Insurance Singapore Ltd. (representing Mr Alistair Chamberlain, CEO –
LIA Member),
Dr Khoo Kah Siang, CEO, Manulife (Singapore) Pte. Ltd. – LIA Member,
Mr Sumit Behl, Group CFO, Singapore Life Ltd (representing Ms Pearlyn Phau, Group CEO – LIA Member),
Mr Harpreet Bindra, CEO, HSBC Life (Singapore) Pte. Ltd. – LIA Treasurer,
Ms Chan San San, CEO, Prudential Assurance Company Singapore (Pte) Limited – LIA Deputy President,
Ms Wong Sze Keed, CEO, AIA Singapore Private Limited – LIA President,
Mr Andrew Yeo, CEO, Income Insurance Limited – LIA Secretary,
and Mr Patrick Kok, MD, Group Operations, The Great Eastern Life Assurance Company Limited (representing
Mr Greg Hingston, CEO – LIA Deputy President)