SCI 50th Anniversary Celebration

Mr. Daniel Wang 

Chairman, Board of Governors, Singapore College of Insurance.

Executive Director, Insurance Department, 

Monetary Authority of Singapore.

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[Special Message] – A Legacy of Learning, A Future of Innovation

18 October 2024

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Dear,

Board members of the Singapore College of Insurance (SCI),

Industry leaders,

Supporters and partners of the SCI,

Ladies and gentlemen,

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We are here together to celebrate 50 years of excellence in insurance education and  professional development by the SCI. Established on 7 January 1974 as the Singapore Insurance  Training Centre (SITC), SCI has since seen its programs being offered in more than 57 countries.  Today’s SCI has grown to become a cornerstone of the insurance landscape in Singapore and the  wider Asia-Pacific region.

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1. The Original Call to Action

• Tonight, as we celebrate SCI’s 50^th year, it is as good a time as any to look back, to look  forward and to look beyond. Let us first look back. We do so to honor the hard work and vision that brought us here.
• Allow me to revisit the words of Mr. Hon Sui Sen, then Minister for Finance who, at SCI’s  inauguration, emphasized the importance of training and education in the insurance industry.  His words continue to guide us today:
  • “Training is but a part of the life-long process of education. Training, essential on a short-term  basis, provides knowledge for technical competence whereas education develops the critical  mental faculty for sound judgements and decisions.” Mr Hon Sui Sen urged the founding students  then to “continue their insurance education so that their technical skills and professional expertise  coupled with accumulated experience, will enable Singapore to maintain its position as an  important insurance and financial centre.”

• These are words any SCI Chairperson can readily echo with each cohort and generation  of students and participants in SCI’s programs. I will do no differently. Indeed, training and  education have been central to SCI’s mission. SCI has not only provided industry professionals  with the knowledge and skills required for technical competence over the years but also  consistently tried to nurture the critical thinking necessary for sound decision-making. This  decades-long commitment has contributed to Singapore’s standing as a leading financial and  insurance hub.

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2. Legacy of Service to Industry 

• As we saw in the video earlier, from its early days administering regulatory examinations  to launching its own Diploma programs in Life Insurance and General Insurance, SCI has  continually evolved to meet the needs of a dynamic industry. Today, we are proud of the numerous initiatives that have shaped the careers of many insurance professionals in Singapore  and across the region. To date, over 200,000 have undergone SCI’s training and professional  programs and over 1.5 million individuals have taken SCI’s examinations. Not to mention the  Insurance Management Associate Programme (iMAP), which has integrated more than 300 fresh  graduates into the industry. It is also worth noting that 2 out of every 5 iMAP participants have  progressed to senior management positions.
• As we look back on these achievements, it is important to recognise that SCI’s success  would not have been possible without the unwavering support of the industry and our partners— MAS, IBF, industry associations, colleagues from many insurance companies and financial  institutions, subject matter experts and countless others who have contributed to our journey.

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3. New Initiatives and Partnerships 

• As we celebrate SCI’s 50th anniversary, we are also looking forward to the future. In line  with the evolving needs of the industry, SCI is launching a number of key initiatives to prepare  insurance professionals for the challenges and opportunities ahead.
• One new initiative is the Polytechnic Graduate Programme. This is also known as the Graduate Apprenticeship in Insurance (GRAIL), which will be launched in 2025. This initiative,  supported by the Financial Sector Development Fund through IBF’s Polytechnic Talent for Finance  Scheme (PTFS), will provide polytechnic graduates in Singapore with an additional pathway to  meaningful employment in the insurance sector. With salary support of up to S$2,000 per month for 12 months, GRAIL aims to help graduates transition smoothly into the workforce, thereby  supporting the next generation of industry leaders.
• SCI will also be collaborating with GIA, LIA, SRA and SIBA to consolidate the insurance  industry’s internship requests and partner with local universities and polytechnics to provide  students with valuable hands-on work experience. Internships of between 10 to 12 weeks for  students in our universities and between 20 to 24 weeks for polytechnic students will be offered.  Through these internship opportunities, SCI is seeking win-win outcomes for our tertiary students and participating industry players. This will help our students acquire skills and work experience  that are well-aligned with the workforce needs in the insurance sector.
• SCI has been actively connecting insurance companies in Singapore with our local universities to highlight and share career opportunities in the industry on campus. This has  culminated in the launch of the Insurance Day at Universities. The first SCI-organized Insurance  Day event will be held at the National University of Singapore next week. This will be a day  dedicated to showcasing careers in different parts of the insurance sector,such aslife and general insurance, broking, reinsurance and loss adjusting. A series of Insurance Day events will follow in the other universities in 2025.
• SCI is also partnering Randstad, one of the world's top talent and recruitment companies,  to enhance the Employer Value Proposition for the insurance sector. This communication and  profiling campaign will highlight in-demand jobs, skills development, and career opportunities in the insurance sector through the publication of five digital articles. These will be further  supported by monthly organic social media promotion as well as content promotion via a  quarterly talent newsletter to Randstad’s database. Reaching over 500,000 job seekers through  Randstad’s network, this initiative will highlight how insurance can offer an attractive and  dynamic career path.
• In January 2025, SCI will launch two e-learning courses in partnership with the CPF Board.  These courses will focus on essential topics, specifically ‘CPF for Retirement Income’ and ‘CPF for  Healthcare Support’. The CPF Board and SCI will also jointly organize regular engagement sessions  with the industry next year to address queries that advisors have on CPF-related matters. One of  the aims is to equip industry professionals with deeper knowledge and resources to help their  customers in retirement planning.

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4. Emerging Trends, Opportunities and Risks

• I have highlighted upcoming insurance-specific initiatives from SCI that we can look  forward to. There are also trends and issues that go well beyond our sector, and on which the  insurance industry cannot afford to ignore. Climate change, sustainable finance and Artificial  Intelligence and their collective implications come to mind.
• We all recognize that climate change is a clear and present challenge. Climate extremes  such as intense heatwaves, increased rainfall and flooding, are happening more frequently than  before, disrupting lives and livelihoods. Singapore’s third National Climate Change Study, released in January, showed that Singapore has been warming at a rate of 0.24 degrees celsius  per decade over the last 40 years. SCI wants to do its part to enhance the industry's  understanding of sustainability issues, foster responsible business practices, and facilitate the  insurance sector in contributing to a more climate-resilient future in Singapore and beyond.
• In this regard, SCI will be offering a foundational level program, Sustainable Insurance  101, that will be made available to all insurance professionals locally. This program is aimed at  providing essential knowledge about sustainability practices and principles. Very importantly, it  will be offered for free over a six-month period, starting in April 2025. In the area of sustainable  finance, SCI is partnering with the IBF to roll out a comprehensive suite of programs aligned with  the Sustainable Finance Jobs Transformation Map (JTM). SCI already has over 30 programs and  continues to develop more to cover crucial areas such as climate and environmental risk  management, sustainability leadership, and green insurance, equipping our professionals with  the skills needed to contribute to a sustainable future.
• Next, on AI. SCI is collaborating with The Digital Insurer, a leading platform with the  world’s largest knowledge base and community on digital insurance that serves insurance  professionals from over 100 countries. This collaboration involves the joint publication of 3 Point  of Views whitepapers offering insights on leveraging Generative AI in the areas of distribution, operations, risk management, and customers. The first whitepaper was launched last month  and the remaining two will be released in the 1^st and 2^nd quarters of 2025 respectively. Further,  100 AI case studies from the insurance sector will be made available for subscription via SCI’s website by the 2^nd quarter of 2025. These initiatives strengthen our commitment to building  capacity and preparing industry and professionals for the future.
• To ensure our insurance professionals stay ahead of the curve, SCI is also launching the  Tech Talk Series in collaboration with NTU and GAIP. These monthly talks will explore cutting edge technologies such as AI, blockchain, and quantum computing. This initiative is part of our  commitment to ensure that industry professionals are well-equipped for the future.
• On AI, SCI will not just educate about AI and its implications for the insurance sector. We  will use AI to teach and also be utilized as a learning aid. SCI will launch an AI Tutor to enhance  students' preparation for licensing exams through personalized, on-demand learning support.  Another initiative is the AI Advisor tool that is aimed at empowering industry professionals by  providing accessible resources on insurance concepts and principles. Leveraging on SCI's content  library, it utilizes AI technology for personalized guidance and interactive learning anytime,  anywhere. SCI will also be launching an AI-based Skills Intelligence Platform to close skills gaps  proactively by providing real-time insights into existing skills and future needs. Through this  initiative, insurers are able to develop staff who are ready for evolving industry demands and SCI  will continuously update training programs to align with new roles and skills, with the aim of  keeping insurance companies and their staff competitive.

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5. Giving Back to the Community

• As you can see, we have many exciting programs and initiatives lined up to benefit talent  development and learning in the insurance sector. As we celebrate SCI’s golden jubilee, we also  should look beyond our industry to the broader community. I am pleased to announce that SCI  is running a donation drive in support of the Community Capability Trust (CCT), an initiative  established by the Ministry of Social and Family Development and the National Council of Social  Service. You are invited to make donations, on behalf of your corporate entity or as individuals,  via the QR codes available on your tables this evening. SCI will also be sending a follow-up email  with information on how you will be able to donate until 31 March 2025. All donations are made  directly to CCT. Every dollar raised will be matched 2:1 by the Singapore Government and the  Tote Board. As capacity builders, this initiative is close to SCI’s heart as the CCT aims to strengthen  the capabilities of the social services agencies and professionals to better serve the community and give back to society.

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6. Towards the Next Lap

• Allow me to close. Tonight, we have looked back, looked forward, and also looked  beyond. SCI’s journey over the last five decades has been one of growth, adaptation, and  unwavering dedication to professional development. As we celebrate this milestone, we remain  committed to providing training and education of the highest quality for the insurance  professionals of today and tomorrow. Our work is not done. In fact, as risks such as cyber threats  and climate change evolve, and technologies like AI become more pervasive, SCI is poised to help  the insurance industry meet these challenges and seize relevant opportunities head-on.
• To the entire SCI team, I offer my heartfelt congratulations on 50 years of excellence. You  are the silent heroes in all that SCI does. To our long serving staff who have been with the  company for over 2 decades, with one of them having served 36 years and still going strong, Md  Noor, Belinda, Zoey, Jana, Chai Meng and Daniel, your steadfast commitment and hard work has  made a lasting impact on SCI’s journey.
• Let us continue to work together to build on our legacy, ensuring that SCI remains a  beacon of knowledge and a pillar of strength for the insurance industry for the next 50 years and  beyond. Thank you.