Keynote Address By Mr. Daniel Wang, Executive Director, Insurance Department, Monetary Authority Of Singapore, At Singapore College Of Insurance Graduation Ceremony 2025
30 September 2025
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 to join all of you here to celebrate our graduating students and award recipients.
On behalf of the Singapore College of Insurance (SCI), I would like to extend my warmest congratulations to all graduates. On this special day, we honour the dedication, sacrifice, and resilience that brought you here. This day is also special for those who have supported your academic journey - your parents, families, friends, and mentors. Without their sacrifice and encouragement, this milestone would not have been possible.
Graduates, all of you have successfully completed your programmes, and some of you will be conferred with more than one qualification. What you will soon receive is not a mere academic certificate. It is an attestation to your perseverance; your ability to strike a balance between study, work, and family commitments; and your determination to keep going through challenging times.
You are graduating at a time when our industry is doing well. In 2024, the economy grew by 4.4% in 2024, and the finance and insurance sector outpaced GDP growth and grew 6.8%1. The life insurance industry achieved about S$3bn in weighted new business premium for 1H2025, an increase of 7.7% compared to the same period a year ago2. The general insurance sector also saw overall growth in its domestic and offshore segments in 2024, with combined gross written premiums rising 6.3% from the year before toS$10.8bn.3
You are also graduating at a time when there are strong headwinds, as the global macroeconomic, political and security environment is changing. Singapore’s insurance sector is also undergoing transformation and facing new challenges – ageing demographics, medical inflation, the impact of AI and climate change among others. Nonetheless this also means new business opportunities to serve and deal fairly with customers and policyholders. These factors will place a premium on agile and smart knowledge workers who can skilfully navigate the new operating environment.
Graduates, in your studies you have mastered the principles of insurance, risk management and financial planning. In a sector which values data analysis, holistic advice and robust risk controls, and is founded on trust, skilled professionals like you play an essential role.
By all means, go ahead to drive day-to-day efficiency and help your employer generate profit. However, do also continue to uphold high standards of integrity and ethical behaviour, so as to build customer confidence and maintain their trust.
I urge all of you to develop a diverse skill set, stay abreast of industry trends and think critically. Here are some actionable steps:
- Embrace technology by gaining proficiency in digital tools and technologies relevant to our industry, such as AI, data analytics, and blockchain. Understanding these technologies will give you a competitive edge.
- Commit to lifelong learning by pursuing relevant certifications, attending industry conferences, and enrolling in professional development programs such as those offered by SCI.
- Cultivate soft skills such as communication, problem-solving, and adaptability. These skills are essential in navigating the insurance industry and will help you build strong relationships with clients and colleagues.
- Build a professional network by connecting with industry experts and leaders, join relevant professional communities and participate in industry events. Collaborating with peers and mentors can provide valuable insights and opportunities.
- Stay customer-centred and focus on understanding their needs and to deliver exceptional service. This builds trust with your clients.
In conclusion, Singapore’s insurance sector has a bright future. So do you. Armed now with the advice I have given you and your SCI qualifications, I encourage you to now go on to make your mark in our sector.
Congratulations once again!
