The Life Insurance Association Singapore (LIA Singapore) has vowed to “redefine” protection and health insurance in the region with a series of initiatives including plans to champion preventive healthcare.
The trade body for the Singapore life industry also announced was it called “encouraging industry results”, up 19%, for the first quarter 2017, in a statement announcing its plans and 2017 first quarter new business.
LIA Singapore pointed to an increase in uptake across both single and annual premiums, with a total of S$811m (US$577m) in weighted new business premiums already received. The results, or the period January to March, saw a 19% increase compared to the same time last year.
Patrick Teow, president of LIA Singapore, said that plans to re-define ‘protection’ will feature “people-centric initiatives” that include championing preventive healthcare for a healthier population because “prevention is better and cheaper than cure”.
“Moving ahead, the industry is re-defining ‘protection’. Singapore’s life insurance industry aspires to be the catalyst for change within our nation’s healthcare eco-system,” said Teow.
As part of its plans LIA Singapore said that a fresh Protection Gap study is to be launched and a series of new progress updates on industry efforts to change following the Health Insurance Task Force recommendations, will also follow.
“The encouraging results in the first quarter point to our core focus of bridging Singapore’s protection gap,” added Teow. “Work is underway on a fresh Protection Gap Study this year. Ensuring adequate protection is especially critical at a time of economic uncertainty and rapid demographic shifts in Singapore.
“Life insurers are increasingly leveraging digitalisation to innovate and respond to these fundamental changes.”
The contribution of new business by the different channels of distribution is as follows:
|Distribution channel||By weighted premium (%)||By number of policies (%)|
|Financial Adviser Representatives||17||16|
|Others (products sold without intermediaries, e.g. DPI, ElderShield)||4||15|
(Source: LIA Singapore).