SCI Graduation Ceremony 2024
Mr. Daniel Wang
Executive Director, Insurance Department,
Monetary Authority of Singapore
[Keynote Address]
11 July 2024
Members of the Board of Governors of the Singapore College of Insurance,
Members of the Academic and Examination Board,
Faculty Members,
Distinguished Guests,
Graduates and family members,
Ladies and Gentlemen.
I am delighted we are all gathered here on this joyous day to celebrate with our graduating students and Award recipients.
On behalf of the Singapore College of Insurance (SCI), I would like to extend my heartiest congratulations to each and every graduate. 1,307 individuals from the Class of 2020 to 2023 have successfully completed their programmes, among whom:
- 45 completed the Diploma in Life Insurance(DLI);
- 122 - Diploma in General Insurance and Risk Management (DGIRM);
- 359 - Diploma in Personal Financial Planning (DPFP);
- 79- Advanced Diploma in General Insurance and Risk Management (ADGIRM);
- 610 - Chartered Financial Consultant®/ Singapore (ChFC®/S); and
- 92 - Chartered Life Underwriter®/Singapore (CLU®/S).
This is a special day where you are being honoured for what you have achieved. It is also a day to thank and recognise the loved ones who have supported you through this journey. The academic certification is testament to your dedication and professionalism and is part of what I hope will be a lifetime of learning as you progress in your career in Singapore’s insurance and financial sector. The knowledge and skills acquired through your qualifications will enhance your ability to contribute to the betterment of the insurance industry.
Enhancing workforce knowledge has become a critical success factor in the financial services industry. Singapore’s insurance sector has grown, and so has its workforce needs. Singapore’s insurance sector continued to grow in 2023, with net premiums and total assets rising by 6.4% and 6.8% respectively. The insurance industry’s headcount has likewise increased by 6.2% from 41,900 in 2020 to 44,500 in 20231.
The insurance industry has become increasingly competitive due to structural factors like technology advancements, evolving customer expectations and regulatory changes. Together with the industry growth trends I shared, there is an ongoing need to deepen the talent pool, and to continually upskill and reskill the local insurance workforce.
In addition, the movement towards talent with value-added skill sets is in response to the industry’s need to adapt to emerging trends. MAS has identified Sustainability and Generative AI (Gen AI) as two key trends which will transform jobs and skills in the financial sector. In April this year, MAS published the findings of the Sustainable Finance Jobs Transformation Map (in short, JTM). The JTM reported that more than 50,000 finance professionals are in job roles that will be highly or moderately augmented by sustainability trends, and will need to be upskilled over the next 3 years to remain effective in their roles.
Specifically for the insurance subsector, such roles include Risk and Compliance Analytics, Risk Strategy, Product Development, Actuary, Client Support or Account Management and Underwriting.
The other key trend is Gen AI, given its transformative potential. MAS and the Institute of Banking and Finance (IBF) have embarked on a study to understand the potential adoption of Gen AI in the financial sector, and how the technology can impact jobs and skills. Insights from this study will enable the adoption of a proactive approach to position the local workforce to capture the opportunities that Gen AI brings, while minimising potential job displacements.
So to the graduates here, well done for getting your certifications and qualifications. Nonetheless this is only the first step. To further your career, several other factors will matter.
Firstly, it is crucial to stay informed about emerging trends and ongoing developments in the insurance sector, such as what I have already outlined. These trends and developments are already shaping and re-shaping the insurance value chain, locally and globally. These in turn create new job roles but also alters the expectations and functions of existing positions. So you will need to continue to grow professionally, by elevating your technical competencies, enhance your critical thinking capabilities and very importantly, upkeep ethical standards. To stay relevant, you will have to adapt quickly to the insurance industry’s evolving needs.
Second, do proactively manage your professional and career development. Begin by assessing your developmental needs, including identifying gaps in your technical expertise and key transferable skills. This assessment helps prevent skills mismatches by pinpointing new competencies required in your field.
Last but not least, it is essential to cultivate a mindset that prioritizes the needs and perspectives of consumers. Doing so will enable consumers to have a positive experience with their insurance transactions and help foster greater trust in insurance products and the insurer you work for.
Allow me to sum up. The insurance industry has invested considerably in talent development and I fully expect this will carry on with the help of professional training and education bodies like the SCI. All of you are encouraged to leverage these opportunities to upskill and reskill, to further your expertise, to embrace new technologies, and drive innovation and growth in our insurance industry.
Do remember that as a SCI graduate, you are now equipped with one of the most important tools needed to forge ahead in your career - knowledge. Apply what you have learned, use the knowledge throughout your journey and be bold and innovate. The future lies in your hands.
To the families and friends here today, on behalf of our graduates, thank you again for your unwavering support. Your encouragement has been a vital part of our graduates' success, and today, we celebrate you as well.
Once again, I wish each graduate every success in your future endeavours.
Thank you.
